RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2020

RELATED PARTY TRANSACTIONS

NOTE 8 - RELATED PARTY TRANSACTIONS

As of June 30, 2020 and December 31, 2019, the Company had accrued expenses to related parties of approximately $707,000 and $583,750. During the six months ended June 30, 2020, the Company reclassified $1,276,000 from accrued expenses related party to accrued expenses after the Company reevaluated its related party transactions.

As of June 30, 2020, the amounts are due to the Company’s sole officer for compensation $187,000 and the chairman of the board for compensation of $476,000 and the members of the board of directors of $44,000.