Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

Related Party Transactions

NOTE 6 – Related Party Transactions

The Company pays the health insurance premiums for the CEO and his family. The total of those health insurance premium payments for the three months and six months ended June 30, 2023 were $4,723 and $8,413, respectively. Such costs are reflected as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. No other payments were made to the CEO in 2022 or for the six months ended June 30, 2023.

The Company pays a member of the CEO’s family for technical services. The total of those payments for the three months and six months ended June 30, 2023 were $10,500 and $21,000, respectively. Such costs are reflected as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. 

On August 6, 2021, the Company borrowed $125,000 from the CEO. The loan will mature and become payable 12 months from the date of signing. Interest at the rate of 1% will be accrued on the outstanding balance. This loan’s maturity date was subsequently extended (see note 9).