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RELATED PARTY
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Related Party Transactions [Abstract]    
RELATED PARTY

NOTE 8 – RELATED PARTY

In February of 2019, the Company engaged Carmel, Milazzo & Feil LLP (the "Firm") to represent and assist the company with all general corporate legal matters including the preparation and filing with the Securities and Exchange Commission of a registration statement on Form S-1 in connection with the Company's initial public offering. Ross Carmel, a former member of the Company’s Board of Directors, who resigned on May 1, 2020, is a partner at the Firm. The Firm performed legal services in exchange for 161, 794 shares of the Company's common stock.The Company was obligated pursuant to its engagement with the Firm to issue the 161,794 shares of its common stock as follows: 1.) a portion of 102,066 shares of common stock was due on the execution of the engagement agreement and the remainder due upon the filing of the Company’s Form S-1 registration ststement; and 2.) 59,728 shares of common stock due upon the SEC declaring the Form S-1 effective. As of December 31, 2019, the Company was liable to issue 102,066 shares of common stock with a fair market value of $507,805 to the Firm. These shares were subsequently issued in 2020. Upon the effectiveness of the Company’s S-1 registration statement in August of 2020, the Company issued the Firm an additional 59,728 common shares with a fair market value of $298,640.

NOTE 8 - RELATED PARTY

 

In February of 2019, the Company engaged Carmel, Milazzo & Feil LLP (the "Firm") to represent and assist the company with all general corporate legal matters including the preparation and filing with the Securities and Exchange Commission of a registration statement on Form S-1 through the Company's intended initial public offering. Ross Carmel, a former board member of Applied UV, is a partner at the firm. The firm will perform services in exchange for three percent of the outstanding shares of the Company's common stock, issued as follows: 1.) One percent due upon execution of the agreement 2.) One percent due up the filing of the Form S-1; and 3.) One percent due upon the SEC declaring the Form S-1 effective. As of December 31, 2019, the company was liable to issue 102,067 shares of common stock to the firm. These shares have not been issued to date and have been recorded as a liability to be settled in stock for an amount of $507,805. Because these legal fees are directly related to the initial public offering, the amount has been capitalized and is included in other assets.