DUE TO RELATED PARTY |
6 Months Ended |
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Jun. 30, 2020 | |
| Debt Disclosure [Abstract] | |
| DUE TO RELATED PARTY |
NOTE 7 – DUE TO RELATED PARTY
During the six months ended June 30, 2020, the Company received no advances from Joseph Segelman, the Company’s CEO, incurred business expenses that were paid by the CEO/director of $115,482 (comprised of operating expenses) and had repayments of $70,700. The Company has a balance owed to the related party of $1,209,952 and $1,165,171 at June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020 and December 31, 2019, accrued compensation-related party was $0 and $0, respectively. At December 31, 2019, the CEO and Secretary forgave all deferred compensation totaling $1,499,750 and based on ASC 470-50-40, Extinguishments of Debt, was included in Additional paid-in-capital in the accompanying consolidated Balance Sheets. |
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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