DUE TO RELATED PARTY |
9 Months Ended |
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Sep. 30, 2019 | |
| Related Party Transactions [Abstract] | |
| DUE TO RELATED PARTY |
NOTE 7 – DUE TO RELATED PARTY
During the nine months ended September 30, 2019, the Company received no advances from its CEO/director, incurred business expenses that were paid by the CEO/director of $1,262,816 (comprised of operating expenses) and had repayments of $1,253,666. The Company has a balance owed to the related party of $1,255,955 and $1,246,805 at September 30, 2019 and December 31, 2018, respectively. During the three and nine months ended September 30, 2019, the Company incurred $45,000 and $90,000, respectively, of compensation related to the CEO/director’s employment agreement and $20,000 and $40,000, respectively, of deferred compensation related to the Secretary’s employment agreement. As of September 30, 2019 and December 31, 2018, accrued compensation-related party was $1,434,750 and $1,239,750, respectively. |
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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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- References No definition available.
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