Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.20.2
Related Party Transactions
6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

Note 8 – Related Party Transactions

 

One former executive of the Company has entered into note payable agreements with the Company. The balance of notes payable from the related party at June 30, 2020 is $152,000. The notes bear interest at between 10%-12% per annum and initially matured on June 30, 2019. On September 29, 2019, the Company extended the maturity on all outstanding notes to December 31, 2019. During the six months ended June 30, 2020, the Company paid $13,000 principal to this related party.

 

As of June 30, 2020, and December 31, 2019, the balance of executives’ deferred compensation is $1,044,475 and $914,853, respectively, of which, $632,257 is related to deferred compensation owed to a former executive of the Company.