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.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef