Related Party Transactions
|9 Months Ended|
Sep. 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 September 30, 2020 is $146,000. 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 nine months ended September 30, 2020, the Company paid $19,000 principal to this related party.
As of September 30, 2020, and December 31, 2019, the balance of executives’ deferred compensation is $1,164,575 and $914,853, respectively, of which, $632,257 is related to deferred compensation owed to a former executive of the Company.
As of September 30, 2020, and December 31, 2019, the balance of accounts payable is $14,500 and $0, respectively. Such balance is presented in Accounts payable in the condensed consolidated balance sheets.
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