Quarterly report pursuant to Section 13 or 15(d)

Related Party and Former Related Parties Transactions

v3.21.1
Related Party and Former Related Parties Transactions
3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]  
Related Party and Former Related Parties Transactions

Note 8 – Related Party and former related parties Transactions.

 

One executive officer of the Company has agreed to defer a portion of his compensation until cash flow improves. As of March 31, 2021, the balance of the deferred compensation was $345,789, which reflects $75,000 accrual of deferred compensation and approximately $67,000 cash repayment of deferred compensation during the three months ended March 31, 2021.

 

One former executive of the Company has agreed to defer a portion of his compensation until cash flow improves. As of March 31, 2021, the balance of his deferred compensation was $632,257. No activity occurred during the three months ended March 31, 2021.

 

From time-to-time officer of the Company advance monies to the Company to cover costs. The balance of short-term advances due to one officer of the Company at March 31, 2021 was $6,529 and is included in the Company’s accounts payable balance as of March 31, 2021.

 

At March 31, 2021, notes payable remain outstanding to the former President of the Company, in the amount of $137,500. At March 31, 2021, accrued interests on these notes payable totaled $57,896, and are included in accrued expenses on the condensed consolidated balance sheet.