Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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

NOTE 13 – RELATED PARTY TRANSACTIONS

 

Notes payable and accrued interest, related parties

 

Related parties accrued interest due to certain related parties are as follows:

 

    March 31,     December 31,  
    2021     2020  
    (Unaudited)        
Short term notes   $ 155,000     $ 155,000  
Accrued interest     62,100       53,100  
Total short-term notes and accrued interest - Related parties   $ 217,100     $ 208,100  

 

On January 6, 2021, the Company signed a $10,000 short-term note payable to the CEO. The note accrued interest at 8% interest per annum, with a $250 minimum interest to be paid. The loan was paid back withing the quarter, and $250 was recorded as interest expense.