v3.20.1
RELATED PARTY TRANSACTIONS AND BALANCES
3 Months Ended
Mar. 31, 2020
RELATED PARTY TRANSACTIONS AND BALANCES  
NOTE 5 - RELATED PARTY TRANSACTIONS AND BALANCES

An officer of the Company agreed to defer portions of his salaries annually since inception. The balances due under this arrangement were $269,805 and $218,805 as of March 31, 2020 and December 31, 2019, respectively. This balance has no formal repayment terms or interest.

 

The same officer of the Company advances funds to the Company and receives repayments on such advances throughout the year in the form of allowing Company use of personal credit cards. The balances due under this arrangement as of March 31, 2020 and December 31, 2019 were $10,216 and $3,565, respectively.