v3.19.3
Due to Stockholders
 9 Months Ended
Sep. 30, 2019
Related Party Transactions [Abstract]  
Due to Stockholders

Note 7 – Due to Stockholders

 

Amounts due to stockholders (related party) at September 30, 2019 and December 31, 2018 consist of the following:

 

    September 30, 2019     December 31, 2018  
Daniel Monteverde   $ 1,388     $ 143,195  
Angelo Ponzetta     119,354       623,201  
    $ 120,742     $ 766,397  

 

On August 12, 2017, Gianni Ponzetta loaned CHF 60,000. The promissory note was unsecured, bore an interest at 1% per annum and is due December 31, 2019. In September 2018, Gianni Ponzetta converted this note and all the due to Gianni Ponzetta payables to Preferred D-3 shares. See Preferred D-3 shares in Note 10 below. During the 12 months ended December 31, 2018 total advances and expenses paid directly by stockholders on behalf of the Company $107,326 and $36,931.

 

During the nine months ended September 30, 2019, the Company exchanged most its accounts payables due to Daniele Monteverde and Angelo Ponzetta of approximately $723,253 into Series A Preferred shares. See Note 10 Series A Preferred Stock for further details.