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Related Party Transactions
6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

Note 8 - Related Party Transactions

 

Note Payable – Related Party

 

On December 31, 2018, GenResults entered into an unsecured note payable with Jemmett Enterprises, LLC, an entity under common control of the Company’s majority stockholder, for a principal amount of $200,000. The note has a maturity date of June 30, 2020, and bears an interest rate of 6% per annum. On June 30, 2020, the maturity date of the note was extended to June 15, 2021. The outstanding principal balance of this loan is $109,787 as of June 30, 2020 and December 31, 2019. At June 30, 2020 and December 31, 2019, the Company has recorded accrued interest of $16,811 and $11,122, respectively. The Company has recorded $3,060 and $5,689 and $3,060 and $6,075 for interest expense during the three and six months ended June 30, 2020 and 2019, respectively, related to the note.

 

Agreement with Eventus Consulting, P.C.

 

On November 8, 2019, the Company entered into a financial consulting agreement with Eventus Consulting, P.C., an Arizona corporation, (“Eventus”), of which Neil Reithinger, Chief Financial Officer and advisor to the Company, is the sole shareholder, pursuant to which Eventus is to provide financial and accounting consulting services to the Company. In consideration for Eventus’ services, the Company agreed to pay Eventus according to its standard hourly rate structure. The term of the agreement is perpetual unless otherwise terminated upon thirty days’ notice by either Eventus or the Company. For the three and six months ended June 30, 2020, Eventus was paid $37,284 and $47,818 and was owed $37,500 for accrued and unpaid services under the financial consulting agreement at June 30, 2020.

 

On January 1, 2020, the Company issued Mr. Reithinger options to purchase 720,000 shares of the Company’s common stock at an exercise price of $0.50 per share (See Note 10).