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RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Note 7 - RELATED PARTY TRANSACTIONS

On the date of our inception, we issued 20 million shares of our common stock to our three officers and directors which were recorded at no value (offsetting increases and decreases in Common Stock and Additional Paid in Capital).

 

DOC Pharma S.A.

 

As of March 31, 2017, the Company has a prepaid balance of €49,623 ($53,087) to DOC Pharma S.A., this comprises over 5.4% of the Company's total prepaid balance. As of December 31, 2016, the Company owed €65 ($69) to DOC Pharma S.A.

 

On November 1, 2015, the Company entered into a €12,000 ($12,662) Loan Agreement with DOC Pharma S.A, pursuant to which DOC Pharma S.A., paid existing bills of the Company in the amount of €12,000, excluding certain vendor bills. The loan bears an interest rate of 2% per annum and was due and payable in full on October 31, 2016. As of March 31, 2017, the Company has an outstanding principal balance under this note of €12,000 ($12,838) and accrued interest expense of $374.

  

Grigorios Siokas

 

On October 1, 2016, the Company borrowed €5,000 ($5,276) from Mr. Siokas related to its subsidiary’s purchase of additional capital of SkyPharm. The loan is non-interest bearing and has a maturity date of October 1, 2017. The outstanding balance as of March 31, 2017 was €5,000 ($5,349).

 

During the year ended December 31, 2016, the Company borrowed €90,500 ($95,496) as additional loans payable from Mr. Siokas. During the three months ended March 31, 2017, the Company borrowed an additional €341,621 ($365,466) and paid back €13,000 ($13,907) of these loans. These loan have no formal agreements and bear no interest. As of March 31, 2017, the Company has an outstanding principal balance under these loans of €419,121 ($448,376).

 

Ourania Matsouki

 

During the year ended December 31, 2016, the Company borrowed €44,995 ($47,479) from Mrs. Matsouki. During the three months ended March 31, 2017, the Company borrowed an additional €55,000 ($58,839) and paid back €15,000 ($16,047). These loans have no formal agreement and bear no interest. As of March 31, 2017, the Company has an outstanding principal balance under these loans of €84,995 ($90,928).

 

Konstantinos Vassilopoulos

 

During the year ended December 31, 2016, Konstantinos Vassilopoulos, US Finance Manager, paid $10,179 of existing bills of the Company. During the three months ended March 31, 2017, the Company paid back $9,800. There is no formal agreement related to these transactions. As of March 31, 2017 the outstanding balance under this loan is $379.

 

Dimitrios Goulielmos

 

On November 21, 2014, SkyPharm entered into a Loan Agreement with Dimitrios Goulielmos, former Chief Executive Officer and a current director of the Company, pursuant to which the Borrower borrowed €330,000 ($401,115) from Mr. Goulielmos. The Loan bears an interest rate of 2% per annum and was due and payable in full on May 11, 2015. On November 4, 2015, €130,000 ($142,860) in principal and the related accrued interest of €733 ($806) was forgiven and the remaining balance of €200,000 will no longer accrue interest as part of the stock purchase agreement with Grigorios Siokas on November 4, 2015 referenced above. As of December 31, 2016, €60,000 ($63,312) of the loan was paid back. During the three months ended March 31, 2017 an additional €25,000 ($26,754) was paid back and a principal balance of €115,000 ($123,027) and €0.00 of accrued interest remains.

 

In connection with the Decahedron SPA, on February 9, 2017, Decahedron, Medihelm S.A. and Nikolaos Lazarou entered into a liability transfer agreement whereby the loan previously provided Decahedron to the Mr. Lazarou prior to the acquisition would be cancelled in exchange for Mr. Lazarou’s personal assumption of approximately £172,310 ($215,215) amounts owed to MediHelm S.A., a creditor of Decahedron.

 

We believe that all related party transactions were on terms at least as favorable as we would have secured in arm's-length transactions with third parties. Except as set forth above, we have not entered into any material transactions with any director, executive officer, and promoter, beneficial owner of five percent or more of our common stock, or family members of such persons.