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RELATED PARTY TRANSACTIONS | 9 Months Ended
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Sep. 30, 2018
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 September 30, 2018, the Company has a receivable balance of €14,717 ($17,104) and a prepaid balance, related to purchases of inventory, of €1,384,452 ($1,609,011) as of September 30, 2018 to DOC Pharma S.A. During the nine months ended September 30, 2018, the Company has purchased a total of €3,921,192 ($4,683,864) of products from DOC Pharma. During the nine months ended September 30, 2017, the Company has purchased a total of €3,280,641 ($3,669,989) of products from DOC Pharma. 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 ($12,662), excluding the 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 September 30, 2018, the Company has an outstanding principal balance under this note of €12,000 ($13,946) and accrued interest expense of $770. Medihelm S.A As of September 30, 2018, Decahedron has an outstanding payable balance due to Medihelm S.A. of £484,101 ($630,542). Medihelm’s managing director is the mother of Nikolaos Lazarou, the director of Decahedron. Additionally, SkyPharm has a receivable balance of €671,510 ($780,429) and a prepaid balance, related to purchases of inventory, of €2,162,934 ($2,513,762) as of September 30, 2018. During the nine months ended September 30, 2018, SkyPharm purchased €7,627,947 ($9,111,583) and Decahedron purchased £567,623 ($766,915) of products from Medihelm. SkyPharm generated revenue from Medihelm of €914,914 ($1,092,865). During the nine months ended September 30, 2017, SkyPharm purchased €5,681,841 ($6,332,980) and Decahedron purchased £342,689 ($439,499) of products from Medihelm. SkyPharm generated revenue from Medihelm of €907,341 ($1,011,323). Grigorios Siokas On October 1, 2016, the Company borrowed €5,000 ($5,276) from Mr. Siokas, CEO, 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. During the year ending December 31, 2017, the Company borrowed an additional €1,000 ($1,202). As of September 30, 2018, the debt was transferred to the third party purchaser of Amplerissimo pursuant to the agreement. During the nine months ended September 30, 2018, the Company borrowed €972,700 ($1,130,472) as loans payable from Mr. Siokas and repaid €249,000 ($289,388) of those loans. These loans are non-interest bearing and have no maturity dates. As of September 30, 2018, the Company has an outstanding principal balance under these loans of €723,700 ($841,084). On January 31, 2018 and February 14, 2018, the Company borrowed an additional $247,000 from Mr, Siokas and repaid $140,000. These loans are non-interest bearing and have no maturity dates. As of September 30, 2018, the Company has an outstanding principal balance under these loans of $107,000. 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 Company borrowed €330,000 ($401,115) from Mr. Goulielmos. The Loan bore 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 year ended December 31, 2017 an additional €70,500 ($84,755) was paid back. During the nine months ended September 30, 2018 the Company repaid an additional €16,000 ($18,595) and a principal balance of €53,500 ($62,178) and €0.00 of accrued interest remains. Konstantinos Vassilopoulos During the nine months ended September 30, 2018, the Company borrowed and repaid an aggregate total of $152,000 to Mr. Konstantinos Vassilopoulos. As of September 30, 2018, a principal balance of $0 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 by Decahedron to Mr. Lazarou prior to the acquisition would be cancelled in exchange for Mr. Lazarou’s personal assumption of approximately £172,310 ($220,988) owed to Medihelm S.A., a creditor of Decahedron. 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.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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