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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
NOTE 10 - RELATED PARTY TRANSACTIONS | On the date of our inception, we issued 2 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 December 31, 2018, the Company has a prepaid balance of €1,867,239 ($2,139,109) and an accounts payable balance of €31,514 ($36,103), resulting in a net prepaid balance of €1,835,725 ($2,103,006) to Doc Pharma S.A., related to purchases of inventory. Additionally, the Company has a receivable balance of €38,323 ($43,903). As of December 31, 2017, the Company has a prepaid balance of €776,431 ($933,425) and an accounts payable balance of €133,756 ($160,801), resulting in a net prepaid balance of €642,675 ($772,623) to Doc Pharma S.A. related to purchases of inventory. During the years ended December 31, 2018 and 2017, the Company has purchased a total of €4,596,227 ($5,431,361) and €4,733,375 ($5,349,187) of products from Doc Pharma, respectively. During the years ended December 31, 2018 and 2017 the Company had €201,645 ($238,284) and €0 ($0) revenue from Doc Pharma, respectively. 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 December 31, 2018, the Company has an outstanding principal balance under this note of €12,000 ($13,474) and accrued interest expense of $836. Doc Pharma S.A is considered a related party to the Company due to the fact that the CEO of Doc Pharma is the wife of Grigorios Siokas, the Company’s CEO and principal shareholder, who also served as a principal of Doc Pharma SA in the past. Medihelm S.A As of December 31, 2018, the Company has a prepaid balance of €2,459,805 ($2,817,953) and an accounts payable balance of £42,065 ($53,566), resulting in a net prepaid balance of $2,764,387 to Medihelm S.A. related to purchases of inventory. Additionally, the Company has a receivable balance of €127,292 ($145,826). During the years ended December 31, 2018 and 2017, SkyPharm purchased €9,564,899 ($11,302,842) and €9,027,639 ($10,202,135) of products from Medihelm, respectively, and Decahedron purchased £718,050 ($958,454) and £605,709 ($784,272) of products from Medihelm, respectively. During the years ended December 31, 2018 and 2017, SkyPharm had revenue of €1,055,435 ($1,247,208) and €1,265,184 ($1,429,784) from Medihelm, respectively. Medihelm S.A. is considered a related party to the Company due to the fact that the managing director of Medihelm is the mother of Nicholaos Lazarou, the managing director of the Company’s UK subsidiary, Decahedron. Grigorios Siokas On October 1, 2016, the Company borrowed €5,000 ($5,276) as a loan payable from Grigorios Siokas. The loan is non-interest bearing and had a maturity date of October 1, 2017. During the year ending December 31, 2017, the Company borrowed an additional €1,000 ($1,202). On September 30, 2018, the debt, amounting to €6,000 ($6,973) was transferred to the third-party purchaser of Amplerissimo pursuant to the Share Purchase Agreement. As of December 31, 2018, the Company had an outstanding principal balance of $0 and no accrued interest under this loan. During the year ended December 31, 2016, the Company borrowed €90,500 ($95,496) as additional loans payable from Grigorios Siokas. During the year ended December 31, 2017, the Company borrowed an additional €623,621 ($749,717) and, as of December 31, 2017, the Company paid back the entire outstanding balance of the loans or €714,121 ($858,516). During the year ended December 31, 2018, the Company borrowed €1,622,700 ($1,917,545) of loans payable from Grigorios Siokas and repaid €269,000 ($317,877) of these loans. These loans are non-interest bearing and have no maturity dates. As of December 31, 2018, the Company has an outstanding principal balance of the loans or €1,353,700 ($1,550,799). During the year ended December 31, 2018, the Company borrowed an additional $382,000 from Grigorios Siokas and repaid $155,000. These loans are non-interest bearing and have no maturity dates. As of December 31, 2018, the Company has an outstanding principal balance of $227,000 under these loans. On December 20, 2018, the €1,500,000 ($1,718,400) note payable, originally borrowed pursuant to a Loan Agreement with a third party lender, dated March 16, 2018, was transferred to Grigorios Siokas. The note bears an interest rate of 4.7% per annum and has a maturity date of March 18, 2019. As of December 31, 2018, the Company has an outstanding principal balance of €1,500,000 ($1,718,400) and accrued interest of €55,631 ($63,371). During the years ended December 31, 2018 and 2017, Grigorios Siokas was paid total compensation of $0 and $250,000, respectively. Grigorios Siokas is the Company’s CEO and principal shareholder, and is hence considered a related party to the Company. Ourania Matsouki During the year ended December 31, 2016, the Company borrowed €44,995 ($47,479) from Mrs. Matsouki, Grigorios Siokas’ wife and CEO of Doc Pharma. During the year ended December 31, 2017, the Company borrowed an additional €55,000 ($66,121). These loans have no formal agreement and bear no interest. As of December 31, 2017, the Company paid back the outstanding balance of €99,995 ($120,214) of these loans. During the year ended December 31, 2018, the Company borrowed an additional €30,000 ($34,368). As of December 31, 2018, the Company has paid back the outstanding balance of €30,000 ($34,368) of these loans. 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 Dimitrios 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 year ended December 31, 2017, an additional €70,500 ($84,755) was paid back. During the year ended December 31, 2018, the Company paid back an additional €16,000 ($18,907) and an outstanding principal balance of €53,500 ($61,290) and €0 ($0) accrued interest remains. Dimitrios Goulielmos is a current director and former CEO of the Company, and is hence considered a related party to the Company. Konstantinos Vassilopoulos During the year ended December 31, 2017, Konstantinos Vassilopoulos, the Company’s US Finance Manager, paid $10,179 of existing bills of the Company. There is no formal agreement related to these transactions. During the year ended December 31, 2018, the Company paid back $9,810. There is no formal agreement related to these transactions. As of December 31, 2018 and 2017 the outstanding balance under this loan was $369. During the year ended December 31, 2018, the Company borrowed and repaid an aggregate of $168,000 to Mr. Konstantinos Vassilopoulos. These loans have no formal agreement and bear no interest. As of December 31, 2018, an outstanding principal balance of $0 and $0 accrued interest remains. Nicholaos Lazarou In connection with the Decahedron SPA, on February 9, 2017, Decahedron, Medihelm S.A. and Nicholaos Lazarou entered into a liability transfer agreement whereby the loan provided from Decahedron to Nicholaos Lazarou prior to the acquisition would be cancelled in exchange for Nicholaos Lazarou’s personal assumption of approximately £172,310 ($233,118) owed to Medihelm S.A., a creditor of Decahedron. Following the acquisition of Decahedron, Nicholaos Lazarou is the managing director of the Company’s UK subsidiary, and is hence considered a related party to the Company. On December 19, 2017, the Company entered into a stock purchase agreement with an officer and director of the Company, whereby for consideration of €80,000 ($94,495) the Company purchased 20,000 shares of its common stock. As per the agreement, the sale and transfer of the shares occurred on December 19, 2017, the date of signing, however the Company is entitled to pay the full consideration in tranches until July 2018. As of December 31, 2017, the Company has paid consideration of €28,000 ($33,073) and had an amount due to related party of €52,000 ($61,422) recorded as accounts payable related party as of December 31, 2017. The shares were returned to the Company in February 2018. During the year ended December 31, 2018, the Company repaid the remaining balance of €52,000 ($61,448) and has an amount due to related party of €0 ($0) as of December 31, 2018. On June 18, 2018, the Company entered into a stock purchase agreement with an officer and director of the Company, whereby for consideration of €60,000 ($69,912) the Company repurchased 15,000 shares of its common stock. As per the agreement, the sale and transfer of the shares occurred on June 18, 2018, the date of signing, however the Company is entitled to pay the full consideration in tranches until November 2018. During the year ended December 31, 2018, the Company has paid consideration of €60,000 ($70,902) and has an amount due to related party of €0 ($0) as of December 31, 2018. On November 30, 2018, the Company entered into a stock purchase agreement with an officer and director of the Company, whereby for consideration of $60,000 the Company repurchased 20,000 shares of its common stock. As per the agreement, the sale and transfer of the shares occurred on November 30, 2018, the date of signing, however the Company is entitled to pay the full consideration in tranches until August 2019. During the year ended December 31, 2018, the Company has paid consideration of $11,317 and has an amount due to related party of $48,683 recorded as accounts payable related party as of December 31, 2018. 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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