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NOTE 12 - RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2018
Notes  
NOTE 12 - RELATED PARTY TRANSACTIONS

NOTE 12 - RELATED PARTY TRANSACTIONS

 

Loans payable – related parties

 

 

 

December 31,

 

December 31,

 

 

Interest

  

2018

 

2017

 

Term

rate

Alonso Van Der Biest

$

80,200

 

$

80,200

 

Note was issued on June 12, 2015 and

due in June 11, 2019

16.5%

Alvaro Quintana

 

10,587

 

 

10,837

 

Note was issue on September 30, 2016

and due in September 29, 2019

0%

Leandro Iglesias

 

-

 

 

45,000

 

Due on demand

0%

Total

 

90,787

 

 

136,037

 

 

 

Less: Current portion of loans payable

 

-

 

 

-

 

 

 

Long-term loans payable

$

90,787

 

$

136,037

 

 

 

 

During the year ended December 31, 2018, the Company recorded debt forgiveness of $45,200 as additional paid in capital.

 

Due from related party

 

As of December 31, 2018 and 2017, the Company had due from related parties of $258,020 and $0, respectively. The loans are unsecured, non-interest bearing and due on demand.

 

Due to related parties

 

As of December 31, 2018 and 2017, the Company had due to related parties of $23,193 and $0, respectively. The loans are unsecured, non-interest bearing and due on demand.

 

Employment agreements

 

On June 25, 2018, the Company entered into Employment Agreements with the following persons: (i) Leandro Iglesias as President, CEO and Chairperson of the Company’s Board of Directors with an annual salary of $54,000; (ii) Juan Carlos Lopez Silva as Chief Commercial Officer with an annual salary of $54,000; and Alvaro Quintana Cardona as Chief Operating Officer and Chief Financial Officer with an annual salary of $30,000. The Employment Agreements have a term of 36 months, are renewable automatically for 24 month periods, unless the Company gives written notice at least 90 days prior to termination of the initial 36 month term. The Company shall have the right to terminate any of the employment agreements at any time without prior notice, but in that event, the Company shall pay these persons salaries and other benefits they are entitled to receive under their respective agreements for three years.

 

As at December 31, 2018 and 2017, the Company recorded and accrued management salaries of $69,000 and $0, respectively.