XML 26 R15.htm IDEA: XBRL DOCUMENT v3.21.2
NOTE 9 - RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]  
NOTE 9 - RELATED PARTY TRANSACTIONS

NOTE 9 - RELATED PARTY TRANSACTIONS

 

Due from related parties

 

During the nine months ended September 30, 2021 and 2020, the Company loaned $35,674 and $17,187 to a related party who is a shareholder and a former director, and collected $226 and $388, respectively.

 

During the nine months ended September 30, 2021, the Company loaned $180,000 to our CEO and wrote off amounts totaling $8,004.

 

During the nine months ended September 30, 2021, the Company wrote off due from related party of $7,648.

 

As of September 30, 2021 and December 31, 2020, the Company had due from related parties of $421,586 and $221,790. The loans are unsecured, non-interest bearing and due on demand.

  

 

Due to related parties

 

During the nine months ended September 30, 2021 and 2020, the Company borrowed $0 and $182 from CEO and CFO of the Company, and repaid $0 and $197 to the CEO and CFO, respectively.

 

During the nine months ended September 30, 2020, the Company borrowed $20,000 from Francisco Bunt who owns 49% of loT Labs and repaid $20,000.

 

As of September 30, 2021 and December 31, 2020, the Company had amounts due to related parties of $26,613 and $94,616, respectively. During the nine months ended September 30, 2021, the Company paid $60,000 for the rest of consideration of acquisition of IoT Labs in 2020. The amounts are unsecured, non-interest bearing and due on demand.

 

Employment agreements

 

On July 1, 2021, the Company appointed three independent directors. Effective on July 1, 2021 and thereafter, all directors shall be compensated monthly up to 4,000 shares of common stock and cash of $1,000 for their service as directors.

 

During the nine months ended September 30, 2021 and 2020, the Company recorded management salaries of $414,000 and $378,000 and bonuses of $976,200 and $0.  Additionally, management received stock-based compensation of $34,538 and $0 during the nine months ended September 30, 2021 and 2020, respectively.