Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2019 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note F – Related Party Transactions
We incur various consulting, management, and software licensing expenses with our officers, directors, and companies owned by our officers and directors. During the years ended December 31, 2019 and 2018, we incurred $205,514 and $301,152, respectively, with these individuals and companies, of which $217,500 and $255,250 was payable at December 31, 2019 and 2018, respectively.
We also had various convertible debt activity with related parties during 2018, which is disclosed in detail in Notes D and E. During the year ended December 31, 2018, the Company issued shares of common stock in conversion of $79,590 in convertible notes payable – related party, and shares of common stock in conversion of $27,487 in accrued interest – related party.
During the year ended December 31, 2018, a former officer forgave principal owed to him by the Company totaling $6,022, which was written off to additional paid-in capital. These transactions resulted in $0 principal and interest owed to related parties at December 31, 2019 and 2018.
During the year ended December 31, 2018, the Company issued shares of common stock to its former CFO in satisfaction of $38,500.
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