Related Party Transactions |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions |
Note 4 – Related Party Transactions
Repayment and Exchanges of Advances from Shareholders
In March of 2019, we repaid a total of $50,000 owing to our CEO for loans previously advanced to us.
On various dates between October 25, 2018 and November 23, 2018, our CEO advanced funds to the Company totaling $307,141 under short-term unsecured demand loans, bearing interest at 6% per annum. On February 13, 2019, these promissory notes were exchanged for an amended and restated promissory note in the principal amount of $307,141 that bears interest at 6% and is payable upon the earlier of (i) a public or private offering of our equity securities, resulting in gross proceeds of at least $5,000,000, or (ii) February 13, 2022. |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- 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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|