RELATED PARTY TRANSACTIONS
|9 Months Ended|
Sep. 30, 2018
|Notes to Financial Statements|
|RELATED PARTY TRANSACTIONS||
NOTE 7 – RELATED PARTY TRANSACTIONS
During the year ended December 31, 2017, Sanford Lang, the Company’s Chairman and former CEO, advanced the Company $289,821 to pay for general operating expenses. The advances are uncollateralized, require a monthly interest payment of $2,545 and due on demand.
On February 26, 2018, the Board approved the issuance of 117,282,442 shares of common stock to its officers and directors for services rendered at a price per share of $0.00027 for total non-cash expense of $31,666.
As of September 30, 2018, the Company owed The Starco Group, Inc, (“TSG”) $72,843 for expenses paid by The Starco Group on behalf of the Company for expenses to launch licensed brands. Once royalties exceed $250,000 in the aggregate, TSG will deduct the incurred expenses from the subsequent royalty payments until TSG is paid in full.
During the nine months ended September 30, 2018, the Company recognized $77,061 of royalty revenue and had a $22,914 receivable from The Starco Group.
During the nine months ended September 30, 2018, the Company’s Chairman advanced the Company $4,000 to pay for an operating expense. During the nine months ended September 30, 2018, $2,000 of the advance was repaid.
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