RELATED PARTY TRANSACTIONS
|6 Months Ended|
Jun. 30, 2021
|RELATED PARTY TRANSACTIONS|
|NOTE 11 - RELATED PARTY TRANSACTIONS||
NOTE 11 - RELATED PARTY TRANSACTIONS
Loan Payable – Related Party
See Note 5 – Loan Payable – Related Parties for disclosure of loans payable to related Parties.
See Note 10 – Commitments and Contingencies for disclosure of the employment agreements with the Chief Executive Officer and Chief Financial Officer.
The Company rents its office space in Keego Harbor, Michigan from M&M Keego Center LLC. This entity is controlled by an immediate family member of a principal shareholder. The Company rents an appropriate amount of space on a month-to-month basis and is paying what management believes to be a market competitive rate for the property.
On June 2, 2021, the Company completed its planned public offering of common stock shares and common stock warrants. Two of the Company’s board of directors participated in the offering; Chris Maggiore purchased 100,000 units, and Alison Cornell purchased 15,000 units. No other related parties participated in the offering.
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://www.xbrl.org/2003/role/disclosureRef