Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

8 RELATED PARTY TRANSACTIONS

 

The Company’s former chief executive officer has advanced the Company various amounts on a non-interest bearing basis, which is being used for working capital. The advance has no fixed maturity. The activity is summarized as follows:

 

    Nine Months ended     Year ended  
    September 30, 2016     December 31, 2016  
Former chief executive officer:                
Balance at beginning of period   $ 356,502     $ 318,002  
New advances     35,000       40,000  
Repayment     (2,000 )     (1,500 )
Balance at end of period   $ 389,502     $ 356,502  

 

See Note 5 for long-term debt due to related parties.

 

See Note 7 for common stock issued to related parties.

 

During the nine months ended September 30, 2017, the Company had sales to TW in the amount of $37,779 and the Company had a receivable from TW of $37,779.