Related Party Transactions
|12 Months Ended|
Dec. 31, 2020
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 4. Related Party Transactions
The Company incurred interest expense of $23,720 to Mark Munro, a related party during the year ended December 31, 2019, which was accrued and converted to Series A Preferred Stock in 2019.
During April, 2020, a company affiliated with a shareholder advanced $475,000 in cash to the supplier of test kits for their purchase. The amount due is recorded in shareholder advance.
On July 24, 2020, the Company’s then Chief Executive Officer, Marc Schessel, transferred 20,000 of his personally held common shares to Mark Shefts, a Director as compensation for acting as a director. The company deemed this transfer to be in consideration for services and recorded a non-cash expense of $115,100 for the fair value of the shares transferred.
Included in accounts payable at December 31, 2020 are amounts due to officers of the Company in the amount of $153,838.
Included in accounts receivable at December 31, 2020 are amounts due from a former officer and director of the Company in the amount of $28,673.
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