Quarterly report pursuant to Section 13 or 15(d)

NOTE 9: RELATED PARTY TRANSACTIONS

v3.19.1
NOTE 9: RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2019
Notes  
NOTE 9: RELATED PARTY TRANSACTIONS

NOTE 9: RELATED PARTY TRANSACTIONS

 

The Company has received working capital advances from Can Chew Biotechnologies totaling $1,649,832 as of March 31, 2019, which includes $0 received during the three months ended March 31, 2019. The advances are payable on demand. The Company is in discussions to have the advances reduced to a longer term, fixed maturity note. The advance are classified as due in current liabilities.

 

Effective April 2, 2019, Blake N. Schroeder resigned as a member of the company’s Board of Directors. Mr. Schroeder’s resignation was not because of any disagreements with the Company on matters relating to its operations, policies and practices.

 

On April 3, 2019 pursuant to the Company’s Amended and Restated Bylaws, the holder of the Company’s Series C Preferred Stock appointed Mauricio Javier Gatto-Bellora to fill the director seat vacated by the resignation of Mr. Schroeder.

 

Effective January 1, 2019 the company entered into a thirty month consulting agreement with the chairman of the board which pays a monthly consulting fee of $20,000. As of March 31, 2019, the total outstanding balance was $35,000 for consulting fees.