Note 6 - RELATED PARTY TRANSACTIONS
|3 Months Ended|
Mar. 31, 2019
|Related Party Transactions [Abstract]|
|Related Party Transactions Disclosure [Text Block]||
NOTE 6 – RELATED PARTY TRANSACTIONS
During the year ended December 31, 2018, an entity controlled by Mr. Vadim Sakharov, former CEO of the Company and current director and executive officer, provided a $50,000 non-interest-bearing, no-term loan to the Company. As of March 31, 2019, and December 31, 2018, the balance was $50,000 and $50,000, respectively.
During the three months ended March 31, 2019, Nickolay Kukekov, a director, provided a $75,000 non-interest-bearing, no-term loan to the Company. As of March 31, 2019 the balance was $75,000.
On September 1, 2018, the Company entered into a sublease agreement with a company controlled by the Company’s Chairman, whereby the Company makes payments to the related party for shared office space. For the three months ended March 31, 2019, the Company has made approximately $4,500 in rent payments to the related party.
During the three months ended March 31, 2019 and 2018, the Company had expenses related to marketing and sales costs of $0 and $8,000, respectively, to entities controlled by the Company’s Chairman.
During the three months ended March 31, 2019 and 2018, the Company had expenses related to consulting fees of $0 and $43,022, respectively, to Mr. Sakharov.
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