Related Party Transactions | 3. EFT Holdings, Inc. provides required March 31, December 31, office space to the Company on a rent-free basis 2019 2018 Loans payable to related parties: EFT Holdings, Inc. $ 762,985 $ 751,258 EF2T, Inc. 43,250 40,750 $ 806,235 $ 792,008 Advances of $10,000 were received from EFT Holdings, Inc. and $6,227 was paid for expenses on behalf of the Company during the three months ended March 31, 2019. The Company repaid $4,500 to EFT Holdings, Inc. during the three months ended March 31, 2019. The amounts due EFT Holdings, Inc. bear interest at 5% per year, are secured by all future sales of the Company and have a maturity of one year. As of March 31, 2019, the Company owed EFT Holdings $225,043 in accrued and unpaid interest. $719,310 of these advances at March 31, 2019, were past due and payable upon demand. All of these past due advances have been extended for another year. Advances of $2,500 were received from EF2T, Inc. during the three months ended March 31, 2019. The amounts due EF2T, Inc. bear interest at 5% per year, are secured by all future sales of the Company, and have a maturity of one year. As of March 31, 2019, the Company owed EF2T $1,772 in accrued and unpaid interest. |