NOTE 8 – RELATED PARTY TRANSACTIONS

During the year ended December 31, 2016, Sanford Lang, Chairman (former CEO) advanced the Company $60,715 to pay for general operating expenses. The advances are uncollateralized, non-interest bearing and due on demand. As of December 31, 2016 the $60,715 was forgiven and credited to additional paid in capital.

On December 31, 2016, Chase Products Co. forgave $298,738 of accounts payable due to them. The amounts were credited to additional paid in capital. Ross Sklar, a member of the Company’s Board of Directors is also a Board member of Chase Products Co.

On December 31, 2016, Sanford Lang, CEO and Martin Goldrod, COO each forgave $287,095 and $101,085, respectively of accrued salary. The amounts were credited to additional paid in capital.

During the year ended December 31, 2017, Sanford Lang, the Company’s Chairman and former CEO, advanced the Company $289,821 to pay for general operating expenses. The advances are uncollateralized, require a monthly interest payment of $2,545 and due on demand.

During the year ended December 31, 2017, Martin Goldrod, COO forgave $21,920 of accrued salary. The amount was credited to additional paid in capital.

On December 31, 2017, the Company credited $68,100 to paid in capital for an amount due to a former employee. The amount due had exceeded the statute of limitations for requiring it to remain a liability of the company.

As December 31, 2017, the Company owed The Starco Group, Inc, (“STG”) $72,843 for expenses paid by The Starco Group on behalf of the Company for expenses to launch licensed brands. Once royalties exceed $250,000 in the aggregate, STG will deduct the incurred expenses from the subsequent royalty payments until STG is paid in full.

During the year ended December 31, 2017, the Company recognized $8,185 of royalty revenue from The Starco Group.