RELATED PARTY TRANSACTIONS
|3 Months Ended|
Mar. 31, 2022
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
NOTE 10 - RELATED PARTY TRANSACTIONS
As of March 31, 2022, the accounts payable due to related party includes advances for inventory and services due to David Phipps of $47,457 and Charles Fernandez of $7,588. Total related party payments due as of March 31, 2022 and December 31, 2021 were $55,045 and $35,308, respectively. Those related party payables are non-interest bearing and due on demand.
The Company’s UK subsidiary, GTC had an over-advance line of credit with HSBC, for working capital needs, which was not renewed by the Company on December 31, 2021. The over-advance limit was £25,000 or $33,834 at an exchange rate of GBP:USD 1.353372, with interest at 5.50% over Bank of England’s base rate or current rate of 6.25% variable. The advance was guaranteed by David Phipps, the Company’s President and Chief Executive Officer of Global Operations. The Company uses an American Express account for Orbital Satcom Corp and an American Express account for GTC, both in the name of David Phipps who personally guarantees the balance owed.
The Company employs three individuals who are related to Mr. Phipps. These three individuals earned gross wages totaling $33,078 and $19,699 for the three months ended March 31, 2022 and 2021, respectively.
No definition available.
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