Quarterly report pursuant to Section 13 or 15(d)

Related party transactions

v3.21.2
Related party transactions
6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Related party transactions

Note 17 – Related party transactions

 

On December 15, 2020, WCI received a $20,000 short term loan from an officer of WCI, which is reflected as a related party payable at June 30, 2021 and December 31, 2020.

 

On March 12, 2021, Mentor received a $100,000 loan from its CEO, which bears interest at 7.8% per annum compounded quarterly and is due upon demand. On June 17, 2021, Mentor received an additional $100,000 loan from its CEO with the same terms as the previous loan. The loan from the related party and accrued interest of $2,436 is reflected as a long-term liability at June 30, 2021. For the three months ended June 30, 2021 and 2020, the interest expense on the long-term loan from the related party was $2,240 and $0 respectively. For the six months ended June 30, 2021 and 2020, the interest expense on the long-term loan from the related party was $2,436 and $0 respectively.