Related party transactions
|6 Months Ended|
Jun. 30, 2022
|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 was reflected as a related party payable at December 31, 2021. On February 15, 2022, the loan plus accrued interest of $1,950 was paid in full.
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 and June 5, 2022, Mentor received additional $100,000 and $50,000 loans from its CEO with the same terms as the original loan. Accrued interest on the related party loans was $19,206 and $12,244 at June 30, 2022 and December 31, 2021, respectively. Interest expense on the related party loans for the three months ended June 30, 2022 and 2021 was $4,455 and $2,240, respectively. Interest expense on the related party loans for the six months ended June 30, 2022 and 2021 was $8,562 and $2,436, respectively.
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