Note 19 – Related party transactions

In December 2018, WCI received a short term loan from an officer of WCI. The loan did not originally bear interest and the balance reported on the consolidated balance sheet as a related party payable, at December 31, 2019, was $27,472. Due to the length of time the loan was outstanding, interest of $2,065 (6%) was paid with the final balance due on January 23, 2020.

In December 2020, WCI received a new short term loan of $20,000 from an officer of WCI which is reflected as a related party payable at December 31, 2020.