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.
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