Friendable Inc (FDBL)

[BostonRon]

SALARIES FOR WHAT????


8. RELATED PARTY TRANSACTIONS AND BALANCES

During the nine months ended September 30, 2018, the Company incurred $344,400 (2017: $364,000) in salaries to officers and directors with such costs being recorded as general and administrative expenses.

During the nine months ended September 30, 2018, the Company incurred $465,425 (2017: $688,837) in app hosting, app development and rent to a company with two officers and directors in common with such costs being recorded as app hosting, product development and general and administrative expenses.

As of September 30, 2018, the Company had a stock subscription receivable totaling $4,500 (December 31, 2017: $4,500) from an officer and director and from a company with an officer and director in common.

As of September 30, 2018, accounts payable includes $858,624 (December 31, 2017: $481,078) payable to a company with two officers and directors in common, and $712,331 (December 31, 2017: $474,583) payable in salaries to directors and officers of the Company. The amounts are unsecured, non-interest bearing and are due on demand.

The above transactions were recorded at their exchange amounts, being the amounts agreed by the related parties.