>>>) Oriel Rechtman, the CEO of the Company, has loaned funds to the Company. These loans are as follows:
1/. $250,000 for the purchase of California Recycles, Inc. The amount outstanding as of December 31, 2018 is $101,169. Interest of prime plus 2% per annum will be charged annually. Minimum monthly payments of $8980.10 include interest.
2/. $50,000 to acquire the customers of Evolve, a company that was in the cloud computing business in June 2018. This loan is a short-term loan that will be repaid when the Company has the funds to do so. Interest of 5% per annum will be charged commencing on July 1, 2018. The balance due on this loan is $8,485 as of December 31, 2018.
3/. $30,000 to acquire a new truck for the business. This loan is another short-term loan that will be repaid when the Company has the funds to do so. Interest of 5% per annum will be charged commencing on October 1, 2018. This loan has been fully repaid
4/. In September 2018 Oriel Rechtman loaned the Company $270,781. This amount was used to repay the outstanding SBA loan. This new loan will be repaid over a 48 month period including interest at 7.5% per annum. The monthly payments are $6,643.64 commencing on November 1, 2018. As of December 31, 2018 the amount outstanding is $254,281
5/. In April 2019 the company contracted to purchase new computer equipment for its new cloud storage facility. This equipment will be purchased with cash of $10,000 and financing of $35,000 provided by Mr. Rechtman for a short term repayment.
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