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Note 6 – Related Party Transactions
At June 30, 2018 and March 31, 2018 the Company owed approximately $96,831 and $79,542 in accounts payable to management and related parties. Of the $ 137,422 and $219,057 of accrued liabilities at June 30, 2018 and March 31, 2018, approximately $75,003 of that amount relates to the president of the Company; the costs primarily relate to travel costs incurred in raising funds for the Company.
The Company paid $15,249 in consulting fees during 2016 to Eagle Mountain 21, LLC, an entity owned by an officer of the Company. At December 31, 2016 the Company owed an additional $10,662 amount to that same officer for operating costs incurred and submitted for reimbursement during 2016. Reimbursement to the officer was made at the start of the quarter ended June 30, 2017.
During the three month transition period ended March 31, 2018, IronClad entered into a loan agreement to borrow up to $500,000 shares at 8.5% interest. The Company has borrowed the full amount of the loan. The Company has pledged 500,000 of its common stock as collateral under the terms of the Agreement. In the event of default by the Company, the lender is entitled to receive one share of Company common stock for every one dollar in principle, interest, penalties, and fees that are owed and outstanding by the Company to the lender.
The Agreement is also supported by a personal $500,000 guarantee from the President of the Company.
