the company actually owes the Leon's a lot of money and though it isn't supposed to be interest bearing it does grow every quarter. The 100 million shares that the son owns what purchased by the mother for only $25,000 or .00025 a share, and ownership assigned to the son. Shawn last purchased shares in 2018. They sure didn't take shares for the money owed.
As of June 30, 2021 and December 31, 2020 the Company had a payable to Shawn Leon of $373,231 and $322,744, respectively. Mr. Leon is a director and CEO of the Company. The balances payable are non-interest bearing and has no fixed repayment terms.
Due to the current financial position of the Group, Mr. Leon forfeited the management fees due to him for the three and six months ended June 30, 2021 and for the year ended December 31, 2020.
Leon Developments, Ltd.
As of June 30, 2021 and December 31, 2020, the Company owed Leon Developments, Ltd. $966,538 and $930,307, respectively, for funds advanced to the Company.
Eileen Greene
As of June 30, 2021 and December 31, 2020, the Company owed Eileen Greene, the spouse of our CEO, Shawn Leon, $1,532,284 and $1,558,798, respectively. The amount owing to Ms. Greene is non-interest bearing and has no fixed repayment terms.
All related party transactions occur in the normal course of operations and in terms of agreements entered into between the parties.
"On June 1, 2020, the Company issued 100,000,000 shares to Ethan Leon, the son of our CEO in settlement of $25,000 of advances made to the Company by Eileen Greene and assigned to Ethan Leon,"
"During December 2020, the Company issued 4,000,000 Series A Preferred shares at par value of $0.01 per share to Eileen Greene, the spouse of our CEO, in settlement of $40,000 of advances made to the Company."
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