Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.20.1
Related Party Transactions
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Related Party Transactions

NOTE 2 - RELATED PARTY TRANSACTIONS

 

During 2017, the Company obtained a revolving line of credit from Berkshire Capital Management Co., Inc. Berkshire is controlled by Joseph Fiore, majority shareholder and former chairman of the board of directors of the Company. The line of credit allows the Company to borrow up to $1,000,000 with interest at 6% per annum. The loan is secured by a first lien on all the assets of the Company and its wholly owned subsidiary SPYR APPS, LLC. Repayment on the loan is due June 30, 2020. As of March 31, 2020, the Company has borrowed $1,000,000 and accrued interest of $151,000.

 

During 2018 and 2019 the Company received $1,062,000 in the form of short-term advances from Berkshire Capital Management Co., Inc. The short-term advances are due upon demand. Interest on the short-term advances has been accrued at 6% per annum through March 31, 2020 in the amount of $70,000 for a total balance due as of March 31, 2020 of $1,132,000.

 

During the three months ended March 31, 2019, the Company, received $52,000 in revenue for professional services rendered to a related Company whose directors are also officers of SPYR, Inc. and whose majority shareholder is Berkshire Capital Management Co., Inc.

 

During the three months ended March 31, 2020, the Company, received $185,000 in revenue for professional services rendered to Berkshire Capital Management Co., Inc.