Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.4.0.3
Related Party Transactions
3 Months Ended
Mar. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 9 – RELATED PARTY TRANSACTIONS

 

Executive chairman agreement

 

As part of an executive chairman agreement, a director provided services to the Company. This agreement was amended on April 1, 2015. Under the terms of this amendment, this director receives $37,500 in equity instruments issued quarterly in arrears as compensation. The Company incurred $37,500 in stock based compensation and $64,615 in consulting fees to this director during the three-months ended March 31, 2016 and 2015, respectively.

 

Amounts payable to this director was $293,546 as of March 31, 2016 and December 31, 2015.