General form of registration statement for all companies including face-amount certificate companies

Related Party Transactions

v2.4.0.8
Related Party Transactions
6 Months Ended 12 Months Ended
Jun. 30, 2014
Dec. 31, 2013
Related Party Transactions [Abstract]    
Related Party Transactions

NOTE 10 – RELATED PARTY TRANSACTIONS

 

Consulting agreement

 

As part of consulting agreements, a director provided consulting services to the Company. The Company incurred $55,385 and $120,000, in consulting fees to this director for the three and six-month periods ended June 30, 2014, respectively. The Company incurred $9,231 in consulting fees to this director for the three and six-month periods ended June 30, 2013.

 

Amounts payable under these agreements were $210,212 and $216,000, as of June 30, 2014 and December 31, 2013, respectively.

NOTE 10 – RELATED PARTY TRANSACTIONS

 

Consulting agreements

 

As part of consulting agreements, a director provided consulting services to the Company. The Company incurred $129,231, $0, and $417,231 in consulting fees to this director for the years ended December 31, 2013 and 2012 and from inception to December 31, 2013, respectively. Amounts payable under these agreements were $216,000 and $288,000 as of December 31, 2013 and 2012.