Related Party Transactions
|12 Months Ended|
Dec. 31, 2015
|Related Party Transactions [Abstract]|
|Related Party Transactions||
NOTE 11 RELATED PARTY TRANSACTIONS
Executive chairman agreement
As part of an executive chairman agreement, a director provided services to the Company. The Company incurred $240,000, in consulting fees to this director for the year ended December 31, 2014.
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. During the year ended December 31, 2015, the director incurred $177,115 in consulting fees of which $9,231 was settled in cash with $167,884 being settled in options to purchase 851,963 shares of Company stock.
Amounts payable to this director was $293,546 as of December 31, 2015 and 2014.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/presentationRef