XML 53 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
Note 11 - Prepaid Consulting Services
3 Months Ended
Mar. 31, 2015
Notes  
Note 11 - Prepaid Consulting Services

NOTE 11 – PREPAID CONSULTING SERVICES

 

We have entered into various consulting agreements for financial and business development services to the Company, including agreements with our officers and directors.  Certain of these consulting agreements provide for cash compensation to the consultants; however, most are based on issuances of shares of our common stock in exchange for services.

 

Under the consulting agreements that provide for share issuances, shares were generally issued at the inception of the agreements for services provided. There generally are no specified performance requirements and no provision in the agreements for return of the shares.  During the three months ended March 31, 2015, total compensation expense paid in common shares was $25,942.  Compensation expense is calculated based on the market price of the stock on the effective date of agreement and amortized over the period over which the services are provided to the Company.   As of March 31, 2015, the unamortized compensation was $90,000, $67,500 reported as a current asset, prepaid consulting services, and $22,500 reported as a long-term assets, long-term prepaid consulting services, on our condensed consolidated balance sheet.