XML 41 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
Note 12- Related Party Transactions
6 Months Ended
Jun. 30, 2015
Notes  
Note 12- Related Party Transactions

NOTE 12– RELATED PARTY TRANSACTIONS

 

Several of the consulting agreements discussed in Note 11 are with related parties.  Related parties consist primarily of our executive officers, directors and individuals affiliated through family relationships with our officers and directors.  There was no compensation expense paid in common shares to related parties during the six months ended June 30, 2015.

 

In addition to compensation expense paid in stock, we had the following amounts paid for consulting and professional fees to related parties during the six months ended June 30, 2015:

 

Founder, stockholder

$82,658

 

 

Family of officers and directors

54,439

 

 

Total related parties

$137,097

 

As of June 30, 2015, we had convertible debentures of $5,000, $46,600 and $8,000, which are further discussed in Note 5, payable to three family members of our executive officers. The outstanding principal and interest are convertible into shares of our common stock at a conversion prices ranging from $0.01 to $30 per share.

 

Accrued interest payable to these related parties totaled $21,599 at June 30, 2015.

 

As of June 30, 2015, we had stockholder advances payable to related parties totaling $90,164.