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Note 12 - Consulting Agreements
3 Months Ended
Mar. 31, 2016
Notes  
Note 12 - Consulting Agreements

NOTE 12 – CONSULTING AGREEMENTS

 

We have entered into various consulting agreements for financial and business development services to the Company.  Certain of these consulting agreements provide for cash compensation to the consultants; however, several 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.  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.   During the three months ended March 31, 2016 and 2015, total amortization of prepaid consulting services included in selling, general and administrative expense was $22,500 and $25,942, respectively.  As of March 31, 2016, we had no unamortized compensation paid in common shares.