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Related Party Transactions
3 Months Ended
Mar. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

Note 5 – Related Party Transactions

 

Related Parties

 

On September 1, 2012, the Company entered into an agreement with ROAR an entity which is partially owned by a director of the Company. ROAR agreed to provide the Company strategic management consulting services. The term was for three (3) months and then month-to-month thereafter. The Company agreed to compensate ROAR with a $7,500 per month payment and a 10% commission on any contractual introduction for business development introduced by ROAR. For the period ended March 31, 2016 and 2015, the Company recorded total payments to ROAR of $7,500 and $22,500, respectively. As of March 31, 2016 and December 31, 2015, the Company had an outstanding liability due to ROAR of $2,500 and $7,500, respectively. This agreement is no longer in effect as of December 2015.

 

Effective April 22, 2013, the Company entered into a commercial real estate lease, as lessee, with Bristol Capital and 225 California Street, LLC, a California limited liability company (“225 California”), as lessors, for new office space located in El Segundo, California (the “Lease”), with each of Bristol Capital and 225 California holding an undivided 50% tenant-in-common interest. The initial term of the Lease was for seven (7) years ending on March 31, 2020. During 2015, the Company vacated the premises upon sale of the building.

 

Effective April 1, 2014, the Company entered into an agreement with Bristol Capital pursuant to which Bristol Capital agrees to provide the Company strategic management consulting services. The term of the agreement was month-to-month and Bristol Capital received a payment of $5,000 per month. For the period ended March 31, 2016 and 2015, the Company recorded total payments to Bristol for consulting services of $0 and $15,000, respectively. As of March 31, 2016 and December 31, 2015, the Company had an outstanding liability due to Bristol of $2,500 and $5,000, respectively. This agreement is no longer in effect as of December 2015.

 

Bristol Capital and ROAR each received a 2.5% profits participation and ownership interest in CONtv.

 

On December 29, 2014, the Company and a member of the Board formed Wiz Wizard (d/b/a ConBox) in the State of Delaware. The Company and the member of the Board each own 50% of the membership interest and shall allocate the profits and losses accordingly upon repayment of the initial capital contributions on a pro rata basis. On February 4, 2016, the member of the Board assigned his fifty percent (50%) membership interest to the Company.