RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2019

RELATED PARTY TRANSACTIONS

10. RELATED PARTY TRANSACTIONS

Pursuant to a written consulting agreement, dated May 31, 2013 and amended effective November 1, 2016, William E. Beifuss, Jr., our current President, Chief Executive Officer and Acting Chief Financial Officer, received fees for services totaling $110,000 and $120,000 for the years ended December 31, 2019 and 2018, respectively. Fees payable to Mr. Beifuss of $10,000 are included in accounts payable as of December 31, 2019.

Effective December 1, 2018, Rick Ellis, the former Chief Executive Officer of the Company and Chief Executive Officer of EllisLab Corp., received a monthly salary of $10,000, or $90,000 and $10,000 for the years ended December 31, 2019 and 2018, respectively. Effective with the EllisLab Corp. Sale Agreement which closed on September 30, 2019, Mr. Ellis resigned as the Company’s Chief Executive Officer and the monthly salary was terminated.

As discussed in Note 3, the Company issued 36,000 shares of Series C Preferred Stock to Rick Ellis, in the EllisLab Corp. Merger, which shares were surrendered and cancelled on September 30, 2019 pursuant to the EllisLab Corp. Sale Agreement.

As discussed in Note 6, in November 2019, the Company issued to Mr. Beifuss 1,000 shares of Series D Preferred Stock for services valued at $15,000 by an independent valuation firm.

See Note 6 for a discussion regarding the issuance in August 2017 of 1,000 shares of Series A Preferred Stock to Mr. Beifuss for services rendered. The shares were automatically redeemed 120 days after the effective date of the related Series A Certificate.

See Note 5 for discussion of convertible notes payable with related parties.