Related Party Transactions

9 Months Ended

Sep. 30, 2016

Related Party Transactions [Abstract]

Related Party Transactions

12. Related Party Transactions

During the nine months ended September 30, 2016 and 2015, the Company's chief executive officer paid expenses on behalf of the Company on his personal credit card. These related party advances do not bear interest and are payable on demand. At September 30, 2016 and December 31, 2015, the balance due to the chief executive officer was approximately $7,720 and $27,075, respectively, and is included in accrued liabilities on the accompanying condensed consolidated balance sheets. The Company also has a note payable due its chief executive officer in the amount of $12,500 at September 30, 2016.

During the nine months ended September 30, 2016, the following officers purchased an aggregate of 423 Units, with each Units consisting of 1 share of our Series A Preferred and a 3-year warrant to purchase 667 shares of the Company’s common stock at an exercise price of $2.00 per share: (i) the Company’s president and chief executive officer, purchased 185 Units in consideration of $185,000 in accrued and unpaid salary; (ii) the Company’s chief financial officer purchased 97 Units in consideration of $97,000 in accrued and unpaid salary; (iii) the Company’s chief marketing officer and secretary purchased 58 Units in consideration of $58,000 in accrued and unpaid salary and (iv) the Company’s chief branding officer and wife of the Company’s chief executive officer purchased 83 Units in consideration of $83,000 in accrued and unpaid salary.