RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial and operating decisions. A related party transaction is considered to be a transfer of resources or obligations between related parties, regardless of whether or not a price is charged.

The following individuals and entities have been identified as related parties:

Ali Kharazmi	Chief Executive Officer, President, Board Member and greater than 10% shareholder
Saeed  Kharazmi	Chairman of the Board, Acting Chief Financial Officer and greater than 10% shareholder
Genetics Institute of Anti-Aging	Company with common ownership and management
Applied M.A.K. Enterprises, Inc (“MAK”)	Company with common ownership and management
Advanced Surgical Partners, LLC (“ASP”)	Company with common ownership and management
Center for Weight Management	Company with common ownership and management
Center for Regenerative Science, Inc	Company with common ownership and management

The following amounts were owed to related parties at the dates indicated:

	June 30, 2015		December 31, 2014
ASP	$	35,358	$	45,000
MAK		-		40,084
Ali Kharazmi		13,294		37,000
Saeed Kharazmi		2,409		-
Accounts payable - Related Parties	$	51,060	$	122,084

The amount owed to ASP at June 30, 2015 of $35,358 relates to legal and administrative services provided by ASP employees to the Company. Prior to December 31, 2014, all managerial, legal and administrative services were provided to the Company by related parties, free of charge. The amounts owed to Ali Kharazmi and all amounts outstanding at December 31, 2014 represent advances which bear no interest and are due on demand or expense reimbursements incurred in the ordinary course of business. The amounts owed to Saeed Kharazmi at June 30, 2015 related to expense reimbursements incurred in the ordinary course of business.

For the three and six months ending June 30, 2014, the Company recognized revenues from ASP in the amount of approximately $150,000 and $170,000, respectively. As discussed previously, such revenues resulted from NuGene providing plasma rich platelet and adipose derived stem cells for orthopedic and plastic surgery procedures to ASP. We provided these products to ASP as we transitioned into marketing the cosmeceutical lines of NuGene. The transactions were on terms no more favorable than between two parties negotiating at an arm’s length. No such sales were provided to ASP by NuGene during the six months ended June 30, 2015.

Beginning on December 1, 2014, the Company sublet office space from ASP as discussed further in Note 8. Prior to December 1, 2014, the Company utilized corporate office space at ASP, free of charge.

Messrs. Ali and Saeed Kharazmi, our CEO and our Acting CFO, respectively, have been foregoing salaries since the Company was incorporated in 2006.