RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2016

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 9 - RELATED PARTY TRANSACTIONS

On July 18, 2016, the Board of Directors of the Company (the “Board”) appointed Steven R. Carlson to serve as CEO of the Company. His appointment was effective on July 25, 2016. In connection with the hiring of Mr. Carlson, Ali Kharazmi resigned his position as our CEO. Mr. Kharazmi’s resignation coincided with Mr. Carlson’s start date. Mr. Kharazmi will continue to render significant services to the Company and will continue to serve as the Company’s Chairman of the Board.

The following individuals and entities have been identified as related parties based on their affiliation with the Chairman of the Board and Acting Chief Financial Officer:

Ali Kharazmi	Chairman of the Board and greater than 10% shareholder
Mohammad Saeed Kharazmi	Acting Chief Financial Officer, Board Member 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 & Plastic Surgery (“CWM”)	Company with common ownership and management
Center for Regenerative Science, LLC	Company with common ownership and management

The following amounts were owed to related parties, affiliated with the Chairman of the Board and Acting Chief Financial Officer as of December 31, 2015:

ASP	$	70,890
CWM		34,000
Ali Kharazmi		25,641
Applied MAK		-
Mohammad Saeed Kharazmi		2,405
Less amounts advanced to ASP and repaid in January 2016		(95,000	)
Accounts payable - related parties	$	37,936

The amount owed to ASP relates to legal and administrative services provided by ASP employees to our Company. Our Company temporarily advanced $95,000 to ASP prior to December 31, 2015 and was repaid in full prior to January 5, 2016. The amounts owed to Saeed Kharazmi at December 31, 2015 related to expense reimbursements incurred in the ordinary course of business. The amount owed to CWM relates to medical procedures provided to NuGene consultants as compensation for advertising and marketing services provided to NuGene. The amount owed to Ali Kharazmi and all amounts outstanding represent advances that bore no interest and were due on demand or expense reimbursements incurred in the ordinary course of business. Prior to the sale of the related party advances in November 2016, the amounts owed were as follows:

ASP	$	226,188
CWM		34,000
Ali Kharazmi		91,175
Applied MAK		-
Mohammad Saeed Kharazmi		30,698
Less amounts advanced to ASP and repaid in January 2016		-
Accounts payable - related parties	$	382,061

On November 7, 2016, the amounts owed to related parties totaling $382,061 were sold to two unrelated investors. The Company issued a note to each investor in the amount of $191,030 (see Note 6). The notes have an interest rate of 5% per annum and mature on the earlier of: (i) May 7, 2017; (ii) the date the Company raises a total of $2 million, subsequent to the issuance of these notes. The notes have a conversion feature under which the note holder can convert at any time at a conversion price of $0.40 per share.

As of December 31, 2016, the Company has no outstanding related party liabilities.