Due to/from Related Party

3 Months Ended

Mar. 31, 2017

Due to/from Related Party [Abstract]

DUE TO/FROM RELATED PARTY

NOTE 6 – DUE TO/FROM RELATED PARTY

Amounts due to related parties as of March 31, 2017 and December 31, 2016 were comprised of the following:

	March 31,		December 31,
	2017		2016
Current portion:			(audited)
Due to Dr. Michael Dent	$	137,457	$	---
Deferred compensation, Dr. Michael Dent		300,600		300,600
Due to MedOffice Direct		---		11,192
Total current portion		438,057		311,792
Long term portion:
Due to Dr. Michael Dent		242,460		237,157
Total due to related parties	$	680,517	$	548,949

Dr. Michael Dent

Prior to August 2014, NWC was owned and controlled by the Company’s Chief Executive Officer, Dr. Michael Dent (“DMD”). DMD first provided an up to $175,000 unsecured note payable to the Company with a 0% interest rate. During 2013 the limit on the unsecured Note Payable was increased up to $500,000 and during 2014 it was increased to $750,000 with a maturity date of December 31, 2017. During January 2017, the note was again amended to extend the maturity date until December 31, 2018, to accrue interest on outstanding balances after January 1, 2017 at a rate of 10% per annum, and to fix interest accrued on balances between January 1, 2015 and December 31, 2016 at an amount equal to $22,108 (the “$750k DMD Note”). All principal and interest is due at maturity of the $750k DMD Note. Interest accrued on the $750k DMD Note as of March 31, 2017 and December 31, 2016 was $27,410 and $22,108, respectively.

During the three months ended March 31, 2017, the Company borrowed $135,000 from Dr. Dent in the form of four separate unsecured promissory notes dated January 12, 2017 ($35,000), January 18, 2017 ($20,000), January 24, 2017 ($50,000) and February 9, 2017 ($30,000) (collectively, the “2017 DMD Notes”). Each of the notes bears interest at 10% per annum and has a maturity date one year from the issuance date. Interest accrued on the 2017 DMD Notes as of March 31, 2017 and December 31, 2016 was $2,458 and -0-, respectively.

During the three months ended March 31, 2017, related party borrowing activity with DMD was comprised of the new loans totaling $135,000. The Company also accrued interest on notes payable and deferred compensation due to DMD of $7,761.

During the three months ended March 31, 2016, DMD provided new loans totaling $74,000, and NWC repaid DMD $3,968. The Company also accrued interest on amounts due to DMD of $3,617.

MedOffice Direct

During 2016, MedOffice Direct (“MOD”), a company majority-owned by the Company’s CEO and largest shareholder, Dr. Michael Dent, paid a direct obligation of the Company in the amount of $25,000. The Company also paid direct obligations of MOD totaling $13,808 in 2016, resulting in an amount payable to MOD of $11,192 as of December 31, 2016. This amount was paid in full in January 2017.

During the three months ended March 31, 2017, the Company entered into an agreement with MOD pursuant to which the Company will pay rent to MOD in the amount of $2,040 per month for office space in MOD’s facility used by the Company and its employees. The agreement is effective from January 1, 2017 through July 31, 2018. During the three months ended March 31, 2017, the Company paid MOD $6,120 pursuant to this agreement and had prepaid an additional $11,348 toward future rent.