XML 21 R9.htm IDEA: XBRL DOCUMENT

3. RELATED PARTY TRANSACTIONS	12 Months Ended
Dec. 31, 2014
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	On June 30, 2013, the Company negotiated a settlement of outstanding wages, advances, expenses, etc, in the amount of $3,843,133, to the two officers of the Company. The settlement Notes were for $500,000 and $25,000 to Mr. Reichman and $200,000 and $10,000 to Mrs. Griffin. The balances at December 31, 2014 and 2013 are $421,044 to Mr. Reichman and $206,670 to Mrs. Griffin for 2014 and 2013, respectively. The notes bear interest at 5% are due at January 15, 2016 and are unsecured. Accrued interest at December 31, 2014 is $ 73,492. Due to officers as of December 31, 2014 and 2013 totals $128,767 and $50,646, respectively. These balances consist of net cash advances, and unpaid expense reimbursements due to David Reichman. The payables and cash advances are unsecured, due on demand and do not bear interest. During 2014 Mr. Reichman advanced $127,620 to the Company to cover operating expenses, and was repaid $49,460. During 2013 Mr. Reichman advanced $101,980, to the Company and was repaid $192,060. At December 31, 2014 and 2013, the balances due Mr. Reichman are $128,767 and $50,646, . During 2014 and 2013, a board member advanced $31,500 and $31,000, respectively. These totals consist of several small advances, each covered by separate notes that bear interest at 6% and 8%, are unsecured, and are due January 31, 2016. The total notes payable to this board member at December 31, 2014 and 2013 amount to $81,500 and $50,000, respectively. As of December 31, 2013, $33,000 in notes were in default, however, during 2014, the lender signed extension agreements through January 31, 2016.

3. RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2014

On June 30, 2013, the Company negotiated a settlement of outstanding wages, advances, expenses, etc, in the amount of $3,843,133, to the two officers of the Company. The settlement Notes were for $500,000 and $25,000 to Mr. Reichman and $200,000 and $10,000 to Mrs. Griffin. The balances at December 31, 2014 and 2013 are $421,044 to Mr. Reichman and $206,670 to Mrs. Griffin for 2014 and 2013, respectively. The notes bear interest at 5% are due at January 15, 2016 and are unsecured. Accrued interest at December 31, 2014 is $ 73,492.

Due to officers as of December 31, 2014 and 2013 totals $128,767 and $50,646, respectively. These balances consist of net cash advances, and unpaid expense reimbursements due to David Reichman. The payables and cash advances are unsecured, due on demand and do not bear interest. During 2014 Mr. Reichman advanced $127,620 to the Company to cover operating expenses, and was repaid $49,460. During 2013 Mr. Reichman advanced $101,980, to the Company and was repaid $192,060. At December 31, 2014 and 2013, the balances due Mr. Reichman are $128,767 and $50,646, .

During 2014 and 2013, a board member advanced $31,500 and $31,000, respectively. These totals consist of several small advances, each covered by separate notes that bear interest at 6% and 8%, are unsecured, and are due January 31, 2016. The total notes payable to this board member at December 31, 2014 and 2013 amount to $81,500 and $50,000, respectively. As of December 31, 2013, $33,000 in notes were in default, however, during 2014, the lender signed extension agreements through January 31, 2016.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details