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4. Related Party Transactions
9 Months Ended
Sep. 30, 2017
Notes  
4. Related Party Transactions

4.   RELATED PARTY TRANSACTIONS

 

Beginning in January 2016, portions of the Company’s Chief Executive Officer’s (“CEO”) salary were not paid, resulting in accrued balances of $215,000 and $127,500 at September 30, 2017 and December 31, 2016, respectively. Deferred compensation for the three and nine-month periods ended September 30, 2017 and 2016, were $45,000 and $90,000, and $45,000 and $90,000, respectively. An amount of $50,666 and $35,093 has been accrued for fees due to the Company’s Chief Financial Officer (“CFO”) at September 30, 2017 and December 31, 2016, respectively. Fees for the three and nine-month periods ended September 30, 2017 and 2016, were $13,989 and $39,573, and $8,143 and $35,921, respectively. These amounts are included in related party payable.

 

An amount of $139,198 and $115,298 has been accrued for consultants and directors’ fees at September 30, 2017 and December 31, 2016, respectively and is included in related party payable. Fees for the three and nine-month periods ended September 30, 2017 and 2016, were $10,500 and $25,200, and $10,200 and $25,000, respectively.