Related Party Transactions

9 Months Ended

Sep. 30, 2018

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 8 – RELATED PARTY TRANSACTIONS

The Company has at various times entered into transactions with related parties, including officers, directors and major stockholders, pursuant to which, these related parties have provided services, advanced or loaned money, or both, to the Company needed to support its daily operations. The Company discloses all related party transactions.

See Notes 3 and 6 in connection with transactions with United Wireless. During the three- and nine-months ended September 30, 2018 and 2017, the Company incurred interest expense on the Company’s 10% notes issued to United Wireless pursuant to the securities purchase agreement dated October 22, 2015 more fully described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The interest expense was approximately $108,000 and $310,000 for the three- and nine-months ended September 30, 2018, respectively, and approximately $72,000 and $208,000 for the three- and nine-months ended September 30, 2017, respectively. On each of September 30, 2017 and 2018, accrued interest is added to the principal amount of the note.

During the three and nine months ended September 30, 2018 and 2017, the Company contracted with an entity owned by the chief technology officer for the provision of information technology services to the Company. The cost of such services was approximately $205 and $625 for the three and nine months ended September 30, 2018, respectively, and approximately $205 and $850 for the three and nine months ended September 30, 2017, respectively.