Related Party Transactions

9 Months Ended

Sep. 30, 2014

Related Party Transactions [Abstract]

Related Party Transactions

13. Related Party Transactions

2014

During the period January 1, 2014 through September 30, 2014, the Company repaid $222,500 to its former CEO from related advances.

During the period January 1, 2014 through September 30, 2014, the Company repaid $190,000 to its CFO from related advances.

During the period January 1, 2014 through September 30, 2014, the Company converted convertible notes to its former CEO in the amount of $1,300,000 to common stock.

During the period January 1, 2014 through September 30, 2014, the Company converted convertible notes to its CFO in the amount of $350,000 to common stock.

On June 25, 2014, the Company’s former CEO converted 10,000,000 shares of Series H preferred stock to 277,777,777 shares of common stock.

On June 25, 2014, the CFO converted 2,500,000 shares of Series H preferred stock to 69,444,444 shares of common stock.

On September 8, 2014, the Company’s former CEO and Chairman of the Board resigned in such capacities. He is currently being retained as a consultant to the Company.

As of September 30, 2014, $100,000 of convertible debt and $163,000 of advances are owed to the Company’s former CEO.

As of September 30, 2014, $460,000 of advances is owed to the Company’s CFO. 

2013

During the period January 1, 2013 through September 30, 2013, the Company accepted various non-interest bearing $1,115,000 advances from its former CEO. At the time, the Company issued no shares or warrants in connection with this transaction.

During the period January 1, 2013 through September 30, 2013, the Company accepted various non-interest bearing $750,000 advances from its CFO. At the time, the Company issued no shares or warrants in connection with this transaction.

On April 11, 2013, the Company converted certain advances from its former CEO and the CFO in the amounts of $500,000 and $250,000, respectively, into Series H preferred shares.

As of December 31, 2013, $1,400,000 of convertible debt and $385,000 of advances were owed to the Company’s then CEO.

As of December 31, 2013, $350,000 of convertible debt and $650,000 of advances were owed to the Company’s CFO.