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12. RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

The Company periodically receives funding from its CEO, CFO and directors to fund operating costs of the Company. Jerry Wright, a director, advanced to the Company $30,000 during the year ended December 31, 2015 and Robert Campbell, CFO, advanced to the Company $3,500 during the year ended December 31, 2014. All of the 2014 advance and $4,500 of the 2015 advance had been repaid as of December 31, 2015. Advances made by these individuals are reported in the Company’s Balance Sheets under the heading “Related Party Notes Payable”. The $30,000 advance in 2015 bears interest at the rate of 6% per annum, and had a principal balance of $25,500 and accrued interest payable of $953 as of December 31, 2015. The advance was to have been paid by December 31, 2015, and the maturity date has been extended to June 30, 2016.

 

The Company’s CEO and the bookkeeper who is the wife of the CEO provide consulting services to the Company through companies controlled by the individuals. The Company accrued $162,000 for compensation for the CEO during the years ended December 31, 2015 and 2014 of which $4,375 and $1,500 were paid, respectively. Accrued compensation to the CEO totaled $318,125 and $160,500 as of December 31, 2015 and 2014, respectively.

 

The bookkeeper earned $18,000 during the years ended December 31, 2015 and 2014 for services provided to the Company of which $9,000 and $16,500 were paid, respectively. Accrued compensation to the bookkeeper totaled $12,000 and $3,000 as of December 31, 2015 and 2014, respectively.