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Related Party Transactions
9 Months Ended
Aug. 31, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

Note 12 – Related Party Transactions

 

We paid fees to a third-party intellectual property development firm (the “Consultant”) for the nine and three-month periods ended August 31, 2014 of $121,500 and $25,500, respectively. One of our former officers performed work for the Consultant, including the function of distributing such funds to appropriate vendors, for which he was not compensated. The fees for software development services performed by the Consultant were deemed to be operating costs.

 

At August 31, 2015 and November 30, 2014, we owed our chief executive officer $1,311,619 and $1,194,021, respectively, for loans he provided to the Company, unpaid salary and unpaid business expenses. During the first quarter of fiscal 2015, the Company settled $100,000 in outstanding payables to the chief executive officer of by issuing 10,000,000 shares each of the Company’s Series F and G preferred stock and 10 shares of the Company’s Series E stock.

 

The owner of FLUX Carbon Corporation, which holds 60% voting control of the Company through its ownership of 600,000 shares of Series H preferred Stock, is also the majority shareholder of GS Engineering, Inc. For the nine and three months ended August 31, 2015, we recorded revenues of $70,000 and $5,000, respectively with GS Engineering, Inc.