RELATED PARTY TRANSACTIONS |
9 Months Ended |
|---|---|
Sep. 30, 2015 | |
| Notes to Financial Statements | |
| RELATED PARTY TRANSACTIONS |
NOTE 8 – RELATED PARTY TRANSACTIONS
As of December 31, 2014, the Company owed Sanford Lang, CEO $4,100 for cash advances used to pay for general operating expenses. During the nine months ended September 30, 2015, this amount was repaid in full.
On May 15, 2015, the Company issued 25,000 shares of common stock to Rachel Boulds, CFO for services rendered. The shares were valued at $0.317 per share for a total non-cash expense of $7,925. Fair market value for the shares was determined by taking the average share price for each cash-for-stock purchase in the prior period.
On August 13, 2015, the Company, granted 15,000,000 warrants to purchase shares of common stock to Sandy Lang, CEO. The warrants will vest at 5,000,000 for each $5 million in revenue realized by the Company over the next eighteen months. The warrants have an exercise price of $0.23 and a term of ten years. The performance condition must be met for the award to vest; therefore, compensation costs will be recognized when those performance measures are met.
On August 13, 2015, the Company, granted 1,000,000 warrants to purchase shares of common stock to Marty Goldrod, COO. The warrants will vest at 333,000 for each $5 million in revenue realized by the Company over the next eighteen months. The warrants have an exercise price of $0.23 and a term of ten years. The performance condition must be met for the award to vest; therefore, compensation costs will be recognized when those performance measures are met.
As of September 30, 2015, the Company owed an officer $5,000 for a cash advance used to pay for general operating expenses. The advance is uncollateralized, non-interest bearing and due on demand. |