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Related Party Transactions
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3 Months Ended |
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Sep. 30, 2014
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| Notes | |
| Related Party Transactions |
10. RELATED PARTY TRANSACTIONS:
On July 15, 2014, the Company terminated the Consulting Agreement with Mr. Richard Giles, a founder, stockholder, and former director of the Company. The Company did not pay consulting fees to Mr. Giles during the three months ended September 30, 2014; the Company paid consulting fees $69,800 during the nine months ended September 30, 2014. During the three and nine months ended September 30, 2013 the Company paid consulting fees of $47,400 and $142,200, respectively to Richard Giles. The Company had a Senior Subordinated note payable with Mr. Richard Giles, on April 15, 2014, the Company made the final required principal payment of $250,000 on the Senior Subordinated note payable.
During the nine months ended September 30, 2014 the Company issued 16,659 Series D Preferred shares to Reginald Greenslade, one of the Companys directors. The Company issued 16,666 Series D Preferred shares to Gus Blass III, one of the Companys directors. The Company issued 1,500 Series D Preferred shares to David Dworsky, the Chief Executive Officer of the Company. |
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- Details
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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