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Related Party Transactions
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3 Months Ended |
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Mar. 31, 2015
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| Notes | |
| Related Party Transactions |
10. RELATED PARTY TRANSACTIONS:
Consulting arrangements The Company has a consulting arrangement with Heather Kearns, the Interim Chief Financial officer and paid consulting fees of $27,000 during the three months ended March 31, 2015.
Dividend and Interest activity As of March 31, 2015 the Company has secured notes payable with Mr. Yorke, as the manager of, JMW Fund, LLC, The Richland Fund, LLC and The San Gabriel Fund, LLC in the aggregate amount of $630,000; an outstanding balance of $138,000 on the revolving line of credit. Mr. Yorke, as the manager, received or has accrued interest payments from loans payable in the three months ended 2015 totaling $15,692. See Note 12 for additional disclosure.
During the three months ended March 31, 2015, Mr. Gus Blass III, a member of our board of directors and a stockholder, received or has accrued dividends from preferred stock totaling $5,918. In addition, Mr. Gus Blass II, a former member of our board of directors and father to Mr. Gus Blass III, a member of our board of directors, was issued an unsecured note payable in the amount of $250,000 during 2014, paying interest at 12% per annum, with a maturity date of January 6, 2016. Mr. Blass II, received or has accrued interest payments in 2015 totaling $7,397.
Reginald Greenslade, a member of our board of directors and a stockholder, has an outstanding balance of $45,980 on the revolving line of credit to Mr. Greenslade. Mr. Greenslade received or has accrued interest in three months ended March 31, 2015 totaling $1,361.
During the three months ended March 31, 2015, David Dworsky, a member of our board of directors and former Chief Executive Officer, received or has accrued dividends from preferred stock totaling $89. |