Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2015 | |
| Notes | |
| Related Party Transactions |
11. RELATED PARTY TRANSACTIONS:
Consulting arrangements The Company has a consulting arrangement with Heather Kearns, the former Interim Chief Financial officer and paid consulting fees of $18,000 and $45,000 during the three and nine months ended September 30, 2015, and has $19,600 in current liabilities as of September 30, 2015.
Dividend and Interest activity As of September 30, 2015 the Company has secured notes payable with JMW Fund, LLC, The Richland Fund, LLC, The San Gabriel Fund, LLC and The Arroyo Fund, LLC in the aggregate amount of $947,361; 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 2015 totaling $64,904. See Note 12 for additional disclosure.
During the three and nine months ended September 30, 2015, Mr. Gus Blass III, a former member of our board of directors and a stockholder, whom resigned September 15, 2015, received or has accrued dividends from preferred stock totaling $1,008 and $6,926, respectively. 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 $22,438. |