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3. Certain relationships and related transactions
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9 Months Ended |
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Sep. 30, 2013
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| Related Party Transactions [Abstract] | |
| Note 3. Certain relationships and related transactions |
Accounts Payable to related parties
As of September 30, 2013 and December 31, 2012, the Company had accounts payable to related parties in the amount of $91,589 and $65,192, respectively. These amounts are unpaid Directors Fees and expenses incurred by officers and directors.
Accrued expense due to related parties
As of September 30, 2013 and December 31, 2012, the Company accrued unpaid salaries, unused vacation and the corresponding payroll taxes of its employees in the aggregate of $299,305 and $468,086, respectively. Included in these accruals are accrued vacation and payroll taxes in the aggregate of $73,876 and $57,657, respectively, and the unpaid salaries of the former President of the Company of $210,429 and $255,429, respectively, and the former Chief Financial Officer of the Company of $15,000 and $155,000, respectively. The Company agreed to a monthly payment of $5,000 up to $15,000 to these former officers of the Company until their unpaid salaries are fully settled.
Consulting fees paid to related parties
Ryan Zinke, a director of the Company, is the Chief Executive Officer of consulting firm, Continental Divide LLC. During the nine months ended September 30, 2013 and 2012, the Company incurred fees for consulting services of $45,000 and $0, respectively. |