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3. Certain Relationships and Related Transactions
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12 Months Ended |
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Dec. 31, 2014
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| Related Party Transactions [Abstract] | |
| 3. Certain Relationships and Related Transactions |
Accrued Expenses and Accounts Payable - Related Parties
As of December 31, 2014 and December 31, 2013, the Company had accounts payable to related parties in the amount of $80,814 and $85,869, respectively. These amounts are unpaid Directors Fees and unpaid Company expenses incurred by Officers and Directors.
As of December 31, 2014 and December 31, 2013, the Company accrued the unpaid salaries, unused vacation and the corresponding payroll taxes of Officers in the aggregate of $178,693 and $576,159, respectively. Included in these accruals are the unpaid salaries of the former Chief Executive Officer (CEO) of the Company of $0 and $306,250, respectively pursuant to November 2013 settlement agreement, and a former President and current member of the Company’s Board of Directors of $135,429 and $195,429, respectively. The Company agreed to a monthly payment of $5,000 the current Board member until his unpaid salary is fully settled.
Bonus Paid to Officers
General and administrative expenses for the year ended December 31, 2013 include a bonus in the aggregate of $150,000 paid to officers of the Company. There were no such bonuses paid in 2014 or 2012.
Consulting Fees Paid to Related Party
During the year ended December 31, 2014 and 2013, the Company incurred consulting fees of $60,000 to a consulting firm controlled by a member of our Board of Directors. There were no such costs in 2012. |