3. Certain Relationships and Related Transactions
|12 Months Ended|
Dec. 31, 2015
|Related Party Transactions [Abstract]|
|Certain Relationships and Related Transactions||
Accrued Expenses and Accounts Payable - Related Parties
As of December 31, 2015 and December 31, 2014, the Company had accounts payable to related parties in the amount of $76,089 and $80,589, respectively. These amounts are unpaid Directors Fees and unpaid Company expenses incurred by Officers and Directors.
As of December 31, 2015 and December 31, 2014, the Company accrued the unpaid salaries, unused vacation and the corresponding payroll taxes of Officers in the aggregate of $114,661, and $178,468, respectively. Included in these accruals are the unpaid salaries to a former President and current member of the Companys Board of Directors of $75,429, and $135,429, respectively. The Company agreed to a monthly payment of $5,000 to 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 bonuses in the aggregate of $150,000 paid to Officers. There were no such bonuses paid during the years ended December 31, 2015 and 2014.
Consulting Fees Paid to Related Party
General and administrative expenses for the year ended December 31, 2014 and 2013 include consulting fees of $60,000 for services rendered by a consulting firm controlled by a member of our Board of Directors. There were no such costs in 2015.
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