NOTE 3. RELATED PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Notes to Financial Statements | |
| NOTE 3. RELATED PARTY TRANSACTIONS |
As of December 31, 2016 and December 31, 2015, the Company had payables due to officers, for accrued compensation and services of $1,111,754 and $412,656 respectively.
On December 3, 2014, as part of a related party note payable agreement, the company agreed to convert 50% of certain outstanding accounts payable to common stock at a price of .09 per share. Per this agreement during the year ended December 31, 2016 and December 2015, approximately $61,009 of accounts payable is convertible into 677,871 shares and $86,624 is convertible into 962,494 shares.
On July 1, 2015, the Company amended a note payable agreement with Lanphere Law Group, the companys largest shareholder, which forgave $108,000 of the principal balance. The original principal balance on the note was $214,335 and the new principal balance on the note after the debt forgiveness is $106,335.
The Company entered into a lease agreement with Lanphere Law Group, whereas the Company is the tenant and is paying monthly rent of $4,100. |