(A) Accounts Payable – Related Party
As of June 30, 2014 and December 31, 2013 the Company had accounts payable due to board members and companies owned by board members of $399,386 and $324,252.
During the period April 8, 2010 through June 30, 2014, management and board members have been loaning money to the Company, paying expenses on behalf of the Company and deferring consulting fees.
(B) Related Party Consulting Services
The Company incurred consulting expenses to a company that is owned by a board member, and for the six month periods ending June 30, 2014 and June 30, 2013 the amounts were $75,000 and $75,000 respectively.
(C) Notes Payable – Related Parties
The Company executed various promissory notes to related parties since inception.
