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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE H - RELATED PARTY TRANSACTIONS

 

For each of the years ended December 31, 2017 and 2016, the Company incurred salary expenses from the Chief Executive Officer of the Company of $305,000. For December 31, 2017, $580,000 of salary and accrued salary has been paid for the year. The unpaid balance has been included in accrued expenses- related party. As of December 31, 2017 and 2016, the accrued salary is $1,189,761 and $1,464,761, respectively.

 

As of December 31, 2017 and 2016, the Company owes the estate of its former Chief Executive Officer $0 and $158,898, which is also included in accrued expenses- related party. The amount was paid in full in 2017.

 

The CEO advanced $46,354 to the Company for working capital in 2017. This advance is non-interest bearing and due on demand. The CEO was repaid the full amount in 2017.

 

Effective July 1, 2017, Raynard Veldman, a member of the Company’s board of directors receives a fee of $2,500 per month for consulting services through June 30, 2019. From July 1, 2017 through December 31, 2017 Raynard Veldman received consulting fees of $15,000.