XML 20 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE D - RELATED PARTY TRANSACTIONS

  

For the three and six months ended June 30, 2018, the Company incurred salary expenses for the chief executive officer of $52,500 and $105,000, respectively. Of these amounts, $36,000 has been paid for the six months ended June 30, 2018. The total unpaid balance as of June 30, 2018 is $1,278,761 and is included in accrued expenses – related party. For the three and six months ended June 30, 2017, the Company incurred salary expenses for the chief executive officer of the Company of $76,250 and $152,500, respectively. Of these amounts, $5,000 had been paid for the six months ended June 30, 2017. Effective January 1, 2018, the board of directors approved the reduction of the chief executive officer’s annual salary by $95,000 from $305,000 to $210,000.

  

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. During the three and six months ended June 30, 2018, Mr. Veldman received consulting fees of $7,500 and 15,000, respectively.

  

On May 25, 2018 the Company issued an aggregate of 2,000,000 restricted shares of common stock to Messrs. John A. DiBella and Raynard Veldman. The shares were issued to them as bonus compensation for their efforts in connection with the closing of the Technology Purchase Agreement. The fair value of these shares is $100,000.