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RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE D - RELATED PARTY TRANSACTIONS

  

For the three and nine months ended September 30, 2018, the Company incurred salary expenses for the chief executive officer of $52,500 and $157,500, respectively. Of these amounts, $157,500 has been paid for the nine months ended September 30, 2018. The total unpaid balance as of September 30, 2018 is $1,181,261 and is included in accrued expenses – related party. For the three and nine months ended September 30, 2017, the Company incurred salary expenses for the chief executive officer of the Company of $76,250 and $228,750 respectively. Of these amounts, $25,000 had been paid for the nine months ended September 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 nine months ended September 30, 2018, Mr. Veldman received consulting fees of $7,500 and $22,500, respectively. During the three and nine months ended September 30, 2017, Mr. Veldman received consulting fees of $7,500 and $7,500, 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.