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RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE D - RELATED PARTY TRANSACTIONS

 

On January 4, 2018 the Company’s board of directors reduced the annual compensation of the Company’s chief executive officer from $305,000 to $210,000, effective as of January 1, 2018. For the three months ended March 31, 2019, the Company incurred salary expenses from the Chief Executive Officer of the Company of $52,500. During the three months ended March 31, 2019, a total of $180,000 of salary and accrued salary have been paid. The total unpaid balance as of March 31, 2019 is $686,261 and is included in accrued expenses – related party. In November, 2018, the Board of Directors also approved the health insurance benefit for our CEO. For the Three Months ended March 31, 2018, the Company incurred salary expenses from the Chief Executive Officer of the Company of $52,500. Of these amounts, $0 had been paid for the three months ended March 31, 2018. The total unpaid balance as of March 31, 2018 is $1,242,261 and is included in accrued expenses – related party.

 

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 months ended March 31, 2019 and 2018, Mr. Veldman received consulting fees of $7,500 and $7,500, respectively.

 

During the three months ended March 31, 2019 and 2018, Raynard Veldman, a member of the Company’s board of directors, received compensation for being a member of the Company’s board of directors of $3,000 and $3,000, respectively. Mr. John DiBella does not receive compensation for being a member of the Company’s board of directors.