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11. RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2015
Related Party Transactions [Abstract]  
11. RELATED PARTY TRANSACTIONS

In 2009, the Company executed a 10% convertible note payable in the amount of $102,236 originally due December 31, 2010 to John Evey for amounts loaned to the Company. Mr. Evey joined the Board of Directors on April 27, 2010. Through a series of extensions, the note due date was extended to December 31, 2015. During the three month period ended March 31, 2015, the Company made principal payments totaling $3,000 on this note. The balance of the note as of March 31, 2015 is $95,616 with accrued interest amounting to $27,616. (See note 5)

 

As partial payment for professional services provided by GreenCore Capital, LLC (“GreenCore’) during the period ended March 31, 2015, the Company made a cash payment amounting to $27,000 and issued 202,571 shares of the Company’s common stock with a per share value between $0.13 and $0.136 (based on an average market value of the stock when earned as defined in the agreement) or $27,000 and expensed the payments at issuance. Jay Potter, our director, is the managing member of GreenCore and the primary individual performing the services. (See note 9)

 

During the period ended March 31, 2015, the Company released 138,888 shares of common stock with a per share value of $0.15, or $20,832 (based on the market price at the time of the agreement), to two directors for their service as defined in their respective Restricted Stock Grant Agreements. The payments were expensed at issuance.