RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2016

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 9 – RELATED PARTY TRANSACTIONS

Acquisition of FIN

As discussed in Note 2, the Company acquired all of the issued and outstanding shares of FIN in February 2017. The Company’s Chief Operating Officer and then _______% shareholder in the Company was also a significant shareholder in FIN at the time of the acquisition

Convertible Notes Payable

As of June 30, 2016, the Company has outstanding convertible notes payable to certain members of the Company’s Board of Directors. Total amounts due to these related parties included in convertible notes payable amounted to $150,000 at June 30, 2016. See Note 7.

Other

In connection with the Company’s ability to secure third-party financing, the Company paid Network 1 Financial Securities, Inc. (“Network 1”), a registered broker-dealer, a cash fee of $124,000 and issued Network 1 1,430,000 shares of common stock of the Company in accordance with its agreement during the six months ended June 30, 2016. A member of the Company’s Board of Directors previously maintained a partnership with a key principal of Network 1. In addition to the cash fee paid, the agreement calls for Network 1 to receive an 8% commission of the total amount of proceeds from any financing it secures for the Company.