RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 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 2016. The Company’s Chief Operating Officer and then 1.7% shareholder in the Company was also a significant shareholder in FIN at the time of the acquisition.

Convertible Notes Payable 

As of September 30, 2016, the Company has outstanding convertible notes payable to certain members of the Company’s Board of Directors. Total amount due to the related parties amounted to $150,000 at September 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 $224,000 and issued Network 1 3,430,000 shares of common stock of the Company in accordance with its agreement during the nine months ended September 30, 2016. A member of the Company’s Board of Directors previously maintained a partnership with a key principal of Network 1. The agreement calls for Network 1 to receive a 16% commission, in cash and stock, of the total amount of proceeds from any financing it secures for the Company (8% in cash and 8% in stock).