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RELATED PARTY TRANSACTIONS
6 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

Matthew Schultz- Chief Executive Officer and Director

 

The Company has a consulting agreement with Matthew Schultz, our Chief Executive Officer, for management services. In accordance with this agreement, as amended, Mr. Schultz provides services to us in exchange for $15,000 in compensation for services plus a $1,000 medical insurance stipend, each month plus a bonus of 0.5% of gross revenue. The Company has also agreed to reimburse Mr. Schultz for expenses incurred. The term of the agreement is one year and automatically renews until cancelled by either party. During the six months ending March 31, 2018 and 2017, Mr. Schultz earned $96,516 and $90,000, respectively, in accordance with this agreement. During the six months ending March 31, 2018, Mr. Schultz allowed the Company to defer $86,425 as accrued compensation. As of March 31, 2018, the Company owed Mr. Schultz $86,425 in deferred compensation and reimbursable expenses.

 

Zachary Bradford – President, Chief Financial Officer and Director

 

The Company has a consulting agreement with Zachary Bradford, our Chief Financial Officer, for management services. In accordance with this agreement, as amended, Mr. Bradford provides services to us in exchange for $15,000 in compensation for services plus a $1,000 medical insurance stipend, each month plus a bonus of 0.5% of gross revenue. The Company has also agreed to reimburse Mr. Bradford for expenses incurred. The term of the agreement is one year and automatically renews until cancelled by either party. During the six months ending March 31, 2018 and 2017, Mr. Bradford earned $96,516 and $90,000, respectively, in accordance with this agreement. During the six months ending March 31, 2018, Mr. Bradford allowed the Company to defer $96,516 as accrued compensation. As of March 31, 2018, the Company owed Mr. Bradford $109,546 in deferred compensation and reimbursable expenses.

On August 13, 2017, the Company executed a 15% promissory note with a face value of $80,000 with Zachary Bradford, its President and Chief Financial Officer. Under the terms of the promissory note the Company received $80,000 and agreed to repay the note evenly over 12 months. As of March 31, 2018, Company’s owed $33,333 in principal and $0 in accrued interested under the terms of the agreement.

On January 29, 2018, the Company executed a 15% promissory note with a face value of $60,000 with Zachary Bradford, its President and Chief Financial Officer. Under the terms of the promissory note the Company received $60,000 and agreed to repay the note on demand. As of March 31, 2018, Company’s owed $60,000 in principal and $1,368 in accrued interested under the terms of the agreement.

Bryan Huber – Chief operations Officer and Director

 

The Company has a consulting agreement with Bryan Huber, our Chief Operations Officer, for management services. In accordance with this agreement, as amended, Mr. Huber provides services to us in exchange for $117,000 in compensation for services plus a $500 medical insurance stipend and a bonus of 0.5% of gross revenue. The Company has also agreed to reimburse Mr. Huber for expenses incurred. The term of the agreement is one year and automatically renews until cancelled by either party. During the six months ending March 31, 2018 and 2017, Mr. Huber earned $61,500 and $57,598, respectively, in accordance with this agreement. During the six months ending March 31, 2018, Mr. Huber allowed the Company to defer $5,016 as accrued compensation. As of March 31, 2018, the Company owed Mr. Huber $11,304 in deferred compensation and reimbursable expenses.

 

Larry McNeill – Chairman of the Board of Directors

On January 19, 2018, the Company executed a 15% promissory note with a face value of $24,100 with Larry McNeill, a Director of the Company. Under the terms of the promissory note the Company received $24,100 and agreed to repay the note on demand. As of March 31, 2018, Company’s owed $24,100 in principal and $741 in accrued interested under the terms of the agreement.

 

On February 23, 2018, the Company executed a 15% promissory note with a face value of $5,000 with Larry McNeill, a Director of the Company. Under the terms of the promissory note the Company received $5,000 and agreed to repay the note on demand. As of March 31, 2018, Company’s owed $5,000 in principal and $74 in accrued interested under the terms of the agreement.

On March 19, 2018, the Company executed a 15% promissory note with a face value of $25,000 with Larry McNeill, a Director of the Company. Under the terms of the promissory note the Company received $25,000 and agreed to repay the note on demand. As of March 31, 2018, Company’s owed $25,000 in principal and $123 in accrued interested under the terms of the agreement.

Employees

The Company’s line of business requires high skilled employees who are appropriately compensated for their specialized skills. Employment agreements range from $90,000 to $172,500 per year, and include a taxable stipend for healthcare, performance bonuses and are subject to standard payroll taxes.