Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

Note 5 – Related Party Transactions

 

One officer and executive of the Company has entered into note payable agreements with the Company. The balance of notes payable from related parties at June 30, 2017 is $170,000.

 

Two executive officers and the operations manager of the Company have agreed to defer a portion of their compensation until cash flow improves. As of June 30, 2017 and December 31, 2016, the balance of their deferred compensation is approximately $1,823,294 and $1,861,327, respectively.

 

From time-to-time executive officers and the operations manager of the Company advance monies to the Company to cover costs. During the six months ended June 30, 2017, officers advanced $12,650 of funds to the Company of which $11,500 were repaid during the period. The balance of short-term advances due to executive officers and the operations manager of the Company at June 30, 2017 is $6,973.