Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
9 Months Ended
Sep. 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 agreement with the Company. The balance of notes payable from related parties at September 30, 2017 is $170,000.

 

As of September 30, 2017 and December 31, 2016, the balance of two executive officers and the operations manager deferred compensation is approximately $1,155,794 and $1,861,327, respectively. During the nine months ended September 30, 2017, these individuals converted a total of $660,000 of deferred compensation into three-year stock options exercisable into up to 30,555,555 shares of common stock at an exercise price of $0.0216 per share.

 

From time-to-time executive officers and the operations manager of the Company advance monies to the Company to cover costs. During the nine months ended September 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 of the Company at September 30, 2017 is $6,973.

 

During the quarter ended September 30, 2017, 4,000 shares of Series AA Preferred Stock was issued to an officer and director of the Company for $4.