Related Party Transactions
|12 Months Ended|
Dec. 31, 2015
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 20 Related Party Transactions
Included in the above accrued compensation amounts owed to officers of the Company for services rendered that remain outstanding. These amounts are not subject to a fixed repayment schedule and they bear interest at a rate of 8% per annum, compounding monthly. The amounts were $327,469 as of December 31, 2015 and $393,536 as of December 31, 2014. The related interest amounts included in Accrued Interest were was $97,801 and $62,081 respectively at December 31, 2015 and December 31, 2014. Interest expense related to the outstanding current accrued compensation in Accrued Expenses (Note 8) to officers was $35,722 and $33,907 for the years ended December 31, 2015 and 2014, respectively.
During the year ended December 31, 2015, $481,920 or 18% of total revenues, were derived from a major stockholder (24% on as-converted to common stock basis with respect to shares of Series A Preferred Stock held by such stockholder) of the Company who also represented $290,750 of the accounts receivable balance at December 31, 2015. All such amounts were nil in the prior year’s period
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/presentationRef