Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

v3.3.1.900
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