Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.4.0.3
Related Party Transactions
3 Months Ended
Mar. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

Note 8 - Related Party Transactions

 

In 2014, the Company paid a monthly rent expense for a data center in NY of $1,500, to a partnership owned by Mr. Piluso. For the year ended December 31, 2014, the rent expense was $13,500. The Company stopped using this facility in December 2014. The Company owed $245,601 to this related party at December 31, 2014. In 2015, the Company converted this to convertible debt (see Note 9).

 

The Company’s CEO, from time to time, advances money to fund the Company. These advances bear no interest and have no stated terms of repayment. As of December 31, 2014 the Company owed Mr. Piluso $1,065,762 for such advances. In February 2015, the Company converted the $1,065,762 to convertible debt (see Note 9).