RELATED PARTY TRANSACTIONS |
6 Months Ended |
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Jun. 30, 2015 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
The Company has received financing from the Company’s Chief Executive Officer. No formal repayment terms or arrangements existed prior to February 19, 2015, when as part of the Share Exchange Agreement, the Company entered into a note with David Phipps where the stockholder loans bear no interest and are due February 19, 2016. The accounts payable due to related party includes advances for inventory due to David Phipps. Total payments due to David Phipps as of June 30, 2015 and December 31, 2014 are $121,770 and $59,308, respectively.
Also, as part of the Share Exchange Agreement entered into on February 19, 2015, Mr. Phipps received a payment of $25,000 as compensation for transition services that he provided.
The Company employs three individuals who are related to Mr. Phipps, of which earned gross wages totaling $58,261, for the six months ended June 30, 2015 |
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- References No definition available.
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- Definition 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
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