Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2016 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
Note 5 Related Party Transactions
The Companys CEO earned $10,000 per month. The following compensation was recorded within general and administrative expenses related parties on the statements of operations: $60,000 and $60,000 for the six months ended June 30, 2016 and 2015, respectively. As of June 30, 2016, $187,318 of compensation was unpaid and was included in accounts payable related parties on the balance sheet.
For the six months ended June 30, 2016 and 2015, the Company expensed $30,000 and $30,000, respectively, for rent and office services which are included in general and administrative expenses related party to Balance Holdings LLC, an entity controlled by the Companys CEO. As of June 30, 2016 ,no monies were owed,.
During the six months ended June 30, 2016, the Companys CEO provided the Company unsecured short-term advances aggregating $30,610 The advances earn interest at a rate of 8% per annum and are payable on demand. During the six months ended June 30, 2016, the Company repaid an aggregate of $52,230 of short-term advances to the Companys CEO and entities controlled by the Companys CEO. For the six months ended June 30, 2016, the company recorded $1,232 of interest expense. The outstanding balance as of June, 2016 was $659.
On May 4, 2016 the company began compensating its board member Aviv Hillo, $2,500 per month for his consulting and advisory services. |