Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 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: $30,000 and $30,000 for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, $204,000 of compensation was unpaid and was included in accounts payable related parties on the balance sheet.
For the three months ended March 31, 2016 and 2015, the Company expensed $15,000 and $15,000, respectively, for rent and office services which are included in general and administrative expenses to Balance Holdings LLC, an entity controlled by the Companys CEO. As of March 31, 2016, $40,000 was unpaid and was included in accounts payable related parties on the condensed balance sheet.
During the three months ended March 31, 2016, the Companys CEO provided the Company unsecured short-term advances aggregating $31,714. The advances earn interest at a rate of 8% per annum and are payable on demand. During the three months ended March 31, 2016, the Company repaid an aggregate of $3,000 of short-term advances to the Companys CEO and entities controlled by the Companys CEO. For the three months ended March 31, 2016, the company recorded $553 of interest expense. The outstanding balance as of March 31, 2016 was $50,334. |