Related Party Transactions
|9 Months Ended|
Sep. 30, 2021
|Related Party Transactions [Abstract]|
|Related Party Transactions||RELATED PARTY TRANSACTIONS
On May 1, 2019, the Company entered into a month to month lease agreement for our headquarters. The agreement is for an undefined term and can be cancelled at any time, given one month’s notice by either party. The Company’s monthly rent expense associated with this agreement is approximately $1,440. The Company’s month to month headquarters lease is in the name of the Company’s Chief Executive Officer, and the cost is reimbursed monthly.
During the course of business, the Company obtains accounting services from CTRLCFO, a firm in which an executive of the Company has significant influence, as well as Hardesty, where he is a non-managing partner. The Company incurred accounting fees from these firms of approximately $30,000 and $80,000 during the three and nine months ended September 30, 2021, respectively, and $48,000 and $57,000 during the three and nine months ended September 30, 2020, respectively. As of September 30, 2021 and December 31, 2020, the Company had balances due to these firms amounting to approximately $7,000 and $15,000, respectively.
The Company’s Directors and Officers have invested in the 2015 Notes of the Company, as have several consultants who provide services. As of September 30, 2021, and December 31, 2020, investments from Directors and Officers represents approximately $2,345,000 and $1,797,000, respectively. As of September 30, 2021 and December 31, 2020, investments from consultants represents approximately $1,045,000 and $661,000, respectively.
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/disclosureRef