Related Party Transactions
|12 Months Ended|
Dec. 31, 2016
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 10 Related Party Transactions
As of December 31, 2015 the Company advanced $5,000 to an entity partially owned by a former member of Coretec. This amount was due on demand and repaid in April 2016.
The Company entered into a consulting agreement dated July 7, 2015 with Mr. Doug Freitag, who became the Company’s CEO on October 1, 2016. Mr. Freitag’s field of consultation was in the area of working as a federal business and private sector business consultant and technical consultant. The work under this consulting agreement was performed for the Company, in support of business development, research, development, and commercialization activities. The consulting agreement was effective as of July 2015 and continued in full force through July 2016 and will continue monthly thereafter, unless terminated under the terms of the agreement. On October 1, 2016, the Company entered into a consulting agreement with Mr. Doug Freitag which replaces the previous agreement but the terms are identical. The consulting agreement was effective as of October 1, 2016 and continued in full force and effect through December 31, 2016. The Company paid Mr. Freitag a fee of $185 per hour. The Company entered into a third consulting agreement on January 1, 2017 with Mr. Freitag. Under the terms of the one year agreement, Mr. Freitag’s fee is $194 per hour.
The Company paid Mr. Freitag a fee of $100,517 for the year ended December 31, 2016 and $13,198 during the period from inception (June 2, 2015) to December 31, 2015.
At September 30, 2016, pursuant to the Share Exchange Agreement, the Company had an aggregate balance of $300,500 of advances due to Mr. Victor Keen. During the year ended December 31, 2016, Mr. Keen advanced the Company an additional $140,000 such that as of December 31, 2016, an aggregate amount of $440,500 is due to Mr. Keen under the terms of a loan which is included in notes payable related party (see Note 5).
As of December 31, 2016, accrued interest related to the $300,000 14% Term loan due June 2018 amounted to $20,517 and interest expense was $16,005 during the year ended December 31, 2016.
During the year ended December 31, 2016, CJNDL, a company owned by Mr. Simon Calton, a director of the Company, advanced $613,825 to the Company under the terms of two loans, which are included in term loans (see Note 5).
As of December 31, 2016, accrued interest related to the $500,000 and $100,000 14% Term loans due June 2018 amounted to $50,791 and interest expense was $42,738 and $11,800 during the year ended December 31, 2016 and the period from inception (June 2, 2015) to December 31, 2015, 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/presentationRef