Related Party Transactions
|9 Months Ended|
Sep. 30, 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 an owner of 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 became effective as of October 1, 2016 and continued in full force and effect through December 31, 2016. Subsequent to December 31, 2016, Mr. Freitag and the Company entered into a consulting agreement pursuant to which he will be compensated $194 per hour.
The Company paid Mr. Freitag a fee of $30,341 and $70,546 during the three and nine months ended September 30, 2016, respectively.
During the nine months ended September 30, 2016, Mr. Victor Keen advanced $300,500 to 3DIcon under the terms of a loan which is included in notes payable related party (see Note 5).
During the nine months ended September 30, 2016, CJNDL, a company owned by Mr. Carlton James, a director of 3DIcon, advanced $265,389 to 3DIcon under the terms of a loan, which is included in term loans (see Note 5).
As of September 30, 2016, accrued interest related to the $500,000 14% term loan due June 2018 amounted to $26,697 and interest expense was $12,341 and $26,697 during the three and nine months ended September 30, 2016, 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