Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v2.4.1.9
Related Party Transactions
3 Months Ended
Mar. 31, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

Note 8 - Related Party Transactions

 

In 2014, the Company paid a monthly rent expense for a data center in NY of $1,500, to a partnership owned by Mr. Piluso. For the three months ended March 31, 2014 the rent expense was $4,500. The Company stopped using this facility in December 2014. The Company owed $245,601 to this related party at December 31, 2014. In 2015 the Company converted this to a convertible debt. (see Note 9).

 

Charles Piluso, CEO from time to time advances money to fund the Company. These advances bear no interest and have no stated terms of repayment. As of December 31, 2014 the Company owed Mr. Piluso $1,065,792 for such advances. In February of 2015 the Company converted the $1,065,762 to a convertible debt. (see Note 9).