NOTE 4: RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Mar. 31, 2017 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] |
NOTE 4: RELATED PARTY TRANSACTIONS
Accruals for salary and bonuses to officers and directors are included in accrued liabilities in the balance sheets and totaled $2,757,778 and $2,660,697 as of March 31, 2017 and December 31, 2016, respectively.
During the three months ended March 31, 2017, officers of the Company advanced $130,010 to the Company to cover short-term financing needs and the Company repaid an officer $5,000. The short-term loans are due on demand, do not accrue interest and are unsecured. The balance of related party short-term note was $143,060 and $18,050 as of March 31, 2017 and December 31, 2016, respectively.
During the three months ended March 31, 2016, the Company granted an aggregate of 7,000,000 common shares to various employees and directors for services rendered. The aggregate fair value of these awards was determined to be $4,375,000 and it was recognized as stock compensation during the three months ended March 31, 2016.
Also during the three months to March 31, 2016, the company issued 1,785,714 common shares for the conversion of $500,000 of salary due to an officer. The value of the shares was $1,116,071, of which $616,071 was recorded as additional compensation expense.
|