RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) |
3 Months Ended | ||
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Mar. 31, 2018 |
Mar. 31, 2017 |
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Mr. Joseph Segelman [Member] | Consulting Agreement [Member] | |||
Description of consulting agreement |
The Company previously had a consulting agreement with its CEO under which he was compensated $120,000 per annum. Beginning June 20, 2013, this contract was to continue unless and until terminated at any time by either the Company or CEO giving two month notice in writing. Such consulting agreement was terminated by mutual agreement as of May 1, 2015 and superseded by the employment agreement effective May 1, 2015. |
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Consulting fees | $ 120,000 | ||
Deferred compensation | 214,000 | ||
Mr. Joseph Segelman [Member] | Employment Agreements [Member] | |||
Minimum annual base salary and compensation | $ 180,000 | ||
Description of amount equal to base salary |
An amount equal to 200% of the base salary. |
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Agreement expiration date | Dec. 31, 2018 | ||
Compensation expense | $ 45,000 | $ 45,000 | |
Deferred compensation included in Accrued Compensation | 709,000 | ||
Deferred compensation | 495,000 | ||
Employee benefits | 3,608 | 3,600 | |
Secretary [Member] | Consulting Agreement [Member] | |||
Deferred compensation | 113,667 | ||
Secretary [Member] | Employment Agreements [Member] | |||
Consulting fees | 60,000 | ||
Minimum annual base salary and compensation | $ 80,000 | ||
Description of amount equal to base salary |
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Agreement expiration date | Dec. 31, 2018 | ||
Compensation expense | $ 20,000 | 20,000 | |
Deferred compensation included in Accrued Compensation | 347,000 | ||
Deferred compensation | 233,333 | ||
Employee benefits | $ 1,802 | $ 1,790 |
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- Definition It represents the date of expiration related to the agreement. No definition available.
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- Definition A general description of amount equal to base salary. No definition available.
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- Definition Refers to information about consulting agreement. No definition available.
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- Definition Value of stock issued under share-based plans to employees or officers which is the unearned portion, accounted for under the fair value method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable within one year (or the operating cycle, if longer). Represents currently earned compensation under compensation arrangements that is not actually paid until a later date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense for salary and wage arising from service rendered by officer. Excludes allocated cost, labor-related nonsalary expense, and direct and overhead labor cost included in cost of good and service sold. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of labor-related expenses classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cost (reversal of cost) for pension and other postretirement benefits. No definition available.
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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