7. RELATED PARTY TRANSACTIONS
|12 Months Ended|
Dec. 31, 2015
|Related Party Transactions [Abstract]|
|7. RELATED PARTY TRANSACTIONS||
The Company leases an office building and equipment from an entity owned by related parties on a month-to-month basis. Rent expense amounted to $96,448 for each of the years ended December 31, 2015 and 2014, respectively. The Company also reimburses its landlord for office related expenses, equipment and certain other operational expenses,which have been insignificant to the consolidated financial statements for the years ended December 31, 2015 and 2014. The Company maintains deposits and other accounts at a bank which is less than 5%-owned by related parties and where a stockholder is a member of the Board of Directors of the bank.
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