5. RELATED PARTY TRANSACTIONS
|3 Months Ended|
Mar. 31, 2016
|Related Party Transactions [Abstract]|
|5. 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 $24,112 for the three months ended March 31, 2016 and 2015, 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 three months ended March 31, 2016 and 2015. The Company maintains deposits and other accounts at a bank which was less than 5%-owned by related parties through January 2016, and where a stockholder and Company director was a member of the banks board of directors through January 2016, and is now a member of its Corporate Advisory Council.
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