Quarterly report pursuant to Section 13 or 15(d)

7. Advances Payable - Related Party

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7. Advances Payable - Related Party
3 Months Ended
Mar. 31, 2015
Notes to Financial Statements  
Note 7. Advances Payable - Related Party

As of December 31, 2014, the Company owed Jay Rifkin a current director who is also a former officer of the Company, $250,000 for unpaid consulting fees accrued prior to the year ended 2011 and accrued interest of $31,318 accrued on advances made to the company prior to their conversion to promissory notes of the Company on June 30, 2013. As of December 31, 2014, these amounts were accrued in other current liabilities and accrued liabilities on the accompanying condensed consolidated balance sheet, respectively. On January 2, 2015, the Company entered into a Payment of Debt and Release of Claims Agreement and paid the balance of this debt to Mr. Rifkin.