Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

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Commitments and Contingencies
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 9 – COMMITMENTS AND CONTINGENCIES

 

An employment agreement with the former CEO of the Company, which expired on September 1, 2017, provided this individual with salary, car allowances, bonuses based on the Company reaching certain milestones, life insurance, stock options and a death benefit.

 

The balance owed under this agreement at September 30, 2017 and December 31, 2016 was approximately $1,011,000 and $840,000, respectively. These amounts are reflected in the Company financial statements under the caption Accounts Payable and Accrued Expenses.