XML 25 R14.htm IDEA: XBRL DOCUMENT  v2.3.0.11
NOTE 9. RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2011
Related Party Transactions Disclosure [Text Block]
9.
RELATED PARTY TRANSACTIONS

Accounts Payable and Related Party Vendor Payments

At June 30, 2011, the Company owed its current and former officers $359,267 of deferred compensation included in accrued expenses and $7,512 of reimbursable expenses which are included in accounts payable.

At June 30, 2011, the Company had $109,145 of accounts payable to related parties.

Notes Payable to Director

During 2009, John Evey advanced $50,000 in March and $50,000 in September to the Company.  On October 1, 2009, the Company executed a 10% convertible promissory note which was amended at December 31, 2010 as discussed in Note 3.  On April 27, 2010, Mr. Evey was added to the Board of Directors of Envision.  At June 30, 2011, the note had a total balance outstanding of $122,683, and a balance, net of discounts, of $96,759.  The interest on the note continues to accrue at a rate of 10% (see Note 3).

Other

Jay Potter, Director, has been engaged through different organizations to provide capital raising services to the Company as it relates to the current private offering.  Through June 30, 2011, the Company has paid $395,280 of cash offering costs related to these services all of which have been accounted for as a charge to additional paid-in capital in 2010 and 2011, respectively.  Further, as a part of this offering, the Company is obligated to issue 714,286 warrants. These warrants are exercisable for 5 years at an exercise price of $0.40.

A company owned in part by the Company’s Chief Executive Officer rents office space from the Company for $500 per month which amount is deemed to be the equivalent value for rent paid by third parties for such space.