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Related Party Transactions | 3 Months Ended
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Mar. 31, 2017
Related Party Transactions [Abstract] |
Related Party Transactions | Note 8 – Related Party Transactions The Company accrued and paid consulting fees of $41,250 per month, accounting fees of $12,500 per month and rent of $1,500 per month to a company owned by Mr. Jack Ross, Chief Executive Officer of the Company. The Company expensed $165,750 during the three months ended March 31, 2017. As of March 31, 2017, the total outstanding balance was $90,291 for consulting fees and reimbursements. On January 22, 2015, the Company entered into a Loan Agreement with Knight Therapeutics (Barbados) Inc. (“Knight”), a related party, for the purchase of the Focus Factor assets. At March 31, 2017, the Company owed Knight $2,204,096 on this loan, net of debt issuance cost (see Note 10). On June 26, 2015, the Company entered into a Security Agreement with Knight Therapeutics, Inc., through its wholly owned subsidiary Neuragen Corp., for the purchase of Knight Therapeutics, Inc.’s assets. At March 31, 2017, the Company owed Knight $612,500 in relation to this agreement (see Note 10). On August 18, 2015, the Company entered into a Consulting Agreement with Kara Harshbarger, the co-founder of Hand MD, LLC, pursuant to which she will provide marketing and sales related service. The Company pays Ms. Harshbarger $10,000 a month for one year unless the Consulting Agreement is terminated earlier by either party. The Company has extended this agreement on a month to month basis. Hand MD, LLC is a 50% owner in Hand MD Corp. The Company expensed $30,000 through payroll for the three months ended March 31, 2017. As of March 31, 2017, the total outstanding balance was $0. On November 12, 2015, the Company entered into a Loan Agreement with Knight Therapeutics (Barbados) Inc., a related party, for the purchase of NomadChoice Pty Limited and Breakthrough Products, Inc. At March 31, 2017, the Company owed Knight $2,677,703 on this loan, net of debt issuance cost (see Note 10). The Company expensed royalty of $136,636 during the three months ended March 31, 2017. At March 31, 2017 NomadChoice Pty Ltd., a subsidiary of the Company, owed Knight Therapeutics $53,934 in connection with a royalty distribution agreement. The Company expensed royalty of $27,414 during the three months ended March 31, 2017. At March 31, 2017 Sneaky Vaunt Corp., a subsidiary of the Company, owed Knight Therapeutics $27,414 in connection with a royalty distribution agreement. The Company expensed commissions of $35,622 during the three months ended March 31, 2017. At March 31, 2017 Sneaky Vaunt Corp., a subsidiary of the Company, owed Founded Ventures, owned by a shareholder in the Company, $35,622 in connection with a commission agreement.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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