XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Related Party Transactions | 6 Months Ended
--- | ---
Jun. 30, 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 through April 2017 and $57,917 per month through June 2017, 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 $199,084 during the three months ended June 30, 2017 and $364,834 during the six months ended June 30, 2017. The Company also paid out a bonus of $525,000 during the three and six months ended June 30, 2017. As of June 30, 2017, the total outstanding balance was $0. 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 June 30, 2017, the Company owed Knight $1,655,708 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 June 30, 2017, the Company owed Knight $600,000 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 June 30, 2017 and $60,000 for the six months ended June 30, 2017. As of June 30, 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 June 30, 2017, the Company owed Knight $1,675,564 on this loan, net of debt issuance cost (see Note 10). The Company expensed royalty of $98,627 during the three months ended June 30, 2017 and $235,263 during the six months ended June 30, 2017. At June 30, 2017 NomadChoice Pty Ltd., a subsidiary of the Company, owed Knight Therapeutics $156,986 in connection with a royalty distribution agreement. The Company expensed royalty of $74,804 during the three months ended June 30, 2017 and $102,218 during the six months ended June 30, 2017. At June 30, 2017 Sneaky Vaunt Corp., a subsidiary of the Company, owed Knight Therapeutics $103,742 in connection with a royalty distribution agreement. The Company expensed commissions of $97,200 during the three months ended June 30, 2017 and $132,821 during the six months ended June 30, 2017. The Company also paid a development fee for the brand, Sneaky Vaunt, in the amount of $761,935 during the six months ended June 30, 2017. At June 30, 2017 Sneaky Vaunt Corp., a subsidiary of the Company, owed Founded Ventures, owned by a shareholder in the Company, $21,167 in connection with a commission agreement. The Company paid $31,250 and $62,500 during the three and six months ended June 30, 2017 to Hand MD, Corp, related to a royalty agreement. At June 30, 2017, the Company owed Hand MD Corp. $275,044 in minimum future royalties.

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RelatedPartyTransactionsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration