Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2014
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

 

NOTE 12—RELATED PARTY TRANSACTIONS

 

We rented office space from STI at a rate of $3,723 per month pursuant to a month-to-month lease from July 2013 to March 2014. In addition, we received free rent from STI as we used office space owned by STI from July 2012 to June 2013. We recorded the cost of the free rent as a capital contribution from STI, the holder of Class C units with a corresponding charge to rent expense. The amount of the free rent charged to expense was $22,338 for the period from January 1, 2013 to June 16, 2013. Total rent expense recorded for STI for the period from January 1, 2013 to June 16, 2013 and the period from June 17, 2013 to December 31, 2013 was $23,338 and $23,336, respectively and was $5,411 for the year ended December 31, 2014. We began paying rent to STI upon completion of our Secured Convertible Note financing. There were no other related party transactions in 2013 or 2014.