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EXCEL - IDEA: XBRL DOCUMENT - Entia Biosciences, Inc.Financial_Report.xls
10-Q - ERGO 10-Q 09/30/12 - Entia Biosciences, Inc.ergo10q_093012apg.htm
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v2.4.0.6
NOTE 8 - RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
NOTE 8 - RELATED PARTY TRANSACTIONS

NOTE 8 – RELATED PARTY TRANSACTIONS

 

Consulting services from Chairman and CEO

 

Expense for consulting services provided by the Chairman/CEO were $30,000 and $90,000 for the three and nine months ended September 30, 2011, respectively. No consulting services were provided for 2012, as the Chairman/CEO was converted to an employee in October 2011.

 

Debt agreements from board member

 

Entia entered into a promissory note with a board member for a 6% note for $25,000 maturing on December 31, 2013. The note is reflected on the balance sheet, net of discount in the long term liabilities.

 

Preferred stock purchase from board member

 

During the second quarter 2012, a board member purchased 5,000 shares of Series A preferred stock, a $0.001 par value for $5.00 per share.