Related Party Transactions
|9 Months Ended|
Sep. 30, 2017
|Related Party Transactions [Abstract]|
|Related Party Transactions||
NOTE 8 – RELATED PARTY TRANSACTIONS
In May 2014, the Company acquired Sigal Consulting LLC, a company partially owned by the CEO and CFO of the Company. The details of this transaction are further disclosed in Note 4 above.
On June 30, 2017, the Company acquired the remaining 49% interest in MariMed Advisors Inc. from its ownership group, which included the CEO and CFO of the Company, for an aggregate 75 million shares of common stock. This common stock is restricted for a period of 12 months following the transaction date.
The caption Due from Related Parties in the Company’s financial statements is comprised of cash payments to subsidiaries to pay for operating expenses.
The caption Due to Related Parties reflects cash received from related parties to pay for operating expenses and includes advances received from officers of the Company.
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef