Quarterly report pursuant to Section 13 or 15(d)

Related Party

v3.5.0.2
Related Party
 6 Months Ended
Jun. 30, 2016
Related Party [Abstract]  
Related Party

Note 4 – Related Party

 

Due from Related Parties

 

Non-interest bearing amounts due on demand from a related party was $666,000 as of June 30, 2016 and December 31, 2015, and consists primarily of amounts due from Sysorex Consulting, Inc. As Sysorex Consulting, Inc. is a direct shareholder of and an investor in the Company, the amounts due from Sysorex Consulting, Inc. as of June 30, 2016 and December 31, 2015 have been classified in and as a reduction of stockholders' deficiency.

 

Consulting Services Ordering Agreement Amendment

 

On March 25, 2016, the Company entered into an Amendment No. 3 to its Consulting Services Ordering Agreement with Mr. A Salam Qureishi, Chairman of the Board and a Director of the Company (the “Consultant”), effective March 16, 2016 (the “Amended Agreement”), pursuant to which the Company agreed to pay the Consultant a fee of $20,000 per month for all consulting services performed during the term of the agreement. In addition, the Amended Agreement provided for an extension of the original term for an additional nine months from March 31, 2016 to December 31, 2016.