Annual report pursuant to Section 13 and 15(d)

Accounts Payable and Accrued Liabilities

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Accounts Payable and Accrued Liabilities
12 Months Ended
Dec. 31, 2016
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities

Note 4 – Accounts Payable and Accrued Liabilities

 

As of December 31, 2016 and December 31, 2015, accounts payable and accrued liabilities consisted of the following:

 

    December 31, 2016     December 31, 2015  
Accounts payable   $ 862,860     $ 683,488  
Due to copyright holders     601,421       414,688  
Accrued settlement     200,000       200,000  
Accrued payroll     180,894       62,908  
Insurance premium financing payable     40,802       46,780  
Total   $ 1,885,977     $ 1,407,864  

 

In November 2014, the Company was named as defendant in a class action complaint (see John Blaha v. Rightscorp, Inc in Note 10). In August 2015 the Company reached a preliminary settlement in the matter and at December 31, 2015 and 2016, has accrued a settlement of $200,000 related to this, which is net of expected insurance proceeds of $250,000. The $200,000 settlement was paid on January 7, 2017, and the insurance company paid $250,000 on January 7, 2017 (see Note 11).