Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable and Accrued Liabilities

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Accounts Payable and Accrued Liabilities
3 Months Ended
Mar. 31, 2017
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities

Note 3 – Accounts Payable and Accrued Liabilities

 

As of March 31, 2017 and December 31, 2016, accounts payable and accrued liabilities consisted of the following:

 

    March 31, 2017     December 31, 2016  
      (Unaudited)          
Accounts payable   $ 896,734     $ 862,860  
Due to copyright holders     641,373       601,421  
Accrued payroll     248,381       180,894  
Insurance premium financing payable     25,209       40,802  
Advance from BMG Rights Management     200,000       -  
Accrued settlement     -       200,000  
Total   $ 2,011,697     $ 1,885,977  

 

In November 2014, the Company was named as defendant in a class action complaint (see Note 7). In August 2015 the Company reached a preliminary settlement in the matter and at December 31, 2015 and 2016, had accrued a settlement of $200,000 related to this, which was net of expected insurance proceeds of $250,000. In November 2016, the settlement was finalized and on January 7, 2017, BMG Rights Management (US) LLC (“BMG”) advanced the Company $200,000, which was used to pay off the settlement. The advance from BMG is to be applied to future billings from the Company to BMG for consulting services.