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:
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.
The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
Reference 1: http://www.xbrl.org/2003/role/presentationRef