RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2015

On January 1, 2014, the Managing Members of Code Rebel, LLC agreed to sell the office condominium (condo) to a related party, Bump Networks, Inc. Bump Networks, Inc. assumed the related mortgage and the difference between the mortgage assumption and the sales price reduced the loan payable to Bump Networks, Inc. The net amount applied against the loan was $117,041.

Building	$	351,781
Land		128,600
Total property value		480,381
Less: Accumulated depreciation		(33,503	)
Net property value	$	446,878

Sale price to related party	$	446,878
Mortgage associated with the property		(329,837	)
Reduction of loan payable to related party	$	117,041

As of December 31, 2015 and 2014, the Company contracted services from a related company controlled by a member and officers of this Company. Contracted services included development, rent and administrative services that amounted to $377,677, $133,622 and $120,538, respectively, during the years ended December 31, 2015, 2014 and 2013.

As of December 31, 2015 and December 31, 2014, respectively, the Company had amounts payable to the related company of $113,653 and $444,405.

As of December 31, 2015 and December 31, 2014, respectively, the Company had accounts payable to the related company of $38,406 and $0.

The Company has a cash deposit of $2,200,000 with another company whose member owns approximately 12.5% shares of Code Rebel.

- Definition

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.

+ References + Details

Code Rebel Corp 10-K