Prepaid Expenses And Deposits Held With RMS

3 Months Ended

Mar. 31, 2017

Prepaid Expenses And Deposits Held With Rms

Prepaid Expenses and Deposits Held with RMS

11. PREPAID EXPENSES AND DEPOSITS HELD WITH RMS

On October 1, 2016, the Company entered a Paying Agent Agreement with Royalty Management Services Corp. (RMS) for holding funds and making payment for expenses and commitments of the Company. The Company has entered a Management Agreement with RMS since September 15 2016 for management, investors’ and shareholders’ communications, website development, database management, accounting and management of all activities such as travel and conference. All the expenses related to the services for the Company are included as part of the management fees.

March 31, 2017

December 31, 2016

Prepaid consulting expenses	$	138,000	$	141,750
Prepaid Legal fees		90,000		90,000
Prepaid rent		244		244
Prepaid management fees		47,500
Deposits held with RMS		—		576,520
Total Prepaid expenses and Deposits held with RMS	$	275,744	$	808,514

CANNABIS SCIENCE, INC. 10-Q