NOTE 3. RELATED PARTY TRANSACTIONS
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9 Months Ended |
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Sep. 30, 2012
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Related Party Transactions Disclosure [Text Block] |
NOTE
3. RELATED PARTY TRANSACTIONS
During
the year ended December 31, 2011, the Company had a note
payable to a Company officer. The note is unsecured and
payable upon demand. The note bears interest at 8% per
annum if not paid promptly upon demand. The outstanding
principal balance on the note was $0 and $34,201 at
September 30, 2012 and December 31, 2011,
respectively. The balance was paid in full
during the three months ended June 30, 2012.
During
the year ended December 31, 2011, the Company had a note
payable to a Company officer. The note is unsecured and
payable upon demand. The note bears interest at 8% per
annum. The outstanding principal balance on the note was $0
and $8,100 at September 30, 2012 and December 31, 2011,
respectively. The balance was paid in full
during the three months ended June 30, 2012.
On
March 14, 2012 the Company entered into a promissory note
with a related party in the amount of
$100,000. The note amount bears a 0% interest
rate, and was unsecured. The note was paid in full
during the three months ended June 30, 2012.
In
addition, through June 30, 2012, related parties contributed
another $5,044 to the Company for operations. The payable was
paid in full during the three months ended June 30,
2012.
During
the year ended December 31, 2011, the Company loaned $9,800
to a Company affiliated through common control. The
receivable balance was $24,800 at December 31,
2011. The receivable balance was forgiven in
connection with the Company’s change in control on May
4, 2012. The Company recorded a bad debt expense
of $24,800 for the three months ended June 30, 2012.
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