|
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
|---|---|
|
Mar. 31, 2012
|
|
| Notes to Financial Statements | |
| RELATED PARTY TRANSACTIONS |
NOTE 3. RELATED PARTY TRANSACTIONS
The Company has 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 $34,201 at March 31, 2012 and December 31, 2011.
The Company has 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 $18,657 and $8,100 at March 31, 2012 and December 31, 2011, respectively.
In March, 2012 the Company entered into a promissory note with a related party in the amount of $100,000. The note does not bear interest rate, is unsecured and is payable in May 2012.
In addition, through March 31, 2012, related parties contributed another $5,044 to the Company for operations. On March 31, 2012 the outstanding related party payable was $7,394.
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 March 31, 2012. |