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RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Dec. 31, 2011
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| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS |
NOTE 4 RELATED PARTY TRANSACTIONS
At various times during the previous years, the Company had found it necessary to borrow funds from its shareholders to fund the Company. These notes were due and payable on December 31, 2011, and the parties have agreed to extend them until December 31, 2012. Monies advanced to the company prior to 2007 carried an interest rate of 12%; monies advanced to the company after December 31, 2007 by the related parties carry an interest rate of 8%. The total outstanding as of December 31, 2011 and 2010 was $58,168 and $58,707, respectively. The accrued interest on these notes as of December 31, 2011 and 2010 was $26,005 and $21,247, respectively. For the years ending December 31, 2011 and 2010, the related parties advanced the Company for working capital purposes $24,461 and $14,403 respectively. The Company repaid related parties $25,000 and $24,120 for the years ending December 31, 2011 and 2010 respectively. |