|
Related party transaction
|
9 Months Ended |
|---|---|
|
Sep. 30, 2012
|
|
| Related party transaction |
Note 3. Related party transaction
Various founders of the Company have performed consulting services for which the Company has paid them consulting fees as voted on during the initial board of directors meeting. There were no monies paid during the nine months ended September 30, 2012 and 2011.
The Company borrowed $14,689 and $20,046 from various related parties and shareholders of the Company for working capital purposes as of September 30, 2012 and 2011 respectively. The Company repaid $0 and $25,000 in notes payable to related parties as of September 30, 2012 and 2011 respectively.
In addition, related parties assumed $10,694 in accounts payable as of June 30, 2011.
|