|
Note 7 - Related Party Transactions
|
3 Months Ended | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2012
|
|||||||||||||||||||||||||
| Note 7 - Related Party Transactions: | |||||||||||||||||||||||||
| Note 7 - Related Party Transactions |
NOTE 7 – RELATED PARTY TRANSACTIONS
Expenses to majority stockholders and Chief Executive Officer
Payments to majority stockholder and Chief Executive Officer for the six months ended June 30, 2012 and 2011 consisted of the following:
Loans from Shareholders
Occasionally, officers will loan money at 6% interest rate to the Company to support working capital. The loan from shareholders balance was $5,470 at June 30, 2012 and December 31, 2011. For the six months ended June 30, 2012 the Company recognized $164 interest expense and for the year ended December 31, 2011 the Company recognized $145 interest expense on the loans from shareholders which was offset to additional paid in capital. The loan is due in full on September 9, 2012, one year from origination. The loan shareholder has the option to receive payment prior to due date. |
||||||||||||||||||||||||