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RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Dec. 31, 2014
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| Notes to Financial Statements | |
| RELATED PARTY TRANSACTIONS |
NOTE 7 – RELATED PARTY TRANSACTIONS
On or about June 7, 2013, two of the three officers of the Company agreed to forgive all of their accrued compensation. As a result the Company credited $539,000 to additional paid in capital. Additionally accrued compensation of $32,964 was forgiven by these officers as of June 30, 2013.
In April 2013, the Company issued 250,000 shares of common stock to an officer, for accrued stock compensation, as required per the terms of the officer’s employment agreement and the Board Resolution dated April 2, 2012. Fair market value for the shares was determined by taking the average share price for each cash-for-stock purchase in the applicable period of accrual. The price ranged from $0.34 to $0.50 for a total expense of $86,793.
On September 30, 2014, Sandford Lang, CEO and Marty Goldrod, CFO, agreed to forgive all of their accrued compensation. As a result the Company credited $149,970 to additional paid in capital.
During the fourth quarter of 2013 Sanford Lang, CEO advanced the Company $70,000, $37,500 of which was repaid as of December 31, 2013. The Company recognized $406 of interest expense on the loan. The expense was credited to additional paid in capital.
During 2014, Mr. Lang advanced the Company an additional $10,400 and was repaid $38,800 leaving a balance of $4,100 as of December 31, 2014. Interest expense in 2014 of $787 was credited to additional paid in capital.
On September 30, 2014, Sandford Lang, CEO and Marty Goldrod, CFO, agreed to forgive all of their accrued compensation. As a result the Company credited $149,970 to additional paid in capital.
On December 31, 2014, Sandford Lang, CEO and Marty Goldrod, CFO, agreed to forgive all of their accrued compensation. As a result the Company credited $39,350 to additional paid in capital. |