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OFFICERS COMPENSATION
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9 Months Ended |
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Sep. 30, 2012
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| Compensation Related Costs [Abstract] | |
| OFFICERS COMPENSATION |
NOTE 10 – OFFICERS COMPENSATION
Issued Stock
At inception, January 26, 2010, the Company issued 200,000 shares to its officers which resulted in an expense of $200. In March of 2011, the Company issued 9,343,820 common shares to its founding officers. The compensation expense related to the issuance of shares was $9,344.
Salaries
For the current period ended September 30, 2012, the Company estimates and accrues the fair value of services performed by its officers at $28,750 per month. For the nine months ended September 30, 2012 the Company accrued $240,000 in officer compensation and $18,750 of consulting fees, of which $53,916 was paid. For the nine months ended September 30, 2011 the Company accrued $202,500 in officer compensation, of which $0 was paid. |
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- Definition
The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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