Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2012
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 8 – RELATED PARTY TRANSACTIONS

 

Loans from Shareholders

 

Occasionally, officers will loan money at 6% interest rate to the Company to support working capital. As of December 31, 2012 the Company owed its CEO $5,470. For the year ended December 31, 2012 and 2011 the Company recognized $328 and $145, respectively, of interest expense on the loan. The expense was recorded as additional paid in capital. The loan is currently past due.

 

Free office space from its majority stockholder and Chief Executive Officer

 

The Company was been provided with office space for the majority of 2011, by its majority stockholder and Chief Executive Officer at no cost.  The management determined that such cost is nominal and did not recognize the rent expense in its financial statements.