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RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Dec. 31, 2012
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| 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. |
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- Details
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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