Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR9.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR7.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR8.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR3.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR6.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR2.htm
EX-31 - EXHIBIT 31 - MANTHEY REDMOND Corpv307504_ex31.htm
EX-32 - EXHIBIT 32 - MANTHEY REDMOND Corpv307504_ex32.htm
10-K - FORM 10-K - MANTHEY REDMOND Corpv307504_10k.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR4.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR1.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR5.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR11.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR13.htm
XML - IDEA: XBRL DOCUMENT - MANTHEY REDMOND CorpR12.htm
v2.4.0.6
RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2011
RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

Advances from Related Party

 

On June 3, 2009, the Company received $38,950 of advances from Manthey Redmond (Aust), all directors of which are also directors of the Company. The advances were non-interest bearing loan to be repaid at the discretion of the Board of Directors of the Company. As of December 31, 2011 and 2010, advances from related party remained at $38,950.

 

Patent Licensing Agreement

 

On May 1, 2009, the Company entered into a Patent Licensing Agreement with Manthey Redmond (Aust). Manthey Redmond is the owner, developer and patent applicant of the Eco-Engine and all related technology (the "Technology") developed and to be developed. Pursuant to the agreement, Manthey Redmond (Aust) has granted to the Company, a license to develop, manufacture, have manufactured, use and sell or supply the Technology in return for a royalty fee equal to 5% of the Company's gross profits earned as a result of the license agreement. The Company has the right to sublicense its rights under the agreement and is entitled to information and use of any inventions or improvements on the Technology made by Manthey Redmond (Aust) without additional charge. Manthey Redmond (Aust) will apply for valid patents pursuant to each invention or improvements on the Technology. The agreement may be terminated at the option of Manthey Redmond (Aust) in the event that the Company becomes insolvent, or seeks protection from its creditors under any United States federal or state bankruptcy act or if an outside administrator or controller is voluntary or involuntarily appointed to control the Company. The agreement is subject to and governed by the law of Queensland, Australia.

 

Investment Agreement

 

On May 1, 2009, the Company entered into an Investment Agreement with Manthey Redmond (Aust) by which Manthey Redmond (Aust) has agreed to invest a non-refundable amount of $40,000 per month beginning July 1, 2009, aggregating $4,200,000 to assist the Company in commercializing products based on the Technology. Manthey Redmond (Aust) may terminate this agreement in the event that the Patent Licensing Agreement is terminated. The agreement is subject to and governed by the law of Queensland, Australia.

  

In November 2009, March 2010, May 2010, January 2011, March 2011, June 2011, August 2011, September 2011, October 2011 and December 2011 the Company received $39,925, $955, $43,887, $29,596, $19,950, $20,000, $100, $4,986, $33,907 and $14,771 of capital injection, respectively from Manthey Redmond (Aust) pursuant to the Investment Agreement, which was recorded as additional paid-in capital.

 

Development Agreement

 

On May 1, 2009 the Company entered into a Development Agreement with Manthey Holdings by which, commencing July 1, 2009, Manthey Holdings will provide exclusive use of its engineering facility and employees for the purpose of research and development related to the Technology for which the Company will pay Manthey Holdings $30,000 per month beginning July 1, 2009 up to a maximum of $540,000 at which time the agreement shall terminate. On November 6, 2009 the Company entered into an amended Development Agreement dated May 1, 2009 with Manthey Holdings. The amended agreement removed the exclusivity of the use of Manthey Holdings’ engineering facility and employees, and deferred the commencement date of the agreement and first payment to November 20, 2009. Our president/director is the sole shareholder and director of Manthey Holdings which serves as the trustee of the Manthey Holdings Trust. Our president/director is also the beneficiary of the Manthey Holdings Trust and may be deemed the beneficial owner of the 3,040,000 shares, or 29.6% of the Company’s common stock owned by the Manthey Holdings Trust.

 

On November 6, 2009, the agreement was amended to revise the commencement date of payment from July 1, 2009 to November 20, 2009. For the year ended December 31, 2011, the Company incurred $140,050 of service fees pursuant to the amended agreement with Manthey Holdings and recorded in accrued expense. As of June 30, 2011, the maximum amount of $540,000 has been reached under the development agreement, $502,227 of which has not been paid. It was recorded as accrued expenses on the balance sheet.

 

The agreement will also terminate in the event that the Patent Licensing Agreement is terminated. Manthey Holdings has agreed to build and test prototypes based on the Technology at its research facility. The agreement is subject to and governed by the law of Queensland, Australia.