8 - RELATED PARTY TRANSACTIONS
noted above, the Company recorded unsecured, non-interest bearing loans totaling $245,000 to a related party in 2009. The loan
consists of $110,275 transferred in from a related entity as a deemed distribution, plus cash loans of $134,725 for operations.
The loan balance of $245,000 was outstanding as of March 31, 2012 and December 31, 2011.
addition, the Company received various loans from related parties to fund operations. The related party loans totaled $137,434
and $113,629 at March 31, 2012 and December 31, 2011, respectively, and are unsecured and non-interest bearing with no stated
Company owes consulting fees totaling $0 and $2,705, at March 31, 2012 and 2011, respectively, to a member under a consulting
agreement dated October 1, 2009. Consulting fee expense related to this agreement totaled $60,000 and $18,820 for the three months
ended March 31, 2012 and 2011, respectively.
noted above, Wodka receives advertising services in the form of out of home media space from a related party who holds a non-controlling
interest in Wodka. The Company recorded advertising expense and capital contributions from non-controlling interests of $182,572
in relation to this arrangement for the three months ended March 31, 2012. The Company recorded advertising expense and a reduction
of prepaid expenses from prior year capital contributions from non-controlling interests of $438,884 in relation to this arrangement
for the three months ended March 31, 2011.