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NOTE 8 - RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2012
Related Party Transactions [Abstract]  
NOTE 8 - RELATED PARTY TRANSACTIONS

 

NOTE 8 - RELATED PARTY TRANSACTIONS

 

As 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.

 

In 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 payment terms.

 

The 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.

 

As 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.