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EXCEL - IDEA: XBRL DOCUMENT - Windstream Technologies, Inc.Financial_Report.xls
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Related Party Disclosures
6 Months Ended
Dec. 31, 2012
Related Party Disclosures:  
Related Party Transactions Disclosure

NOTE 4 - RELATED PARTY TRANSACTIONS

 

Related party payable consists of amounts owing for executive compensation and loans.  The amounts are non-interest bearing and due on demand. During the year ended June 30, 2011, related party transactions are as follows:

 

               $27,128                               Owed to an officer/shareholder as of June 30, 2010

               $19,225                               Board-approved compensation for an executive of the Company during

                                             the year ended June 30, 2011

               $ 6,899                Cost of sales and audit fees paid on behalf of the Company by related                                                                                       parties during the year ended June 30, 2011.

 

               During the year ended June 30, 2012, an additional $17,625 was paid by a related party for the executive's compensation and travel expenses. In October, 2011, the Company issued 532,520,000 shares at $.0001 per share in cancellation of the $53,252 in related party payables outstanding as of June 30, 2011.

 

Outstanding balance at June 30, 2012 and 2011 amounted to $17,625 and $53,252 respectively.