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EXCEL - IDEA: XBRL DOCUMENT - Modern Mobility Aids, Inc.Financial_Report.xls
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10-K - ANNUAL REPORT - Modern Mobility Aids, Inc.v327622_10k.htm
v2.4.0.6
Related Party Transactions
12 Months Ended
Jun. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions
6. Related Party Transactions

 

The former President and the former Chief Financial Officer of the Company provided management services to the Company. During the year ended June 30, 2011, management services of $5,420 were charged to operations.

 

On May 26, 2011 the Company settled the amounts due to the former directors and officers of the company ($17,482) for management services and expenses incurred on behalf of the company and recorded this amount as contributed additional paid in capital.

 

As of June 30, 2012 and 2011, the Company owed to the Company’s President $4,360 and $3,403 for expenses incurred on behalf of the Company. Such amounts are unsecured, non-interest bearing, and payable on demand. In addition, at June 30, 2012 the Company owed $18,222 to a company controlled by an officer for accounts payable, which is included in the $161,015 reported for that category on the balance sheet.