NOTE 8 RELATED PARTY TRANSACTIONS
Consulting services from Chairman and CEO
Expense for consulting services provided by
the Chairman/CEO were $30,000 and $90,000 for the three and nine months ended September 30, 2011, respectively. No consulting services
were provided for 2012, as the Chairman/CEO was converted to an employee in October 2011.
Debt agreements from board member
Entia entered into a promissory note with a
board member for a 6% note for $25,000 maturing on December 31, 2013. The note is reflected on the balance sheet, net of discount
in the long term liabilities.
Preferred stock purchase from board member
During the second quarter
2012, a board member purchased 5,000 shares of Series A preferred stock, a $0.001 par value for $5.00 per share.