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v2.4.0.6
RELATED PARTY TRANSACTIONS
3 Months Ended
Sep. 30, 2012
Notes  
RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

As of September 30, 2012, the Company had $90,000 in accrued payroll payable to the Company's current officer.

 

The Company has a consulting agreement with a firm controlled by the Company's Chief Financial Officer for a fee of $3,500 per month.  The consulting firm has been engaged to assist in organizing and completing the process of filings with the Securities and Exchange Commission and other tasks. The Company owed the firm $109,405 as of September 30, 2012 which is included as part of Accounts payable - related party in the accompanying financial statements.

 

During the nine months ended September 30, 2012 the company entered into a loan agreement with Franklin Griffith and Associates.  The company agreed to borrow $8,605 in order to pay down debts on the company's books.  The terms of this loan state that the loan due in full within 90 days and the loan will accrue interest at a rate of 20% annually.

 

During the period ending September 30, 2012, the CEO of the company acquired in a private transaction the shares of preferred A stock. As of September 30, 2012, the CEO owns 500,000 shares of preferred stock, which make up 100% of the preferred stock issued and outstanding.