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EXCEL - IDEA: XBRL DOCUMENT - Fuse Medical, Inc.Financial_Report.xls
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v2.4.0.6
RELATED PARTY TRANSACTIONS
12 Months Ended
Aug. 31, 2012
Related Party Transactions [Abstract]  
Note 5. RELATED PARTY TRANSACTIONS

On March 1, 2000, the Company executed a month-to-month agreement to sub-lease office space and share office equipment and a bookkeeper’s time for $900 a month from R. D. Garwood, Inc. (“Garwood”). The Company’s President/Treasurer/Secretary is the Chief Financial Officer of Garwood.  During the year ended August 31, 2011, the Company was given two months of free rent. The Company’s expense for these shared facilities and bookkeeping services was $10,800 and 9,000 for the years ended August 31, 2012 and 2011, respectively.

 

As of August 31, 2012, accounts payable and accrued expenses include $13,500 for rent and $30,000 for officer’s salary. As of August 31, 2011, accounts payable and accrued expenses include $2,700 for rent and $5,000 for officer’s salary.

 

During the year ended August 31, 2012, the Company paid $2,000 to Donehew Capital, LLC for income tax preparation. The Company’s President/Treasurer/Secretary is the CEO of Donehew Capital, LLC.