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EXCEL - IDEA: XBRL DOCUMENT - NEW AMERICA ENERGY CORP.Financial_Report.xls
10-K - 10-K - NEW AMERICA ENERGY CORP.form10k.htm
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EX-31.1 - CERTIFICATION - NEW AMERICA ENERGY CORP.ex311.htm
EX-32.1 - CERTIFICATION - NEW AMERICA ENERGY CORP.ex321.htm
EX-31.2 - CERTIFICATION - NEW AMERICA ENERGY CORP.ex312.htm
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v2.4.0.6
Related Party Transactions
12 Months Ended
Aug. 31, 2012
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 5 – RELATED PARTY TRANSACTIONS

 

On November 1, 2010, the Company entered into a three-year consulting agreement with Rick Walchuk, a director and officer of the Company. Under the terms of the agreement, Mr. Walchuk was paid $2,500 a month, which increased to $4,000 a month commencing June 1, 2012, payable on the 1st of each month, pursuant to the services to be rendered by Mr. Walchuk. During the twelve month period ended August 31, 2012, Mr. Walchuk invoiced the Company $51,506, which included $34,500 as management fees and $17,006 for expenses. The Company made cash payments to pay these amounts in full.

 

On December 23, 2010, the Company’s then sole director, Rick Walchuk cancelled and returned to treasury 5,000,000 post-split common shares.

 

On January 30, 2012, Mr. Alexandros Tsingos, was appointed a director and Secretary of the Company. During the period ended August 31, 2012, Mr. Tsingos invoiced the Company $12,500, which included $10,500 as management fees and $2,000 for expenses. The Company made cash payments to pay these amounts in full.