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v2.4.0.6
RELATED PARTY TRANSACTIONS
12 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
11. RELATED PARTY TRANSACTIONS

 

During the years ended September 30, 2012 and 2011, the Company paid a Chamberlain Capital Partners’, a company owned by the president, for his services and also reimbursed Chamberlain for the President’s health insurance and for miscellaneous office expenses. During the year ended September 30, 2012, the Company paid Chamberlain approximately $51,000 in compensation for the President’s services, and approximately $15,000 in reimbursements for health insurance and miscellaneous office expenses. For the year ended September 30, 2011, the Company paid Chamberlain approximately $23,000 and accrued another $55,000 in compensation for the President’s services, and approximately $15,000 in reimbursements for health insurance and miscellaneous office expenses.

 

During the year ended September 30, 2012, the Company had an accounts payable to Chamberlain in relation to the compensation for the President’s services of $55,500. In October of 2011, the Company satisfied this accounts payable by issuing 1,729,167 shares of common stock to Chamberlain. The common stock was valued at fair market value at the time of the conversion.