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10-K - ANNUAL REPORT - OnTarget360 Group, Inc.otgi_10k.htm
EX-32.1 - CERTIFICATION - OnTarget360 Group, Inc.otgi_ex321.htm
EX-31.1 - CERTIFICATION - OnTarget360 Group, Inc.otgi_ex311.htm
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v2.4.0.6
9. Related Party Transactions and Arrangements
12 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
9. Related Party Transactions and Arrangements

 

Note 9.  Related Party Transaction and Arrangements

 

FN Implementation & Financing Partners, Inc. (“FNIFP”)

 

Pursuant to a consulting agreement (the “Consulting Agreement”) dated December 15, 2009, the Company entered into an arrangement with FNIFP to provide certain general accounting, finance, legal and client advisory and delivery assistance. The amounts of payment vary according to services provided.   For the years ended September 30, 2012 and 2011 the Company recorded $19,000 and $29,000, respectively for these various services. At September 30, 2012 the Company did not owe any money to FNIFP for these services.   For the years ended September 30, 2012 and 2011, $6,000 and $17,500 of FNIFP’s fees has been allocated to cost of revenue and $13,000 and $11,500 have been allocated to general and administrative expenses, respectively

 

We have also entered into our Perpetual Licensing Agreement with FNIFP. As of September 30, 2012 no royalties under the licensing agreement have been paid.

 

We had a service contract with a client where a related party to a shareholder acts in a management capacity. Under the terms of the contract the client pays a monthly subscription fee for professional services and access to AccountMetricing Architecture. For the years ended September 30, 2012 and 2011, the Company recorded $0 and $3,000, respectively, in income. Such amount has been reflected under a separate title on the Statement of Operations.

 

Cobble Hill Interactive LLC (“CHI”)

 

Pursuant to a consulting agreement (the “Consulting Agreement”) dated January 1, 2012, the Company entered into an arrangement with CHI to provide certain client services and contractor management. CHI is an entity owned by the Company’s Chief Executive Officer.   For the years ended September 30, 2012 and 2011 the Company recorded $23,000 and $0, respectively for these various services.   For the years ended September 30, 2012 and 2011, $5,000 and $0 of CHI’s fees has been allocated to cost of revenue and $18,000 and $0 have been allocated to general and administrative expenses, respectively. At September 30, 2012 the Company did not owe any money to CHI for these services.

 

As part of the Private Placement which terminated on March 31, 2012, the Company paid the FINRA registered broker dealer (the “Placement Agent”) a cash fee of $3,000, and, issued 5,000 Series A and 2,500 Series B stock purchase warrants with terms the same as the Warrants issued to the investors.  The Placement Agent is a company that is owned by the husband of the Company’s major shareholder.