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EXCEL - IDEA: XBRL DOCUMENT - Verity Corp.Financial_Report.xls
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v2.4.0.6
NOTE 3 - RELATED PARTY TRANSACTIONS
12 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
NOTE 3 - RELATED PARTY TRANSACTIONS

 

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Revenues - Service – The Company, through its wholly owned subsidiary, Focus, received $1,303 in service revenues from parties related to our CEO during the fiscal year ended September 30, 2011. The revenue was booked at the same rate as that of non-affiliated customers.

 

Management compensation - During the years ended September 30, 2012 and 2011, respectively, the Company paid management fees of $120,000 and $105,900 to its officers.

 

Consulting - During the years ended September 30, 2012 and 2011, respectively, the Company paid $10,462 and $30,000 for consulting services to officers and directors or entities related to or under the control of an officer or director of the Company.

 

Credit cards payable – During the years ended September 30, 2012 and 2011, the Company’s current and former officers extended credit to the Company and/or its subsidiaries in the form of personal credit card usage in the amount of $19,367 and $17,187, respectively.

 

Notes payable – During the fiscal year ended September 30, 2012 and 2011, a company closely held by an officer of the company, loaned the Company $28,456 and $23,388, respectively. The loan is due on demand and carries no interest.  Imputed interest is included in the accompanying Consolidated Statements of Operations.