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EXCEL - IDEA: XBRL DOCUMENT - BLUEGATE CORPFinancial_Report.xls
10-K - ANNUAL REPORT ON FORM 10-K - BLUEGATE CORPbgat10k2012.htm
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v2.4.0.6
Related Party Transactions (Tables)
12 Months Ended
Dec. 31, 2012
Related Party Transactions [Abstract]  
Schedule of Notes Payable to Related Party
    12/31/2012   12/31/2011

Secured note payable to related party: During 2007, the Company entered into a line of credit agreement with SAI Corporation ("SAIC"), a corporation controlled by our CEO, Stephen J. Sperco, to borrow up to $500,000. The line of credit has been amended several times due to Bluegate’s need to borrow funds for working capital purposes and has been increased to $1,250,000. As a condition to and as additional consideration for SAIC’s agreement to lend additional funds to the Company, the Company granted SAIC a security interest in its assets as more specifically detailed in the Promissory Note and Security Agreement. Principal and interest is due on demand. Interest is at the rate of 15% per annum and payments are due and payable monthly at the end of each month until the outstanding principal balance is paid in full. The Company agreed to pay a late charge in the amount of $10,000 on any interest payment more than fifteen days delinquent. During 2012, Bluegate borrowed $45,000 for working capital purposes.

 

$ 1,245,000 $ 1,200,000
Schedule of Accounts Payable To Related Party
    12/31/2012   12/31/2011
During November 2009, Bluegate entered into an Asset Sale and Purchase Agreement to sell certain assets to SLLC, and as a result, these balances represent funds collected by Bluegate on behalf of SLLC. $ 98,741 $ 97,664
As a result of the November 2009 transaction, commencing January 1, 2010, Bluegate had no employees and agreed to pay SLLC a monthly amount of $15,000 for management, accounting and administrative services, as well as, infrastructure and network engineering support. In August 2012 the monthly amount was $18,500 and beginning September 2012 the monthly amount was revised to $15,500 to reflect support for a new project engagement.   455,500   270,000
From July 1, 2010 through July 31, 2011, SLLC agreed to pay Bluegate a monthly amount of $4,000 for office space and associated services for the Sperco entities.   (52,000)   (52,000)
Commencing August 1, 2011, SLLC and Bluegate moved from Suite 600 to Suite 350 and Bluegate agreed to pay SLLC $1,000 rent on a month-to-month basis.   17,000   5,000
  $ 519,241 $ 320,664
Lease Commitment
Currently Bluegate pays rent on a month-to-month basis. Rent expense is summarized below:   12/31/2012   12/31/2011
From January 1, 2011 through July 31, 2011, Bluegate paid $4,000 on a month-to-month basis $ - $ 28,000
From January 1, 2011 through July 31, 2011, SLLC agreed to pay Bluegate a monthly amount of $4,000 for office space and associated services for the Sperco entities   -   (28,000)
Commencing August 1, 2011, SLLC and Bluegate moved from Suite 600 to Suite 350 and Bluegate agreed to pay SLLC $1,000 rent on a month-to-month basis   12,000   -
  $ 12,000 $ -
Accrued Liabilites To Related Parties
The accrued liabilities to related parties is summarized below:   12/31/2012   12/31/2011
Accrued interest on the note payable to SAIC $ 394,132 $ 90,322
Fees accrued through March 31, 2009 to former Board of Director, Dale Geary   20,419   20,419
Fees accrued through March 31, 2009 to Board of Director, Stephen J. Sperco   17,500   17,500
Vehicle allowance accrued through December 31, 2008 to Stephen J. Sperco   6,000   6,000
  $ 438,051 $ 134,241