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v2.4.0.6
Note 6 - Related Party Transactions
12 Months Ended
Dec. 31, 2011
Notes  
Note 6 - Related Party Transactions

NOTE 6 – RELATED PARTY TRANSACTIONS

 

Generation Zero had borrowed from shareholders and Directors periodically in the past. The borrowings were non-interest bearing and due on demand with either ninety days or twelve months and one day’s notice. At December 31, 2011 and December 31, 2010, there was an outstanding balance of $30,168 and $16,370, respectively, due the shareholders and Directors.  In November 2010, an aggregate of $100,000 of the amount owed to the CEO and sole director was assigned to a third party in connection with a $150,000 loan made to the Company by that third party as described in Note 7.