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RELATED PARTY TRANSACTIONS
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOTE 7 - RELATED PARTY TRANSACTIONS | Related party receivables
The Company owned no outstanding related party receivables at December 31, 2010. During the fiscal year ended December 31, 2011 the Company loaned $228,980 to related parties in the form of amounts due from related parties but not collected during the period.
Related party payables
The Company owed $392 in related party payables at December 31, 2010. During the fiscal year ended December 31, 2011 the Company borrowed an additional $27,000 in cash from related parties, and $5,000 in operating expenses were paid on behalf of the Company by a related party. The Company also executed $500,000 in additional notes payable to finance the acquisitions of businesses. The Company repaid $105,380 of notes payable and transferred $142 to accrued liabilities leaving $426,870 in related party payables and accrued interest of $3,740 at December 31, 2011. The components of related party payables are summarized in the table below:
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