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RELATED PARTY TRANSACTIONS
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||
| NOTE 7 - RELATED PARTY TRANSACTIONS | Related party receivables
At March 31, 2012, the Company had an outstanding receivable balance of $170,345 (December 31, 2011 - $228,980) from related parties.
Related party payables
During the three months ended March 31, 2012 the Company repaid $75,000 of related party notes payable, leaving an ending balance in related party payables of $351,870.
During the fiscal year ended December 31, 2011 the Company borrowed $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 business acquisitions. The Company also 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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