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NOTES PAYABLE - RELATED PARTY
9 Months Ended
Sep. 30, 2014
NOTES PAYABLE - RELATED PARTY [Abstract]  
NOTES PAYABLE - RELATED PARTY

NOTE 3. NOTE PAYABLE - RELATED PARTY

 

    September 30, 2014     December 31, 2013  
Balance due to a shareholder, unsecured, bears no interest until June 1, 2011, and 6% compounded monthly thereafter, with principal and interest due to be repaid in full at June 1, 2012.   $ -     $ 1,500  
                 
Balance due to a shareholder, unsecured, bears no interest until December 31, 2012 and 6% compounded monthly thereafter, with principal and interest due to be repaid in full at December 31, 2013.     -       20,500  
                 
Total   $ -     $ 22,000  

 

Effective March 5, 2014, both of these notes payable - related party, together with accrued interest of $1,242, were forgiven by the holder. The gain arising on forgiveness of these liabilities has been recognized in additional paid in capital.

 

In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

 

During the nine months ended September 30, 2014, a related party advanced $17,218 to pay for operating expenses of the Company. As of September 30, 2014, the amount outstanding was $17,218. The note payable is non-interest bearing, due upon demand and unsecured.