XML 36 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
Note 7 - RELATED PARTY TRANSACTIONS

On the date of our inception, we issued 20 million shares of our common stock to our three officers and directors which were recorded at no value (offsetting increases and decreases in Common Stock and Additional Paid in Capital).

 

At December 31, 2013, we owed $165,000 to GreenEra, Ltd., a company in which our Chief Executive Officer and Director, Mr. Panagiotis Drakopoulos is a shareholders (see Note 6).

 

At December 31, 2013, our Chairman and Principal Executive Officer, Mr. Panagiotis Drakopoulos, is owed $110,000 in unpaid salaries.

 

Additionally, we owe $76,592 to Mr. Mavrogiannis, our Chief Financial Officer.

 

During February and May, 2013, a beneficial owner and former officer and director of the Company was involved in the purchase and sale of 725,000 shares of our common stock within a period of less than six months which is in violation of Section 16b of the Securities Exchange Act of 1934 (the “Exchange Act”). The profit on these shares was $15,408. Section 16b of the Exchange Act prohibits such beneficial owners from profiting on the sale of the securities. Upon notification, the beneficial owner agreed to repay the profits in the form of a reduction in liabilities the Company owed to him. We therefore reduced $12,000 of related-party advances owed to him to zero and reduced unpaid salaries due to him for the difference, or $3,408. We increased Additional Paid in Capital for the entire $15,408.

 

We believe that all related party transactions were on terms at least as favorable as we would have secured in arm’s-length transactions with third parties. Except as set forth above, we have not entered into any material transactions with any director, executive officer, and promoter, beneficial owner of five percent or more of our common stock, or family members of such persons.