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Note 4. Related Party Transactions Not Disclosed Elsewhere
 6 Months Ended
Jun. 30, 2015
Notes  
Note 4. Related Party Transactions Not Disclosed Elsewhere

Note 4. Related Party Transactions Not Disclosed Elsewhere

On March 25, 2014, our President and principal shareholder assigned accumulated advances and accruals totaling $124,229, to an unaffiliated third party. The advances carry no specific terms of repayment. On December 15, 2014, $22,375 of the then outstanding balance was converted to a promissory note. A summary of transactions is as follows:

 

 

June 30, 2015

December 31, 2014

Beginning balance

$

-

$

161,729

Increase due to payments made on behalf of the company

$

-

$

21,625

Less March 24, 2014 conversion to convertible note

$

-

$

(40,000)

Less December 15, 2014 conversion to promissory note

$

-

$

(22,375)

Obligation transferred to unrelated party

$

-

$

(120,979)

Total

-

-

Less current portion

-

-

Due after one year

$

-

$

-

 

 

There was no stated term of interest associated with this obligation. Accordingly, the company imputed interest at an appropriate rate estimated at 8% as prescribed under FASB ASC 835. For the period ending December 31, 2014 the resultant charge of $11,210 to interest expense was considered a contribution of capital.