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8. RELATED PARTY
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
NOTE 8. RELATED PARTY

In February 2011, the Company entered into a new employment agreement with its CEO that provides for a base salary of $20,000 per annum, subject to CPI adjustments, incentive performance bonuses equal to 12% of the Company’s annual GAAP earnings for the years 2011 through 2015 and discretionary bonuses, as well as expense reimbursements and certain employee benefits. The agreement terminates December 31, 2015.

 

As of March 31, 2013 and December 31, 2012, the Company has accrued $10,000 and $5,000 respectively, for unpaid wages under the employment agreement.