Note F - Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2013 | |
| Notes | |
| Note F - Related Party Transactions | Note F – Related Party Transactions
See Note C for information concerning loans from Related Parties.
An entity controlled by Mark Bogani, a Director, provided consulting services, as it relates to stock transfer services, in the amount of $5,844 and $3,215 during the years ended December 31, 2013 and 2012, respectively. The amounts owing, as at December 31, 2013 and 2012, were $5,594 and $345, respectively.
We share certain office expenses with Crown Law Ltd, a law firm owned by Terry Turner, our Chairman of the Board of Directors. Crown Law Ltd. deposits funds with us against which we apply their portion of rent, utilities and other expenses as we incur these expenses. As of December 31, 2013 and 2012, we owed Crown Law Ltd. $24,112 and $9,565, respectively.
On August 12, 2013, our employment arrangement with Tracy Madsen was modified in that Mr. Madsen would continue to perform CFO services for us as a contractor through Avcon Services, a company owned by Mr. Madsen, rather than as an employee. We incurred $20,000 in fees with Avcon Services during 2013 and owed Avcon $0 at December 31, 2013. |