Note E - Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2014 | |
| Notes | |
| Note E - Related Party Transactions | Note E Related Party Transactions
An entity controlled by Mark Bogani, a Director, has provided consulting services, as it relates to stock transfer services, in the amount of $6,125 (plus $1,440 in finance charges included in Interest Expense on the Statements of Operations) and $5,844 during the years ended December 31, 2014 and 2013, respectively. The amounts owing as at December 31, 2014 and 2013 were $13,159 (including $1,440 in accrued interest included in Accrued Interest Payable - Related Parties on the Balance Sheet) and $5,594, 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, 2014 we owed Crown Law Ltd. $17,343 which is included with our accounts payable - related parties on our financial statements.
As of August 2013, we contract with Avcon Services, a Company owned by Tracy Madsen, through which Mr. Madsen provides CFO services to the Company. We incurred $24,000 and $20,000 with Avcon during 2014 and 2013, respectively, of which $14,000 and $0 was owed to Avcon at December 31, 2014 and 2013, respectively.
See Note C for information concerning loans from Related Parties. |