v3.7.0.1
Note E - Related Party Transactions
12 Months Ended
Dec. 31, 2015
Notes  
Note E - Related Party Transactions

Note E – Related Party Transactions

 

An entity controlled by Mark Bogani, Our Chief Executive Officer and Chairman of the Board of Directors, has provided consulting services, as it relates to stock transfer services, in the amount of $6,000 and $6,125 during the years ended December 31, 2015 and 2014, respectively. The amounts owing, as of December 31, 2015 and 2014, were $21,615 and $13,159, respectively, including accrued interest of $3,896 and $1,440, respectively.  Interest expense on outstanding charges for the years ended December 31, 2015 and 2014 was $2,456 and $1,440, respectively.

 

We share certain office expenses with Crown Law Ltd, a law firm owned by Terry Turner our former Chairman of the Board of Directors. Crown Law Ltd. deposited funds with us against which we applied to their portion of rent, utilities and other expenses as we incurred these expenses. As of December 31, 2014, we owed Crown Law Ltd. $17,343. On November 30, 2015, the $16,112 in reimbursable expenses owed to Crown Law Ltd. was  transferred to Terry Turner's note payable (Note C), resulting in $0 payable to Crown Law Ltd. at December 31, 2015.

 

Avcon Services, an entity controlled by Tracy Madsen, a Director, has provided consulting services as it relates to accounting and finance in the amounts of $18,000 and $24,000 during the years ended December 31, 2015 and 2014, respectively. At December 31, 2014, the Company owed Avcon Services $14,000, which was included in Accounts Payable - Related Parties.  On October 31, 2015, the total amount owed to Avcon of $30,500 was memorialized in a 5% note payable and reported as such at December 31, 2015 as explained in Note C.

 

See Note C for information concerning loans from Related Parties.