Quarterly report pursuant to sections 13 or 15(d)

Related Party Transactions

v2.3.0.11
Related Party Transactions
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements  
Related Party Transactions

RELATED PARTY TRANSACTIONS

The CEO advanced $197,820 to the Company and $60,000 to Target to fund start-up costs and operations of the Company and Target. These advances have a maturity date of June 30, 2012. Advances by the CEO carry an interest rate of 6.5%. As of September 30, 2011, $21,417 of accrued interest had been included in accrued expenses on the accompanying condensed balance sheet. The CEO intends, but is not legally obligated, to fund the Company’s operations in this manner until the Company raises sufficient capital.