Related Party Transactions

3 Months Ended

Mar. 31, 2013

Related Party Transactions

Note 6. Related Party Transactions

On January 12, 2012, Mr. Cacace resigned from the positions of President, Chief Executive Officer, Chief Financial Officer and Director of the Company and Mr. Derek Cooper was appointed to the positions of President, Chief Executive Officer, Chief Financial Officer and Director of the Company. On June 18, 2012, Mr. Derek Cooper resigned as the Company’s President, Chief Executive Officer, Chief Financial Officer and Director. Effective as of June 19, 2012, Mr. Joseph Sierchio, one of the Company’s directors, was appointed as its Acting Interim President and Chief Executive Officer; and effective as of June 27, 2012, Ms. Janet Bien was appointed as the Company’s Chief Financial Officer.

For the three months ended March 31, 2013 and 2012, fees of $7,200 and $9,189 were paid or are due to officers of the Company. Included in accounts payable - related parties at March 31, 2013 is $4,800 (December 31, 2012 - $7,200) for management fees.

For the three month period ended March 31, 2013 and 2012, advisory board fees of $3,000 and $0 were paid to non-officer directors of the Company. Included in accounts payable – related parties at March 31, 2013 is $2,000 (December 31, 2012 - $0) for advisory fees.

For the three months ended March 31, 2013 and 2012, legal fees of $67,090 and $12,744 were paid or are due to a company controlled by our attorney, Mr. Sierchio. Included in accounts payable - related parties at March 31, 2013 is $33,862 (December 31, 2012 - $2,438) for legal fees.