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(9) Related Party Transactions
6 Months Ended
Jun. 30, 2013
Notes  
(9) Related Party Transactions

(9)       Related Party Transactions

 

Since its inception, the Company has operated without rent from the home of its Chairman and Chief Executive Officer. The value of the rent is believed by management to be immaterial to the consolidated financial statements.

 

Daniel Melton Media, Inc. owned by Corinda Melton, the Company CEO and a shareholder, and Trent Daniel, a shareholder, performed graphic design and web related services for the company and received $1,050 for the period ending June 30, 2013, and $34,180 for the period from inception, October 1, 2010 to June 30, 2013.

 

In addition, Daniel Melton Media, Inc. advanced to the Company $33,064 for the period from inception, October 1, 2010 to June 30, 2013. These funds are reflected on the balance sheet under balances due to shareholders.

 

The Company paid Trent Daniel, a shareholder, for contract services related to marketing, graphic design, business and relationship development. The payments totaled $84,473 for the six months ended June 30, 2013, $12,831 during the six months ended June 30, 2012 and $246,413 for the period from inception October 1, 2010 to June 30, 2013.

 

The Company issued two six-month promissory notes to shareholders, Curtis and Janet Threat totaling $107,000 for the six months ended June 30, 2014.  The notes carry an interest rate of 16% and have no penalty or default clauses.

 

As of June 30, 2013, the Company had issued and unissued shares of stock to the following related parties:

 

Stockholder

Shares issued

Unissued

Shares

Value ($)

Relationship

Nature of Services

Henderson J. Smith, Jr.

2,674,980

-

30,000

Brother-in-law of company founder Trent Daniel

Business Development services

Sarah Marie Daniel

1,389,280

-

45,000

Wife of company founder Trent Daniel

Creative writing services

Nedra Hall

1,007,140

-

35,000

Sister-in-law of company founder Trent Daniel

Bookkeeping services

Bradley Melton

3,929,405

 

93,200

Son of Corinda Melton, CEO

Purchased shares and provided business development services

Sherman Walker

601,440

-

18,772

Brother of Corinda Melton, CEO

Purchased  shares for cash

Wilma Delaney

687,852

-

18,000

Director and sister of Corinda Melton, CEO

Director related services

Robert Hines

1,452,132

-

38,000

Director

Director related services and financial consulting

 

 

 

 

 

 

 

 

 

 

Stacey McBride-Irby

6,381,738

-

167,000

Chief Product Development Officer

Cash purchase and company employee

Corinda Melton

4,707,965

-

3,080

CEO

Employee

 

 

 

 

 

 

Trent Daniel

9,077,434

 

202,668

Founder

Marketing and relationship development services