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(9) Related Party Transactions
9 Months Ended
Sep. 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 September 30, 2013, and $34,180 for the period from inception, October 1, 2010 to September 30, 2013.

 

In addition, Daniel Melton Media, Inc. advanced to the Company $33,064 for the period from inception, October 1, 2010 to September 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 fund raising, marketing, graphic design, business and relationship development. The payments totaled $133,918 for the nine months ended September 30, 2013, $34,521 during the nine months ended September 30, 2012 and $243,156 for the period from inception October 1, 2010 to September 30, 2013.

 

The Company issued two six-month promissory notes to shareholders, Curtis and Janet Threat totaling $107,000 for the nine months ended September 30, 2013.  The notes carry an interest rate of 16% and have no penalty or default clauses.

 

As of September 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

8,929,405

 

105,700

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

10,187,852

30,000,000

113,000

Director and sister of Corinda Melton, CEO

Director related services

Robert Hines

6,452,132

25,000,000

113,000

Director

Director related services and financial consulting

 

 

 

 

 

 

 

 

 

 

Stacey McBride-Irby

18,881,738

82,000,000

410,750

Chief Product Development Officer

Cash purchase and company employee

Corinda Melton

10,707,465

-

265,580

CEO

Employee

 

 

 

 

 

 

Trent Daniel

9,077,434

85,000,000 

240,580

Founder

Marketing and relationship development services