RELATED PARTY TRANSACTIONS	9 Months Ended
Sep. 30, 2011
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	The Company has entered into a month-to-month lease agreement with Trio Gold for an office in Calgary, Alberta, Canada. Trio Gold’s President is the father of Ron Ruskowsky, the President and CEO of the Company. This lease can be canceled on one month’s written notice. The lease agreement was amended in February 2011 which increased rental payments from approximately $450 to $1,300 per month plus applicable taxes. For the three months ended September 30, 2011, the Company incurred rent expense of $4,105. For the nine months ended September 30, 2011, the Company incurred rent expense of $12,041. The Company’s President provides services through a consulting agreement that the Company has with Santeo Financial for $15,000 a month. The $15,000 monthly fee is accrued by the Company and is reduced by amounts actually paid. As of September 30, 2011, the Company owed Santeo Financial $291,693. Consulting fees expensed during the nine months ended September 30, 2011 and 2010 amounted to $135,000 and $135,345, respectively. Mr. Ron Ruskowsky owns a controlling interest in Santeo Financial. As of September 30, 2011, the Company owed Roger Janssen, an officer and director of the Company, $1,345 for services previously performed. As of September 30, 2011, the Company owed Phil Van Angren, an officer and director of the Company, $3,636 for consulting services previously performed. As of September 30, 2011, certain shareholders have advanced the Company a total of $19,845 that is payable on demand and is non-interest bearing.

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details