Related Party Transactions

6 Months Ended

Jun. 30, 2013

Note 7. Related Party Transactions

In January 2013, the Company paid off all existing indebtedness of the Company and the underlying security interest granted to Mr. Farias was cancelled, including two promissory notes bearing interest at 10% per annum that were issued in the principal amount of $274,679 and $90,000, respectively. Mr. Farias serves as our Executive Vice-President of Business Development.

The following table reflects our related party debt activity for the six months ended June 30, 2013:

December 31, 2012	$	724,790
Repayments of related party notes		(381,583)
June 30, 2013	$	343,207

- Definition

The entire disclosure for related party transactions. 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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