Note 8 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2010

Note 8 - Commitments and Contingencies:

Note 8 - Commitments and Contingencies

NOTE 8 - COMMITMENTS AND CONTINGENCIES

Indemnities and Guarantees

During the normal course of business, the Company has made certain indemnities and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include certain agreements with the Company's officers, under which the Company may be required to indemnify such person for liabilities arising out of their employment relationship. The duration of these indemnities and guarantees varies and, in certain cases, is indefinite. The majority of these indemnities and guarantees do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated to make significant payments for these obligations. The Company has recorded a reserve for indemnities and guarantees of $-0- as of June 30, 2012 and 2011.

Leases

The Company leases office facilities from an unrelated third party at $6,518 per month. The office lease contract is maintained on a month-to-month basis.

The Company also leases an automobile under an operating lease. The lease provides for a lease payment of $2,010 per month beginning June 2012 expiring June 2015.  Future minimum lease payments under the terms of the operating leases are as follows:

2013	$	24,125
2014		24,125
2015		24,125
Thereafter		-
Total	$	72,375