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Accounts and Notes Payable
12 Months Ended
Dec. 31, 2014
Notes to Financial Statements  
NOTE 4. Accounts and Notes Payable

Through December 31, 2013, the Company had recorded as accounts payable $86,550 for services as well as cash advances received both from related and unrelated parties. It was the intent of management and counter parties to issue common stock of the Company for these liabilities at some future date therefore they were carried as accounts payable and advances. However, it was subsequently determined that it was not in the best interests of the parties to issue stock for these liabilities, therefore, the parties have agreed that these liabilities will be treated as promissory notes. The accounts payable and advances on the books as of January 1, 2011 were converted to Notes Payable which bear interest at 8% and are due on demand.

 

Accrued interest, including related party accrued interest, was $27,158 and $17,234 at December 31, 2014 and 2013 respectively.

 

A related party, First Equity Holdings Corp., invoiced the Company for consulting, administrative, and professional services and out-of-pocket costs provided to or paid on behalf of the Company totaling $10,600 in 2014 and $19,350 in 2013.