Note 6 - Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Note 6 - Related Party Transactions

Note 6 -   RELATED PARTY TRANSACTIONS

The Company received loans from its former CEO and controlling shareholder, Mr. Jinzhao Wu to finance the Company’s operations due to a lack of cash resources.  These loans were unsecured, non-interest bearing and had no fixed terms of repayment, therefore, and they were deemed payable on demand. Cash flow from this activity is classified as cash flows from financing activity. The total borrowing from Mr. Wu was $200,000 for the period March 26, 2007 (inception) through December 31, 2012.  On December 31, 2012, the Company entered into a debt conversion agreement with Mr. Wu, pursuant to which $200,000 of debt owed to Mr. Wu by the Company was contributed to additional paid-in capital of the Company. The borrowing from Mr. Wu for the period January 1, 2013 through September 9, 2013 was $22,460. On September 9, 2013, the Board of Directors approved that Mr. Wu contribute his loans to the Company in the total amount of $22,460, as additional paid-in capital of the Company. On September 9, 2013 Mr. Wu sold his controlling interest in the Company to the Company’s current Chief Executive Officer, President, Treasurer and Director, Mr. Sotirios Leontaritis in a private transaction. On September 10, 2013 Mr. Wu resigned all positions as an officer and director.

On September 9, 2013 Mr. Sotirios Leontaritis acquired 3,000,000 shares of the Company’s common stock, the controlling interest, from the Company’s former sole officer and director in a private transaction.  On September 10, 2013 Mr. Leontaritis was appointed President, Treasurer and Director of the Company.

For the period from September 10, 2013 through December 31, 2013, Mr. Sotirios Leontaritis advanced funds to the Company to settle certain operating expenses incurred in the normal course, and incurred expense items for reimbursement.  A total of $24,590 has been recorded as accounts payable, related party for reimbursable expenses, and a further $32,252 has been recorded on the balance sheets as advances from related party as of December 31, 2013, which amount bears no interest, unsecured, and is due on demand, without a formal loan agreement.

On January 15, 2014, the Board of Directors of the Company approved the execution of a consulting agreement between the Company and Sotirios Leontaritis (“Leontaritis”), whereby Leonataritis shall provide services to the Company as the Company’s President and Chief Executive Officer in regards to the Company’s management and operations for the period from January 1, 2014 to December 31, 2017.   Under the terms of the agreement, the Company agreed to pay to Leontaritis US$60,000 per annum payable in monthly payments of US$5,000 a month for the term of the contract.  Further, under the terms of the contract, Leontaritis will receive cash compensation of US$5,000 and a stock award of 1,000,000 shares of common stock of the Company in consideration of his services as an officer and director for the period from September 10, 2013 to December 31, 2013.   On January 22, 2014, the Company issued the 1,000,000 shares to Leontaritis pursuant to the agreement.  As of December 31, 2013, the Company expensed $1,255,000in consulting fees and share based compensation, of which $5,000 will be paid in cash and an amount of $1,250,000 was the deemed the value of the stock award which has been expensed as share based compensation and is recorded on the Company’s balance sheets as “Liabilities to be settled with common stock” at December 31, 2013.

During the year ended December 31, 2013, Mr. Nikolaos Kardaras, the Secretary and a director of the Company invoiced the Company in the amount of $2,727 (GBP 1,403) for services rendered which amount was recorded as attorney fees and was fully paid by December 31, 2013.

On November 27, 2013, the Board of Directors of the Company appointed Mr. Grigorios Tsourtos as Chief Financial Officer of the Company. During the fiscal year ended December 31, 2013, the Company accrued $1,369 (EUR 1,000) as consulting fees for his services rendered under accounts payable and accrued expenses – related party.