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Related Party Transactions
9 Months Ended
Sep. 30, 2014
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE D - RELATED PARTY TRANSACTIONS

 

A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company.  A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

 

During the nine months ended September 30, 2014 and 2013, Jose Fernando Garcia advanced $11,912 and $10,379, respectively, to the Company by making payments for administrative expenses on behalf of the Company totaling $11,812 and $10,179 during the nine months ended September 30, 2014 and 2013, respectively and cash advances of $100 and $200 during the nine months ended September 30, 2014 and 2013, respectively. These advances are recorded as advances from shareholder.

 

The Company has an unsecured non-interest bearing related party loan in the amount of $29,373 as of September 30, 2014 and December 31, 2013.  This advance is from, Jose Fernando Garcia, a shareholder owning 20% of the Company’s outstanding common shares.  The proceeds were used for daily business operations. The loan bears no interest and it is due on demand.