XML 12 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
Related Party Transactions
9 Months Ended
Oct. 31, 2014
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 3 - RELATED PARTY TRANSACTIONS

 

In the year ended January 31, 2013, $7,160 in accounts payable was forgiven by related parties; balance forgiven was recorded as additional paid in capital.

 

In 2013, Affinity Mediaworks had incurred liabilities to Cortland Communications, LLC in the amount of $8,202. Mark Gleason is the President of both Affinity Mediaworks Corp. and Cortland Communications, LLC, a majority shareholder in Affinity Mediaworks Corp. The promissory notes bear simple interest at 15% per annum. On July 12, 2013, in exchange for notes payable and accrued interest of $16,098 as of that date, 73,549 shares of common stock were issued to Cortland Communications, LLC. The stock was valued based on fair market closing price on the date of the grant. The Company had a loss on debt conversion of $1,693,902 related to this stock transaction. In 2013 and 2014, Affinity Mediaworks incurred new liabilities to Cortland Communications, LLC in the amount of $13,925. The promissory notes bear simple interest at 15% per annum. On April 15, 2014 a Debt Purchase Agreement was signed with a third party and Cortland Communications, LLC assumed the debt in the amount of $3,961 in a promissory note bearing simple interest at 15% per annum. On October 28, 2014, 20,000 shares of preferred stock were issued for a conversion of debt in the amount of $19,452 held in promissory notes and accrued interest by Cortland Communications, LLC. As of October 31, 2014, Affinity Mediaworks Corp. currently owes $0 in principal and interest on these notes.

 

During the nine months ended October 31, 2014 the Company recognized a total of $4,500 for donated rent and services provided by the President and Director of the Company.

 

During the nine months ended October 31, 2014, Affinity Mediaworks incurred new liabilities to Data Capital Corp. in the amount of $20,000. The promissory note bear simple interest at 15% per annum. As of October 31, 2014, Affinity Mediaworks Corp. currently owes $20,000 in principal on these notes, with interest accrued of $1,290.

 

On October 28, 2014, the Company issued 20,000 shares of preferred stock – series A with a fair value of $86,000 to Cortland Communications LLC, in exchange for the conversion of related party debt. The Company recorded $19,452 in debt converted held in interest and notes and $66,548 as a loss on the conversion of related party debt.

 

As of October 31, 2014, all activities of Affinity Mediaworks Corp. have been conducted by corporate officers from either their homes or business offices. Currently, there are no outstanding debts owed by Affinity Mediaworks Corp. for the use of these facilities and there are no commitments for future use of the facilities.