RELATED PARTY TRANSACTIONS	6 Months Ended
Jun. 30, 2012
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS As discussed in NOTE 3, the Company has a sales arrangement with Healthrite, a specialty pharmacy wholly owned by the Company’s President and Director. Pursuant to the arrangement, Healthrite would purchase pharmaceutical products directly from manufacturers and resells the products to the Company, who then sells the products to customers. The Company acts as an agent in the sales of Healthrite product to customers and recognizes revenue for the net amount retained. During the three and six month periods ended June 30, 2012, the Company recognized net revenue from sales to Healthrite of $3,387 and $80,758, respectively, based on gross sales of $8,000 and $188,710, respectively. During the three and six month periods ended June 30, 2011, the Company recognized net revenue from sales to Healthrite of $0 and $0, respectively, based on gross sales of $407,889 and $841,326, respectively. At December 31, 2011, the Company owed HealthRite $100,647. During the six months ended June 30, 2012, the Company repaid $17,065 of the amount owed to HealthRite and the remaining balance of $90,582 was forgiven during June 2012 and recognized as an equity contribution to the Company by the Company’s President and Director. During April 2012, the Company’s sales arrangement with Healthrite ceased. At June 30, 2012 and December 31, 2011, the Company owed $180,100 and $200,100, respectively, to its President for repayment of advances. The advances are unsecured, non-interest bearing, and due on demand. The Company imputed interest expense of $5,108 and $0 on these advances owed during the six months ended June 30, 2012 and 2011, respectively. During December 2011, the Company received an advance from a related party of $75,000, and this amount was outstanding as of December 31, 2011 and June 30, 2012. The advance is unsecured, bears interest at 5.5% and was originally due on June 13, 2012. On July 6, 2012, the due date was extended to October 13, 2012. During the six months ended June 30, 2012 and 2011, the Company recorded interest expense of approximately $2,058 and $0, respectively, on this advance.

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details