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Related Party Transactions
12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 6 – RELATED PARTY TRANSACTIONS

 

In February 2015 the Company repaid $10,000 previously borrowed from Chong Corporation, a related entity. In 2015 the Company borrowed an additional $147,000 from Chong Corporation. The balance outstanding at December 31, 2015 is $173,544. The loan is unsecured, noninterest bearing and due on demand.

 

We maintain our corporate offices at 5550 Nicollet Avenue, Minneapolis, MN 55419. We lease these premises from 5550 Nicollet LLC, an affiliate of Mr. Chong, under the terms of a three year lease expiring in December 2016 at an annual rent of $9,000. We have the right to renew the lease for an additional 12-month term at an annual rental of $9,180 upon 60-day notice prior to the expiration of the initial term. Rent was $9,000 for each year ending December 31, 2015 and December 31, 2014. As of December 31, 2015 $9,000 is due to 5550 Nicollet LLC.

 

See other related party transactions in note 9 – commitment and contingencies.