XML 12 R9.htm IDEA: XBRL DOCUMENT

4. Note Payable - Related Party

9 Months Ended

Sep. 30, 2014

4. NOTE PAYABLE – RELATED PARTY

As of September 30, 2014 and December 31, 2013, notes payable consisted of the following:

	Principal

Balance, December 31, 2013	$	57,967
Advances		20,046
Repayments		-
Balance, September 30, 2014	$	78,013

All advances are non-interest bearing, unsecured, and due on demand. Imputed interest of $2,296 and $2,692 was recorded to donated capital at 8% for the nine months ended September 30, 2014 and 2013, respectively.

5. STOCKHOLDERS’ (DEFICIT)

Stock Issued for Services - In August 2009, the Company issued 1,500,000 shares of common stock to its founders for pre-incorporation services, at $0.001 per share having a fair value of $1,500, based upon the fair value of the services rendered. The Company expensed this stock issuance as a component of general and administrative expense.

Stock Issued for Cash - In November 2009, under the terms of a private placement, the Company issued 2,000,000 shares of common stock at $0.05 per share for total gross proceeds of $100,000.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details