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Related Party Transactions / Service Agreement
3 Months Ended
Dec. 31, 2011
Related Party Transactions [Abstract]  
Related Party Transactions / Service Agreement

NOTE 3 – RELATED PARTY TRANSACTIONS / SERVICE AGREEMENT

 

The Company has a Service Agreement with Wasatch ATM (“Wasatch”), a Utah limited liability corporation owned and managed by a Company stockholder.  The agreement provides for Wasatch to provide all maintenance, repair and service work along with distribution of vault cash.  Wasatch is compensated at a set rate of $1,400 per month. The agreement is for thirty-six months and provides for an additional one-time $500 payable upon the placement of each additional ATM and an allowance of $500 per quarter for expenses. 

 

On September 14, 2011, the Company amended its ATM Service Agreement with Wasatch to include the outsourced services of Wasatch in providing and distributing the vault cash necessary for maintaining the Company’s ATM machines.  The amendment to the agreement with Wasatch facilitated the settlement of the Company’s related party Promissory Notes with 3-2-1 Partners, LLP and with Kelly Trimble; the resources of which were previously used to fund the vault cash for the Company’s ATM machines.  This outsourcing will reduce the administrative accounting responsibility of the Company.  See our 8-K Current Report filed with the Securities and Exchange Commission and dated September 14, 2011.

 

As of December 31, 2011, $1,400, was due to Wasatch, which is included in the “Related Party Accounts Payable” line item.