Note 4 - Significant Transactions With Related Parties

3 Months Ended

Mar. 31, 2013

Notes

Note 4 - Significant Transactions With Related Parties

NOTE 4 - SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

The Company’s three founders, Terry Anderton, Les Anderton, and Joakim Lindblom have a number of transactions that warrant disclosure per ASC 850, “Related Party Disclosures”.

Credit Agreements – The Company has credit agreements with Terry Anderton and Les Anderton that allow the Company to borrow up to $0.9 million, as needed, to fund working capital needs. These agreements carry an interest rate of 10% and have been amended with board consent until December 31, 2014 subsequent to the initial expiration date.  The loans have no repayment terms but are expected to be settled in the second quarter of 2013.  As of March 31, 2013, Terry Anderton, Les Anderton, and Joakim Lindblom have advanced the Company loans of $10,872, $46,104 and $16,120, respectively which all remain outstanding at the end of the period.

Corporate Rental - The Company pays monthly rent to Mr. Anderton for his guest house used by corporate employees who work for extended periods of time at the corporate offices located in New Hampshire but reside elsewhere.