Note 4 - Significant Transactions With Related Parties

6 Months Ended

Jun. 30, 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 have been repaid in the second quarter of 2013.  As of June 30, 2013, Terry Anderton, Les Anderton, and Joakim Lindblom  have shareholder  receivables/loans that are comprised of the following balances are  $(6,268), $(1,641) and $0, respectively. The shareholders expect to incur additional expenses in the third quarter of 2013 that are expected to be advanced to the Company as part of travel expenses for operational purposes.

Corporate Rental - The Company pays monthly rent to Terry 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.