Note 4 - Significant Transactions With Related Parties

6 Months Ended

Jun. 30, 2014

Note 4 - Significant Transactions With Related Parties

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.  As of June 30, 2014, Terry Anderton and Les Anderton have shareholder receivables/loans that are comprised of the following balances: $0 and $0, respectively.

Transactions with Officers -The Company’s current Interim CEO and CFO, Nicole Fernandez-McGovern, is one of the managing principals of both RCM Financial and Premier Financial Filings, companies that have provided contracted financial services to Trunity.  For the six months ended June 30, 2014, RCM Financial Inc., a financial consulting firm, provided outside accounting and tax professional services that resulted in accrued fees of $9,257. Premier Financial Filings, a full service financial printer, was paid $441 and accrued $6,568 in fees related to services for the six months ended June 30, 2014. 

The Company’s current Interim CEO and CFO, Nicole Fernandez-McGovern has also invested in the company’s recent equity private placement by investing $24,000 resulting in 153,110 shares and 40,298 warrants at $0.50. 

The Company’s Chief Education Officer Cutler Cleveland currently authors on the platform. In his capacity as an author, he has accrued royalties for the six months ended June 30, 2014 based on sale transactions for the books he authors of $9,485.