XML 28 R14.htm IDEA: XBRL DOCUMENT

8. RELATED PARTY TRANSACTIONS	9 Months Ended
Sep. 30, 2013
Related Party Transactions [Abstract]
NOTE 8 - RELATED PARTY TRANSACTIONS	Due to the Company’s limited financial resources, the Company recorded $81,000 which represents the estimated fair value of uncompensated services contributed by management during the six months ended June 30, 2013. The Company accrued $40,500 for compensation for the CEO during the three months ended September 30, 2013 of which $27,000 was paid during the three months ended September 30, 2013. The Company accrued $135,000 for compensation for services provided by management for the nine months ended September 30, 2012. The Company paid $37,500 of the amount accrued and the balance became part of the $404,250 of officer services that were contributed to the Company as described below. The bookkeeper, who is the wife of the CEO, earned $13,500 during the nine months ended September 30, 2013 for services provided to the Company. $12,000 of these amounts were paid during the nine months ended September 30, 2013. During the nine months ended September 30, 2013, the Company’s officers agreed to forgive $404,250 of compensation that was owed to them from prior years services and contribute the value of those services to the Company through additional paid in capital. The son of the Company's CEO provided certain product development services to the Company. During the nine months ended September 30, 2012, the Company recorded $21,500 in Capitalized Software Development costs related to services provided by this individual. During the nine months ended September 30, 2012, the son of the Company’s CEO returned 161,000 restricted shares of the Company’s common stock as full satisfaction of a $16,100 receivable from the individual. The shares were valued at $0.10 per share in this transaction.

8. RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2013

Due to the Company’s limited financial resources, the Company recorded $81,000 which represents the estimated fair value of uncompensated services contributed by management during the six months ended June 30, 2013. The Company accrued $40,500 for compensation for the CEO during the three months ended September 30, 2013 of which $27,000 was paid during the three months ended September 30, 2013. The Company accrued $135,000 for compensation for services provided by management for the nine months ended September 30, 2012. The Company paid $37,500 of the amount accrued and the balance became part of the $404,250 of officer services that were contributed to the Company as described below.

The bookkeeper, who is the wife of the CEO, earned $13,500 during the nine months ended September 30, 2013 for services provided to the Company. $12,000 of these amounts were paid during the nine months ended September 30, 2013.

During the nine months ended September 30, 2013, the Company’s officers agreed to forgive $404,250 of compensation that was owed to them from prior years services and contribute the value of those services to the Company through additional paid in capital.

The son of the Company's CEO provided certain product development services to the Company. During the nine months ended September 30, 2012, the Company recorded $21,500 in Capitalized Software Development costs related to services provided by this individual.

During the nine months ended September 30, 2012, the son of the Company’s CEO returned 161,000 restricted shares of the Company’s common stock as full satisfaction of a $16,100 receivable from the individual. The shares were valued at $0.10 per share in this transaction.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details