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RELATED PARTY TRANSACTIONS
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6 Months Ended |
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Jun. 30, 2012
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| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS |
NOTE 7 - RELATED PARTY TRANSACTIONS
Stock Subscription Agreement
On May 10, 2012, Chris Maggiore, a significant shareholder, subscribed to the acquisition for 2,400,000 Units, each Unit is comprised of one share of common stock of the Company, $.001 par value, and warrants to purchase one-tenth (1/10) of one shares of Common Stock, at a per Unit price of $.125. The aggregate purchase price of the Units is $300,000.
The Units are to be paid for as follows: (i) 800,000 Units shall be purchased for $100,000 promptly following execution of the agreement, (ii) 800,000 Units shall be purchased for $100,000 on or before June 23, 2012 and (iii) an additional 800,000 Units shall be purchased for $100,000 on or before August 7, 2012. As of June 30, 2012, the Company had received $50,000 of the first installment of $100,000. Subsequent to the balance sheet date, in July 2012, the Company received an additional $50,000 (see Note 11, Subsequent Events). |
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- Definition
The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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