Annual report pursuant to Section 13 and 15(d)

12. RELATED PARTIES

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12. RELATED PARTIES
12 Months Ended
Dec. 31, 2012
Related Parties  
NOTE L - RELATED PARTIES

From time to time the Company may receive advances from certain of its officers in the form of salary deferment and cash advances, to meet short term working capital needs.  These advances may not have formal repayment terms or arrangements.  As of December 31, 2012 and 2011 there were no such arrangements.

 

Additionally, Mr. Davis, current board member, received 177,083 shares of common stock during the year ended December 31, 2011 in payment for $25,000 of consulting fees incurred, and accrued for by the Company, prior to Mr. Davis’ election to the board of directors.