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NOTE O - RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Dec. 31, 2011
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| Related Party Transactions Disclosure [Text Block] |
NOTE O –
RELATED PARTY TRANSACTIONS
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, 2010, the Company owed loan balances in the amount of
$12,563 to Mr. Tienor and $12,551 to Mr.
Sobieski. As of December 31, 2011, amounts owed
have been paid in full. As of December 31, 2010,
the Company owed deferred salary payments to certain
executive officers in the amount of $26,711 to Jason L.
Tienor, President, and $30,366 to Jeffrey J. Sobieski, Chief
Operating Officer. As of December 31, 2011, the
Company did not owe any deferred salary balances.
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.
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