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3. Certain relationships and related 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] |
Loans
from related parties
In
May of 2007, a former officer and incumbent director of the
Company loaned $31,404 to pay a company obligation and in
August 2007, the same party loaned $50,000 to the Company
so that it could pay certain operating expenses. These
amounts are unsecured, bear interest at 6% per annum and
are due on demand. At December 31, 2011 and
2010, the balance of these loans including interest was $0
and $86,947, respectively.
Accounts
Payable to related parties
As
of December 31, 2011, the Company had accounts payable
to related parties in the amount of $63,003, which was
composed of $36,125 in unpaid Directors Fees
and $26,878 in unreimbursed expenses incurred by
Officers and Directors. As of December 31, 2010, the amount
payable to related parties was $241,176.
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