|
3. Certain relationships and related transactions
|
12 Months Ended |
|---|---|
|
Dec. 31, 2012
|
|
| Certain Relationships And Related Transactions | |
| Note 3. Certain relationships and related transactions |
Accounts Payable to related parties
As of December 31, 2012 and December 31, 2011, the Company had accounts payable to related parties in the amount of $65,192 and $63,003, respectively. These amounts are unpaid Directors Fees and expenses incurred by Officers and Directors.
Accrued expense due to related parties
As of December 31, 2012 and December 31, 2011, the Company accrued the unpaid salaries, unused vacation and the corresponding payroll taxes of its employees in the aggregate of $468,086 and $812,993, respectively. Included in these accruals are the unpaid salaries of the former President of the Company of $255,429 and $376,515 respectively and the former Chief Finnacial Officer of the Company of $155,000 and $320,000 respectively. The Company agreed to a monthly payment of $5,000 up to $15,000 to these formers officers of the Company until their unpaid salaries are fully settled.
Cash Bonus Paid to Chief Executive Officer
General and administrative expenses for the year ended December 31, 2012, include a cash bonus of $100,000 paid to the Company’s Chief Executive Officer. |