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3. Certain relationships and related transactions
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6 Months Ended | ||
|---|---|---|---|
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Jun. 30, 2011
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| Related Party Transactions Disclosure [Text Block] |
Loans
from related parties
As
at June 30, 2011, and December 31, 2010, the Company
had loan payable to an officer of the Company in
the amount of $63,464 and $86,947, respectively. These loans
are unsecured, are due on demand and bear interest at 6% per
annum. On July 6, 2011, the Company made a partial payment of
$40,000, bringing down the balance of these loans to
$23,464.
Accounts
Payable to related parties
As
of June 30, 2011 and December 31, 2010, the Company had
accounts payable to related parties in the amount of $76,183
and $241,176, respectively. These amounts are unpaid
Directors Fees and expenses incurred by officers and
directors.
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