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3. Certain relationships and related transactions
|
9 Months Ended |
|---|---|
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Sep. 30, 2011
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| Related Party Transactions Disclosure [Text Block] |
3. Certain
relationships and related transactions
Loans
from related parties
As
at September 30, 2011, and December 31, 2010, the Company
had loan payable to an officer of the Company in the
amount of $0 and $86,947, respectively. These loans are
unsecured, are due on demand and bear interest at 6% per
annum. During this quarter, the Company paid in full the
outstanding balance of $86,947.
Accounts
Payable to related parties
As
of September 30, 2011 and December 31, 2010, the Company
had accounts payable to related parties in the amount of
$73,388 and $241,176, respectively. These amounts are
non-interest bearing and comprised of unpaid Directors Fees
and expenses incurred by officers and directors.
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