Quarterly report pursuant to Section 13 or 15(d)

Advances Payable - Related Party

 v2.3.0.11
Advances Payable - Related Party
6 Months Ended
Jun. 30, 2011
Advances Payable - Related Party  
Note 7 - Advances Payable - Related Party

As of June 30, 2011 and December 31, 2010, the Company had advances payable totaling $1,315,132 and $377,389 respectively, to a director of the Company. On January 1, 2011, the Company purchased equipment for a promissory note in the amount of $1,030,987. A director of the Company personally paid $754,842 of the note payable directly to the issuer and as a result, the Company recorded the transaction as an advance payable due to a related party. Additionally, a director of the Company advanced the Company $370,174 for working capital purposes. These advances are non-interest bearing, have no fixed terms of repayment and are unsecured.