Advances Payable - Related Party
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6 Months Ended |
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Jun. 30, 2011
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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.
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