Note 6 - Related Party Transactions |
3 Months Ended | ||
|---|---|---|---|
Sep. 30, 2011 | |||
| Related Party Transactions Disclosure [Text Block] |
George
Broady, a director of the Company and owner of more than 5%
of its outstanding common stock, advanced $2,500 on January
13, 2011, and $30,000 on March 14, 2011 to settle certain
claims against the Company. The aggregate amount of
these advances, plus a $4,000 advance on December 17, 2010,
totaling $36,500 was repaid on August 8, 2011.
Additionally,
Mr. Broady advanced $100,000 to the Company on February 28,
2011 and an additional $100,000 on March 14, 2011. The
Company has agreed to pay Mr. Broady interest of 9% per annum
on the aggregate amount of the advances. The Company
repaid Mr. Broady principal of approximately $128,000 during
the third and fourth quarters of 2011, and expects to repay
the balance of the principal and interest before the end of
2011.
|