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RELATED PARTY ADVANCES
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6 Months Ended |
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Jun. 30, 2011
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| RELATED PARTY ADVANCES |
NOTE 2 -RELATED PARTY
ADVANCES:
During
the year ended December 31, 2010, the Company received a total of
$26,382 from Broadband Capital Management, LLC (“BCM”),
a registered broker-dealer. These loans, which have been refinanced
as described below, were due upon demand and had an imputed
interest rate of 8.25% per annum. Michael Rapp, the Company's
President and director, and Philip Wagenheim, the Company's
Secretary and director, serve as management of BCM.
During
the three months ended March 31, 2011, the Company received a total
of $14,795 from BCM. These loans, which have been refinanced as
described below, were due upon demand and had an imputed interest
rate of 8.25% per annum.
On
May 27, 2011, the Company refinanced all of its related party
advances received from BCM on or prior to May 27, 2011, along with
its other related party obligations, through a new loan payable
agreement described in Note 3, below.
During
the three and six months ended June 30, 2011, the Company received
a total of $27,768 and $42,563, respectively, from BCM. The $27,768
in advances made during the three-months period ended June 30, 2011
bear no interest and the advances made during the three-month
period ended March 31, 2011 were refinanced through the new loan
payable agreement described in Note 3.
For
the three and six months ended June 30, 2011, interest expense from
related party advances was $364 and $586, respectively. For the
three and six months ended June 30, 2010, interest expense from
related party advances was $162 and $162,
respectively.
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