|
DUE TO OFFICERS (MEMBERS)
|
6 Months Ended | 12 Months Ended |
|---|---|---|
|
Jun. 30, 2011
|
Dec. 31, 2010
|
|
| DUE TO OFFICERS (MEMBERS) |
NOTE 8. - DUE TO OFFICERS
Amount
due to officers is a result of advances to the Company for working
capital purposes and Company expenses paid directly by the officers
net of advances or reimbursements. As of June 30, 2011,
the net amount due to officers was $4,509 (as compared with $3,200
due to officers as of December 31, 2010). No interest
has been accrued or paid on any amount due to officers and there
are no repayment terms.
|
NOTE 7. - DUE TO MEMBERS
Amount
due to members is a result of member advances to the Company for
working capital purposes or services recorded as member
advances. During 2009, two members accepted 504,553
Membership Units each in exchange for $135,996 of advances owed to
each member by the Company. Also, during 2009, one member
converted $30,054 of amounts due into a subordinated note payable
as discussed in Note 5. As of December 31, 2010, the
remaining unpaid amount due to a member for advances to the Company
for working capital purposes was $3,200 ($930 - 2009). No
interest has been accrued or paid on amount due to members and
there are no repayment terms.
|