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RELATED PARTY TRANSACTIONS
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6 Months Ended |
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Jun. 30, 2012
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| Notes to Financial Statements | |
| Note 15. RELATED PARTY TRANSACTIONS |
On February 26, 2012, pursuant the Agreement and Plan of Merger, the Company issued an aggregate of 100 shares of Series A Preferred Stock to Derek Peterson and Amy Almsteier in exchange of their Series A Preferred Stock of GrowOp Technology, both of whom are officers and directors of the Company.
On February 26, 2012, pursuant the Agreement and Plan of Merger, the Company issued an aggregate of 14,750,000 shares of Series B Preferred Stock to Derek Peterson and Amy Almsteier in exchange of their Series B Preferred Stock of GrowOp Technology, both of whom are officers and directors of the Company.
During the six month period ended June 30, 2012, the Company accrued an additional $37,500 of compensation for the services provided by the officers. As of June 30, 2012 the officers were owed a total of $75,000 in accrued compensation.
During the six months ended June 30, 2012, officers and directors of the Company had loaned the Company $44,190 and were paid back $15,000. As of June 30, 2012 the total amount owed to the officers and directors was $179,190. |
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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