XML 54 R20.htm IDEA: XBRL DOCUMENT

14. RELATED PARTY TRANSACTIONS	3 Months Ended
Mar. 31, 2014
Related Party Transactions [Abstract]
14. RELATED PARTY TRANSACTIONS	On June 30, 2013 ACS sold 1,000,000 shares of its common stock to Robert Frichtel and 1,150,000 shares of its common stock to Roberto Lopesino at a price of $0.001 per share. On June 30, 2013 ACS also sold 10,250,000 shares of its common stock to an unaffiliated group of private investors at a price of $0.001 per share. On August 14, 2013, the shareholders of ACS exchanged 12,400,000 shares of their ACS for 12,400,000 shares of our common stock. Subsequently, one unaffiliated person which received 2,000,000 shares in August 2013 transferred 100,000 shares to Christopher Taylor and 150,000 to another non-affiliated shareholder. The remaining 1,750,000 shares held by this person were returned to treasury and cancelled on January 14, 2014. During the period from June 5th, 2013 to December 31, 2013 and the period from January 1, 2014 to March 31, 2014, sales of $8,362 and $0 respectively, were made to Admiral Bay Resources and Running Foxes Petroleum, Inc., companies controlled by Steven Tedesco, our Chief Executive Officer at that time. During the two period June 5th, 2013 to December 31, 2013 and the period from January 1, 2014 to March 31, 2014, we we paid employees of Atoka Colabs, LLC, $762 and $0 respectively, for producing the maps we sold. Atoka is also controlled by Mr. Tedesco. Both the revenue and employees expenses are classified as discontinued operations in the attached financial statements.

14. RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2014

On June 30, 2013 ACS sold 1,000,000 shares of its common stock to Robert Frichtel and 1,150,000 shares of its common stock to Roberto Lopesino at a price of $0.001 per share. On June 30, 2013 ACS also sold 10,250,000 shares of its common stock to an unaffiliated group of private investors at a price of $0.001 per share. On August 14, 2013, the shareholders of ACS exchanged 12,400,000 shares of their ACS for 12,400,000 shares of our common stock.

Subsequently, one unaffiliated person which received 2,000,000 shares in August 2013 transferred 100,000 shares to Christopher Taylor and 150,000 to another non-affiliated shareholder. The remaining 1,750,000 shares held by this person were returned to treasury and cancelled on January 14, 2014.

During the period from June 5th, 2013 to December 31, 2013 and the period from January 1, 2014 to March 31, 2014, sales of $8,362 and $0 respectively, were made to Admiral Bay Resources and Running Foxes Petroleum, Inc., companies controlled by Steven Tedesco, our Chief Executive Officer at that time. During the two period June 5th, 2013 to December 31, 2013 and the period from January 1, 2014 to March 31, 2014, we we paid employees of Atoka Colabs, LLC, $762 and $0 respectively, for producing the maps we sold. Atoka is also controlled by Mr. Tedesco. Both the revenue and employees expenses are classified as discontinued operations in the attached financial statements.

- 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.

+ References+ Details