ADVANCES PAYABLE - RELATED PARTY |
6 Months Ended |
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Jun. 30, 2015 | |
ADVANCES PAYABLE - RELATED PARTY [Abstract] | |
ADVANCES PAYABLE - RELATED PARTY | NOTE 3: ADVANCES PAYABLE - RELATED PARTY
In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.
During the twelve months ended December 31, 2014 a related party advanced to the Company $22,628 to pay for its operating expenses. As of December 31, 2014, the amount outstanding was $22,628. The balance payable is non-interest bearing, due upon demand and unsecured.
The $952 loan balance at December 31, 2013 was forgiven in the year ended December 31, 2014. The gain on the forgiveness of this related party and recognized in additional paid in capital.
During the six months ended June 30, 2015, a related party advanced the Company an additional $20,623 to pay for certain of its operating expenses. The total amount outstanding as of June 30, 2015 was $43,251. The balance payable is non-interest bearing, unsecured and due upon demand. |