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Related Party Disclosures
12 Months Ended
Dec. 31, 2011
Related Party Disclosures  
Related Party Transactions Disclosure [Text Block]

NOTE 2 -       RELATED PARTY TRANSACTIONS

 

Related party payables at December 31, 2011 and December 31, 2010 represent amounts owed to officers of the Company for consulting fees and reimbursement of expenses paid of $357,640 and $182,675, respectively.  Interest of 6% -15% was computed on the balance of the related party payable and recorded as $11,357 of additional paid in capital and $3,391 of accrued interest.

 

During the current year, the Company executed an employment agreement with the President of the Company.  Under the terms of this agreement 3,000,000 options to purchase shares of common stock for $0.20 per share for a period of 60 months were granted to the President.  Also, the President’s annual salary was set at $150,000 per year.  The agreement expires in February 2013 unless it is extended by mutual agreement of the Company and the President.