15,230,000 REASONS TO OWN THE STOCK
Filing Date: 8/19/2002 Form Type: 10QSB/A
NOTE 4 - RELATED PARTY TRANSACTIONS
On October 9, 2000 the Company entered into a management services agreement with Investor Communications International, Inc. ("ICI"), a significant shareholder, to provide management and investor relations services for the Company. During the period ended June 30, 2002, the Company incurred $248,300 in fees and $8,782 in interest to ICI. During the period ended June 30, 2002 the Company repaid ICI $322,000 for amounts owing. As of June 30, 2002, $17,356 is owing to ICI for fees, cash advances and interest. The Company subsequently entered into a new consulting services agreement whereby ICI will provide various corporate services on a month-by-month basis for a fee of $10,000 per month plus expenses. During the period ended June 30, 2001, the Company incurred $225,000 to ICI which together with other unpaid amounts totalled $456,896 which was settled by the issuance of 15,230,000 pre-consolidation common shares. . A director of the Company has been contracted by ICI and is part of the management team provided to the Company. This director was paid approximately $5,000 during the six month period ended June 30, 2002. In addition, this director is owed $2,550 for expenses paid on behalf of the Company. |
