Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Related Party Transactions | |
| Related Party Transactions |
Note 3: Related Party Transactions
The Companys 600 square foot executive office located in Redlands, California, is currently being leased on a month-to-month basis from a stockholder of the Company at a rate of $1,100 per month. A $1,000 deposit was paid at the commencement of the lease and at September 30, 2011 and December 31, 2010 the Company had prepaid one month of rent. Total rent expense paid for the three months ended September 30, 2011 and 2010 was $3,300 and $3,300, respectively, and for the nine months ended September 30, 2011 and 2010 was $9,900 and $9,400, respectively.
During the three month period ended September 30, 2011, the Company entered into an LOI with L. Tim Rochford and Stanley McCabe to acquire one hundred percent (100%) of the issued and outstanding shares of Stanford Energy, Inc (Stanford Energy). Mr. Rochford and Mr. McCabe are shareholders of the Company holding less than 5% each of the issued and outstanding common stock of the Company. A summary of the terms and conditions of the LOI are described in Note 4 to these financial statements. |