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Note 6 - Related Party Transactions
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12 Months Ended |
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Dec. 31, 2013
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| Notes | |
| Note 6 - Related Party Transactions |
NOTE 6 - RELATED PARTY TRANSACTIONS
The Company occasionally pays for operating expenses of the partnerships and is reimbursed as funds become available to the company. Additionally, the Company uses 500 square feet of office space from its Interim President rent free. There are no commitments attached to this space.
During December of this year the Company sold its working wholly owned subsidiary Pipeline Nutrition U.S.A. Inc. which has had consecutive net loss years to its current CFO and the management of Pipeline. The Company will realize a gain of $139,050 on the transaction in addition receiving potential royalties from the company after the note receivable is paid based on a pre determined formula.
Pipeline currently owes the Company $325,000 from this transaction after an initial $5,000 payment.
The company agreed to set up short term notes payable to the board for unpaid fees during 2013. A short term note was issued to Donna Steward for $3,000 and Charles Snipe for $750 with a state 8% interest rate. In addition the Company agreed to set a short term note payable to President Mike King for his 2013 salary of $9,000 under the same terms. |