Annual report pursuant to Section 13 and 15(d)

Note 13- Related Party Transactions

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Note 13- Related Party Transactions
 12 Months Ended
Dec. 31, 2012
Notes  
Note 13- Related Party Transactions

NOTE 13– RELATED PARTY TRANSACTIONS

 

The Company has a consulting agreement with Terranautical Global Investments (“TGI”).  TGI is a company controlled by Jorge Andrade that provides consulting services to the Company.  There is no formal agreement between the parties and is on a month to month basis.  The remuneration ranges between $5,000 and $10,000 per month depending on the services provided.  As of December 31, 2012 and December 31, 2011, TGI was paid $52,500 and $33,500 as consulting fees.  As of December 31, 2012 and 2011, there was an unpaid balance of $62,225 and $54,725, respectively.

 

The Company has a consulting agreement with Premier Aftercare Recovery Service, (“PARS”).  PARS is a Company controlled by Neil Muller that provides consulting services to the Company.  There is no formal agreement between the parties and the amount of remuneration depends on the services provided and ranges between $5,000 and $10,000 per month.  As of December 31, 2012, $77,794 in consulting fees and $6,379 in reimbursement of expenses were paid and for December 31, 2011, $50,600 in consulting fees and $10,298 in reimbursement of expenses was paid.  As of December 31, 2012 and 2011, there was an unpaid balance of $65,774 and $51,418, respectively.

 

West Coast Health Consulting, Inc. is a company controlled by Neil Muller that previously provided consulting services to the Company. As of December 31, 2012 and December 31, 2011, $2,026 and $4,000 were paid in consulting fees.