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Note 14 - RELATED PARTY TRANSACTIONS
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6 Months Ended |
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Jun. 30, 2013
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| Notes to Financial Statements | |
| Note 14 - 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. During the three and six months ended June 30, 2013, the Company incurred $50,000 and $96,667 as consulting fees. As of June 30, 2013, there was an unpaid balance of $145,032.
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. During the three and six months ended June 30, 2013, the Company incurred $50,000 and $96,667 as consulting fees and expense reimbursements. As of June 30, 2013, there was an unpaid balance of $141,307.
The Company has a consulting contract with Felix Financial Enterprises (“FFE”). FFE is a Company controlled by Lourdes Felix that provides consulting services to the Company. There is no formal agreement between the parties and the amount of remuneration depends on services provided. During the three and six months ended June 30, 2013 and 2012, $50,000 and $62,500 consulting fees were incurred, respectively. As of June 30, 2013, there was an unpaid balance of $50,000.
West Coast Health Consulting, Inc. is a company controlled by Neil Muller that previously provided consulting services to the Company. During the six months ended June 30, 2012, the Company paid $1,700 as consulting fees. As of June 30, 2013, there was an unpaid balance of $nil. |