Quarterly report pursuant to Section 13 or 15(d)

Related Party Disclosures

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Related Party Disclosures
6 Months Ended
Jun. 30, 2011
Related Party Disclosures  
Related Party Transactions Disclosure [Text Block]

NOTE 5 - RELATED PARTY TRANSACTIONS

 

            During 2010 and 2009, Joseph Fiore, C.E.O. of the Company, and Berkshire Capital, which is controlled by Mr. Fiore, paid expenses and made advances to the Company.  All expenses paid on behalf of the company have been recorded in the consolidated statements of operations for the period incurred.  As of June 30, 2011and December 31, 2010,  $1,107,315 and $1,074,669 (including accrued interest at 6%) in advances was due to these related parties.

 

            On August 8, 2003, the Board resolved to enter into an agreement with Berkshire Capital Management Co., Inc., a related party, for the purpose of utilizing the Company’s tax loss carry forward to sell Berkshire’s acquired free trading stock in other public companies.  As of June 30, 2011 and December 31, 2010, related party accounts payable include $8,784 and $8,784, respectively, due to Berkshire Capital.

 

            On May 16, 2007, the Company acquired 3,000,000 shares of Sustainable Power Corp. From Berkshire Capital Management in exchange for a demand note in the amount of $210,000, carrying an interest rate of 6% A.P.R.  During the year ended December 31, 2010, the Company paid $210,000 towards this loan.  At June 30, 2011 and December 31, 2010, $45,173 and $43,841, respectively was due on this loan.

 

            On May 16, 2007, 45,529,411 restricted shares of Eat at Joe’s, LTD were issued by the Board of Directors to Berkshire Capital Management Co, Inc at $0.015 per share in satisfaction of $682,941 in related party accounts payable due to Berkshire Capital Management.  The shares were valued using the fair market value of the stock on the date of issuance.  The fair market value of the stock was determined by the quoted market price of the stock on the date of issuance.

 

            On June 14, 2007, the Company acquired 1,000,000 shares of International Oil & Gas Holdings Corp. From Berkshire Capital Management in exchange for a demand note in the amount of $125,000, carrying an interest rate of 6% A.P.R.  At June 30, 2011 and December 31, 2010, $159,229 and $154,534 was due on this loan, respectively.

 

            On July 17, 2007, the Company acquired 3,000,000 shares of International Oil & Gas Holdings Corp. From Berkshire Capital Management in exchange for a demand note in the amount of $465,000, carrying an interest rate of 6% A.P.R.  On January 8, 2008, $375,156 was paid on this note.  At June 30, 2011 and December 31, 2010, $127,231 and $123,480 was due on this loan, respectively.


 

            On August 22, 2007, the Company acquired 2,000,000 shares of International Oil & Gas Holdings Corp. From Berkshire Capital Management in exchange for a demand note in the amount of $160,000, carrying an interest rate of 6% A.P.R.  At June 30, 2011 and December 31, 2010, $201,558 and $195,616 was due on this loan, respectively.

 

         On September 20, 2007, the Company acquired 1,000,000 shares of International Oil & Gas Holdings Corp. From Berkshire Capital Management in exchange for a demand note in the amount of $55,000, carrying an interest rate of 6% A.P.R.  At June 30, 2011 and December 31, 2010, $68,952 and $66,919, respectively, was due on this loan.


 

         On January 11, 2008, the Company acquired 1,000,000 shares of Sustainable Power Corp from Berkshire Capital Management in exchange for a demand note in the amount of $47,000, carrying an interest rate of 6% A.P.R.  At June 30, 2011 and December 31, 2010, $57,854 and $56,148, respectively,  was due on this loan.

 

            On February 29, 2008, the Company acquired 2,000,000 shares of Sustainable Power Corp. From Berkshire Capital Management in exchange for a demand note in the amount of $126,000, carrying an interest rate of 6% A.P.R.  At June 30, 2011 and December 31, 2010, $153,820 and $149,285, respectively,  was due on this loan.

 

            On February 28, 2008, 16,000,000 shares at $.013 of common stock were issued to the company’s current officers, directors and support staff.  The shares were valued using the fair market value of the stock on the date of issuance.  The fair market value of the stock was determined by the quoted market price of the stock on the date of issuance.  Compensation expense of $208,000 resulting from this issuance has been recorded in the accompanying financial statements.

 

            On April 24, 2008, the Company acquired 2,000,000 shares of Sustainable Power Corp. From Berkshire Capital Management in exchange for a demand note in the amount of $71,000, carrying an interest rate of 6% A.P.R.  At June 30, 2011 and December 31, 2010, $85,901 and $83,368, respectively, was due on this loan.

 

            On April 24, 2008, the Company acquired 862,500 shares of EFoodSafety.Com from Berkshire Capital Management in exchange for a demand note in the amount of $163,875, carrying an interest rate of 6% A.P.R.  On March 26, 2010, $30,000 was paid on this note.  At June 30, 2011 and December 31, 2010, $165,930 and $161,038, respectively, was due on this loan.

 

            On July 1, 2008, the Company acquired 2,000,000 shares of Sustainable Power Corp. from Berkshire Capital Management in exchange for a demand note in the amount of $63,000, carrying an interest rate of 6% A.P.R.  At June 30, 2011 and December 31, 2010, $75,386 and $73,163, respectively, was due on this loan.        

           

            On November 18, 2009, the Company acquired 5,000,000 share of Nuvilex, Inc. from Berkshire Capital Management in exchange for a note payable in the amount of $150,000.  The note is due in three years and carries an interest rate of 6% A.P.R.  At June 30, 2011 and December 31, 2010, $165,235 and $160,364, respectively, was due on this loan.    


 

            On October 19, 2010, the Company acquired 171,400 shares of Diamond Ranch Foods from Berkshire Capital Management in exchange for a note payable in the amount of $50,000.  The market value of the shares on October 19, 2010 was $1.05 per share, for a total value of $179,970.  As part of this transaction, the Company recorded contributed capital of $129,970, which was the difference in the value of the shares and note payable.  The note is due  in three years and carries an interest rate of 6% A.P.R.  At June 30, 2011 and December 31, 2010, $52,138 and $50,601, respectively was due on this loan.

 

            On May 31, 2011, the Company acquired 500,000 shares of Nuvilex, Inc. from a third party in exchange for a note payable in the amount of $15,000.  On June 6, 2011, additional 3,500,000 shares were acquired for $175,000.  On June 17, 2011, additional 5,000,000 shares were acquired for $285,000. The note is due in the third quarter 2011 and carries an interest rate of 6% A.P.R.  On June 24, 2011, $7,500 was paid on this note.  At June 30, 2011, $468,867 was due on this loan.

 

            On May 17, 2011, the Company acquired 3,000,000 shares of Nuvilex, Inc. from Berkshire Capital Management in exchange for a note payable in the amount of $10,000.  The market value of the shares on May 17, 2011 was $0.07 per share, for a total value of $210,000.  As part of this transaction, the Company recorded contributed capital of $200,000, which was the difference in the value of the shares and the note payable.  The note is due in the third quarter 2011 and carries an interest rate of 6% A.P.R.  At June 30, 2011, $10,073 was due on this loan.