Related Party Transactions
|9 Months Ended|
Sep. 30, 2015
|Related Party Transactions|
|Related Party Transactions||
NOTE 5 - RELATED PARTY TRANSACTIONS
On February 23, 2015, the Company acquired Franklin Networks, Inc. from Mark McGarrity and another minority shareholder. Subsequently, on March 2, 2015, Mr. McGarrity was hired as Chief Information Officer of the Company.
During the months of April, May and June, 2015 all activities of the Companys wholly owned subsidiary Franklin Networks Inc. were conducted from shared business offices of an officer of the Company. The Company paid $2,500 per month for the use of these facilities for a total of $7,500 to this officer.
During the months of April, May, June and July 2015, the Company used consulting services of a company owned by an officer of the Company in the amount of $38,215.
During the period ended September 30, 2015, the Company used consulting services of a company owned by the Chairman of the Company in the amount of $45,000.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/presentationRef