Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.3.0.814
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 Company’s 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.