OLB GROUP, INC. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - November 3, 2011

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v2.3.0.15
RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2011
RELATED PARTY TRANSACTIONS
NOTE 4
RELATED PARTY TRANSACTIONS

In February 2008, the Company renewed the employment agreement with its founder and President that expires on February 28, 2013. The agreement provides for an annual salary of $275,000, fringe benefits and an incentive bonus based on achievement of certain performance targets.
 
On December 31, 2010, the Company issued 2,023,400 shares of common stock in conversion of $202,340 of accrued salary. Shares were valued at $0.10, which approximated the market value of the shares on the day of exchange.
 
During the nine months ended September 30, 2011, the Company entered into a $7,000 note payable and a $50,000 convertible note payable with a stockholder. See notes 6 and 7, respectively, for discussions of the terms of these notes.

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