Yacht Finders, Inc. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - November 10, 2011
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| XML - IDEA: XBRL DOCUMENT - Yacht Finders, Inc. | R2.htm | |||||
| EXCEL - IDEA: XBRL DOCUMENT - Yacht Finders, Inc. | Financial_Report.xls | |||||
| 10-Q - 10-Q - Yacht Finders, Inc. | d28811.htm | |||||
| XML - IDEA: XBRL DOCUMENT - Yacht Finders, Inc. | R4.htm | |||||
| XML - IDEA: XBRL DOCUMENT - Yacht Finders, Inc. | R3.htm | |||||
| XML - IDEA: XBRL DOCUMENT - Yacht Finders, Inc. | R1.htm | |||||
| XML - IDEA: XBRL DOCUMENT - Yacht Finders, Inc. | R6.htm | |||||
| XML - IDEA: XBRL DOCUMENT - Yacht Finders, Inc. | R7.htm | |||||
| XML - IDEA: XBRL DOCUMENT - Yacht Finders, Inc. | R5.htm | |||||
| EX-32.1 - EX-32.1 - Yacht Finders, Inc. | ex_32-1.htm | |||||
| EX-31.1 - EX-31.1 - Yacht Finders, Inc. | ex_31-1.htm | |||||
| EX-31.2 - EX-31.2 - Yacht Finders, Inc. | ex_31-2.htm | |||||
RELATED PARTY TRANSACTIONS | 9 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | (3) RELATED PARTY TRANSACTIONS
At September 30, 2011, the Company had loans and notes outstanding from a shareholder in the aggregate amount of $224,497, which represents amounts loaned to the Company to pay the Company’s expenses of operation. On December 31, 2007, a shareholder payable was exchanged for a convertible promissory note with a principal balance of $11,366 due and payable on December 31, 2008.
On March 31, 2008, an additional shareholder payable was exchanged for a convertible promissory note with a principal balance of $17,620 due and payable on March 31, 2009.
On June 30, 2008, an additional shareholder payable was exchanged for a convertible promissory note with a principal balance of $11,669 due and payable on June 30, 2009.
On September 30, 2008, an additional shareholder payable was exchanged for a convertible promissory note with a principal balance of $13,452 due and payable on September 30, 2009.
On December 31, 2008, the Company exchanged the convertible promissory notes dated December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, together with an additional shareholder payable in the amount of $13,403 for a promissory note in the amount of $67,510 bearing simple interest at a rate of 6% per annum due and payable on December 30, 2009.
On March 31, 2009, the Payee under the Note and the Company executed a First Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $13,680 would be considered as additional principal payable under the terms of the Note.
On June 30, 2009, the Payee under the Note and Company executed a Second Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $16,483 would be considered as additional principal payable under the terms of the Note.
On September 30, 2009, the Payee under the Note and the Company executed a Third Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $12,477 would be considered as additional principal payable under the terms of the Note.
On December 31, 2009, the Payee under the Note and the Company executed a Fourth Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $12,476 would be considered as additional principal payable under the terms of the Note. The parties also agreed that the Due Date of the Note would be extended to December 31, 2010.
On March 31, 2010, the Payee under the Note and the Company executed a Fifth Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $18,868 would be considered as additional principal payable under the terms of the Note.
On June 30, 2010, the Payee under the Note and the Company executed a Sixth Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $12,126 would be considered as additional principal payable under the terms of the Note.
On September 30, 2010, the Payee under the Note and the Company executed a Seventh Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $12,777 would be considered as additional principal payable under the terms of the Note. On December 31, 2010, the Payee under the Note and the Company executed a Eighth Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $12,443 would be considered as additional principal payable under the terms of the Note. The parties also agreed that the Due Date of the Note would
be extended to December 31, 2011.
On March 31, 2011, the Payee under the Note and the Company executed a Ninth Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $18,731 would be considered as additional principal payable under the terms of the Note.
On June 30, 2011, the Payee under the Note and the Company executed a Tenth Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $12,466 would be considered as additional principal payable under the terms of the Note.
On September 30, 2011, the Payee under the Note and the Company executed an Eleventh Amendment to the Note whereby they agreed that additional shareholder advances in the amount of $14,461 would be considered as additional principal payable under the terms of the Note.
The Company intends to settle the debts owed to the related parties through the payment of cash, equity or a combination thereof.
The Company recorded interest expense on the Note for the three-month period ended September 30, 2011 in the amount of $3,154. As of September 30, 2011, the Company had recorded an aggregate of $24,974 interest expense on the Note, none of which has been paid.
Effective as of October 1, 2007, the Company entered into a Services Agreement with Fountainhead Capital Management Limited (“FHM”), a shareholder who holds approximately 83.68% of the Company’s issued and outstanding common stock. The original term of the Services Agreement was one year (and it has been extended to the end of fiscal year 2011) and the Company is obligated to pay FHM a quarterly fee in the amount of $10,000 on the first day of each calendar quarter commencing October 1, 2007. Total fees paid during the quarter ended September 30, 2011 were $10,000.
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