UAN Power Corp - FORM 10-Q/A - XML - IDEA: XBRL DOCUMENT - November 29, 2011

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v2.3.0.15
Related Party Transactions
3 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Related Party Transactions

 

NOTE 5 - RELATED PARTY TRANSACTIONS

 

Periodically, the Company's founder and majority shareholder provides loans for administrative and operating expenses. The amounts owed by the Company as of June 30, 2011 were $0.

 

On March 31, 2011, the loans owed by the Company were forgiven by the

Company's founder and shareholder resulting in an increase to the Company's paid in capital.

 

As of September 30, 2011, an officer and shareholder of the company had advanced the company $14,495 to cover initial operating expenses. At September 30, 2011 the Company had advanced a shareholder of the company $81,350 to initiate Taiwan based operations relating to the aforementioned Technology Licensing Agreement.

 

The following is a summary of the notes payable and advances from shareholders during year 2011 and the three months ended September 30, 2011.

 

    For The   For The
    Three Months Ended   Year Ended
    September 30, 2011   June 30, 2011
Balance payable - beginning period   $ 115,647     $ 7,500  
                 
Advances in the period     (300,000 )     168,272  
Expenses paid on behalf of Company     62,581       —    
Deposit on license agreement     100,000       —    
Purchase of fixed assets     99,850       —    
Amounts repaid     (142,000 )     (1,000 )
Amounts advanced forgiven     (2,933 )     (51,625 )
Notes payable - forgiven     —         (7,500 )
Balance payable (receivable), net - end period   $ (66,855 )   $ 115,647  

 

Certain shareholder of the company provided various consulting services to the Company for which they are compensated. For the three months ended September 30, 2010 and 2011, consultant fees were $0 and $21,000, respectively.

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