MMAX MEDIA, INC. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - April 5, 2012

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EX-32.2 - CERTIFICATION - MMAX MEDIA, INC.mmax_ex32z2.htm
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10-K - ANNUAL REPORT - MMAX MEDIA, INC.mmax_10k.htm
v2.4.0.6
RELATED PARTIES
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
RELATED PARTIES

 

NOTE 9 – RELATED PARTIES

During 2010, a related party shareholder and officer contributed $9,057 of salary to the Company. The amount was recorded as an in-kind contribution.

During the year ended December 31, 2011 and the period from January 22, 2010 (inception) to December 31, 2010, the Company leased employees from a company owned by the President and paid amounts of $21,381 and $98,873, respectively.

On August 15, 2011, the Company entered into an employment agreement with its Chief Executive Officer. The agreement is for a period of one year and automatically extends for one day each day until either party notifies the other not to further extend the employment period, provides for an annual base salary totaling $250,000 and annual bonuses based on pre-tax operating income, as defined, for an annual minimum of $50,000 in total. During the year ended December 31, 2011 the Company recorded a salary expense of $101,899 including the prorate portions of the minimum annual bonus of $7,200. Accrued compensation at December 31, 2011 was $18,615.

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