FrogAds, Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - July 18, 2012

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EXCEL - IDEA: XBRL DOCUMENT - FrogAds, Inc.Financial_Report.xls
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Note 3 - Related Party
 12 Months Ended
Mar. 31, 2012
Related Party Transactions Disclosure [Text Block]

Note 3 – Related Party


On March 1, 2012, a debt holder assigned an outstanding promissory note consisting of $10,000 of principal and $1,019 of accrued interest to the Company’s CEO, Julian Spitari. The Company then repaid the principal and interest to Julian Spitari on March 1, 2012.


On January 1, 2011, the Company entered into an employment agreement with the Company’s founder and CEO, Julian Spitari. The initial term of the agreement covers fifteen months, until March 31, 2012. Thereafter the agreement was automatically renewable for one year terms until terminated by either party. The employment agreement calls of an annual base salary of $120,000, with a three percent (3%) annual increase upon renewal. On April 1, 2012 this agreement was replaced with a new employment agreement that increased our CEO’s annual compensation from $120,000 to $180,000 with annual increases of at least three percent (3%) thereafter. Accrued officer compensation was $-0- and $14,638 as of March 31, 2012 and 2011, respectively.


On February 14, 2010, the Company issued 90,000,000 founder’s shares, as adjusted to reflect a 5:1 stock split on October 14, 2011, at the par value of $0.001 in exchange for a stock subscription receivable of $18,000. The Company subsequently received proceeds of $5,582 on March 18, 2010, and the remaining $12,418 was received between May 27, 2010 and June 22, 2010.


From time to time the Company’s founder and CEO, Julian Spitari has advanced short term loans to the Company to fund operations. During the year ended March 31, 2012, Mr. Spitari advanced a total of $1,141 to the Company, which was repaid in full prior to March 31, 2012. The principal balances of the short term loans were $-0- and $-0- at March 31, 2012 and 2011, respectively.


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