Quarterly report pursuant to Section 13 or 15(d)

6. RELATED PARTY TRANSACTIONS

v2.4.0.8
6. RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2013
Related Party Transactions [Abstract]  
Related Party Transactions

Shareholders

 

On March 1, 2013, the Company issued a Promissory Note (the “Note”) to Roen Ventures, LLC, a Nevada limited liability company (“Roen Ventures”), in exchange for loans provided and to be provided in the future in an amount of up to $2,000,000. As of March 31, 2013, the balance on the Note was $1,080,500. The Note is an unsecured obligation of the Company accruing interest at 5% that is due and payable in two (2) years, on March 1, 2015. The Company’s President and member of the Board of Directors, Michael Mona, Jr., holds a 50% interest in Roen Ventures.

 

100% of the Company’s revenue of $1,082,375 for the three months ended March 31, 2013 and accounts receivable totaling $1,478,813 as of March 31, 2013, were from affiliates of Medical Marijuana, Inc., a stockholder of the Company.