6. RELATED PARTY TRANSACTIONS
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3 Months Ended |
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Mar. 31, 2013
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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 Companys President and member of the Board of Directors, Michael Mona, Jr., holds a 50% interest in Roen Ventures.
100% of the Companys 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. |