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RELATED PARTY TRANSACTIONS
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3 Months Ended |
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Mar. 31, 2014
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| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
On January 21, 2014, the Company entered into a securities purchase agreement with Auracana pursuant to which it sold to Auracana its inactive wholly owned subsidiaries H-Hybrid Technologies, Inc., a Florida corporation and RZ Acquisition Corp., a New York corporation. Auracana, as the owner of 20,000 shares of the Company’s Series A Convertible Preferred Stock, is entitled to a super majority of the Company’s voting power and is the controlling stockholder of the Company. The Company sold the Subsidiaries to Auracana for a purchase price of $1.00.
On January 21, 2014, the Company entered into a consulting agreement with Mr. Kesner pursuant to which Mr. Kesner shall provide administrative and management services to the Company for compensation of $7,500 per month and reimbursement for the cost of group family health insurance. Mr. Kesner is the President of Auracana. As of March 31, 2014, accrued consulting fees amounted to $15,000 and were included in accounts payable and accrued expenses.
In March 2014, a related party affiliate loaned $10,000 to the Company. This loan is non-interest bearing and is due on demand. The proceeds were used for working capital purposes. As of March 31, 2014, loan payable amounted to $10,000. The affiliated company is owned by a majority stockholder of the Company.
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