3. Related Party Transactions	9 Months Ended
Dec. 31, 2015
Notes
3. Related Party Transactions	3. RELATED PARTY TRANSACTIONS Officer loan – During the nine month period ending December 31, 2015, the Company received net cash advances from the president in the amount of $87,790. All amounts advanced to the Company are unsecured, non-interest bearing and due upon demand by the president. In accordance with FASB ASC 835-30 “Imputation of Interest” interest has been imputed on all advances made to Company by the president. During the nine month period ending December 31, 2015 and 2014, interest has been imputed and charged to additional paid-in capital in the amount of $53,260 and $43,641, respectively. Employment agreements – as of December 31, 2015 the Company had only one employment agreement which was with the President and majority shareholder. The employment agreement stipulates that the President is to receive a base salary of $120,000 per annum. The agreement also contains a provision allowing for a commission to be paid equal to 10% of gross sales achieved by the President. The total expense related to this agreement was $98,262 and $91,228 for the nine month period ending December 31, 2015 and 2014, respectively. As of December 31, 2015, $753,835 of total compensation was unpaid and accrued in current liabilities. The Company has accrued for unpaid payroll taxes related to these payroll expenses which amount to $73,714 and $73,714 as of December 31, 2015 and 2014, respectively. These accruals include $1,649 in interest or penalties related to the late status of these payments. Nonetheless, the Company anticipates that it will reasonably be able to negotiate the total past due amount of payroll taxes in order to effectively eliminate penalties and interest.

3. Related Party Transactions

9 Months Ended

Dec. 31, 2015

3. RELATED PARTY TRANSACTIONS

Officer loan – During the nine month period ending December 31, 2015, the Company received net cash advances from the president in the amount of $87,790. All amounts advanced to the Company are unsecured, non-interest bearing and due upon demand by the president.

In accordance with FASB ASC 835-30 “Imputation of Interest” interest has been imputed on all advances made to Company by the president. During the nine month period ending December 31, 2015 and 2014, interest has been imputed and charged to additional paid-in capital in the amount of $53,260 and $43,641, respectively.

Employment agreements – as of December 31, 2015 the Company had only one employment agreement which was with the President and majority shareholder. The employment agreement stipulates that the President is to receive a base salary of $120,000 per annum. The agreement also contains a provision allowing for a commission to be paid equal to 10% of gross sales achieved by the President. The total expense related to this agreement was $98,262 and $91,228 for the nine month period ending December 31, 2015 and 2014, respectively. As of December 31, 2015, $753,835 of total compensation was unpaid and accrued in current liabilities.

The Company has accrued for unpaid payroll taxes related to these payroll expenses which amount to $73,714 and $73,714 as of December 31, 2015 and 2014, respectively. These accruals include $1,649 in interest or penalties related to the late status of these payments. Nonetheless, the Company anticipates that it will reasonably be able to negotiate the total past due amount of payroll taxes in order to effectively eliminate penalties and interest.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Meganet Corp 10-Q