Related Party Transactions

12 Months Ended

Dec. 31, 2011

NOTE 6 - Related Party Transactions

At December 31, 2011 and 2010 Accounts payable-related party consisted of the following:.

·	Accounts payable related party of $20,195 and nil, respectively.

·	Accrued wages related party of $15,439 and $764, respectively.

During the year ended December 31, 2010 The Tucker Family Spendthrift Trust made advances to the Company to fund operations in the amount of $41,225. The advances were short-term in nature and non-interest bearing. During the year ended December 31, 2010, the Company issued 5,907,500 shares of common stock in Delta and 1,233,400 shares of Famous to the Tucker Family Spendthrift Trust as repayment of the advances.

During October 2009, the Company entered into an employment agreement with Michelle Tucker to act as President of the Company. Per the terms of her employment agreement, she received compensation of $3,000 per month. The agreement was terminated in August 2010.

During August 2010, the Company entered into an employment agreement with Marshall Freeman to serve as the President of the Company. As consideration for his services to the Company in this capacity, he was to receive 5,000 shares of common stock per month of service. Additionally, during October 2010, the Company through its subsidiary Creative, entered into an employment agreement with Mr. Freeman whereby he is to receive compensation in the amount of $1,000 per month for the services he provides as the President of the subsidiary.

During October 2009, the Company entered into agreements with three individuals to serve as Corporate Directors. Per the terms of the agreements the Director’s are to receive 5,000 shares of common stock for each month that they serve. If the Director serves as a Chairman of any committee, he is to receive an additional 2,500 shares per month, and if he is serves on any committee, he is to receive an additional 1,250 shares per month. The agreement with Marshall Freeman was terminated pursuant to his resignation as president of Delta in April 2011.

In October, 2010, the Company, through its subsidiary Creative, entered into a lease agreement with an entity under the control of its President. The lease term was through December 31, 2011, with a one year renewal, which was not exercised. Monthly rent expense under the lease agreement is $500. For the year ended December 31, 2011 and 2010, rent expense of $6,000 and $1,167, respectively, was recorded in relation to the lease. At December 31, 2011 and 2010 included in Accounts payable and accrued liabilities related party is $6,167 and $167, respectively, in relation to the aforementioned lease.

Currently, Delta is provided office space, telephone and secretarial services from a related party at no charge.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

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+ Details

Delta Entertainment Group, Inc. 10-K