Quarterly report pursuant to Section 13 or 15(d)

NOTE 3: RELATED PARTY TRANSACTIONS

 v2.3.0.11
NOTE 3: RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2011
Related Party Transactions Disclosure [Text Block]
NOTE 3: RELATED PARTY TRANSACTIONS

Debt from related parties

A summary of the debt from related parties outstanding as of June 30, 2011 and December 31, 2010 is as follows:

DATE OF
 
TO
 
MATURITY
 
INTEREST
             
NOTE
 
WHOM
 
DATE
 
RATE
   
2011
   
2010
 
                           
June 30, 2008
 
Equimune Research Corp
 
June 30, 2010
   
10
%
 
$
252,641
   
$
252,641
 
September 30, 2009
 
Enviro Fuels Mfg Inc
 
Demand
   
0
%
   
98,091
     
98,091
 
September 30, 2009
 
Enviro Fuels Mfg Inc
 
Demand
   
0
%
   
500
     
500
 
October 31, 2009
 
Enviro Fuels Mfg Inc
 
Demand
   
0
%
   
3,000
     
3,000
 
November 30, 2009
 
Enviro Fuels Mfg, Inc
 
Demand
   
0
%
   
500
     
500
 
March 8, 2010
 
Enviro Fuels Mfg., Inc
 
September 8, 2010
   
10
%
   
25,000
     
25,000
 
June 30, 2010
 
Douglas Hague
 
June 30, 2012
   
4
%
   
-
     
382,703
 
June 30, 2010
 
C J Douglas
 
June 30, 2012
   
4
%
   
-
     
688,424
 
June 30, 2010
 
Edward Jennings
 
June 30, 2012
   
4
%
   
-
     
23,792
 
June 30, 2010
 
Mitchell Shapiro
 
June 30, 2012
   
4
%
   
-
     
22,959
 
June 30, 2010
 
Stewart Ashton
 
June 30, 2012
   
4
%
   
-
     
24,083
 
June 30, 2010
 
Richard Young
 
June 30, 2012
   
4
%
   
-
     
26,208
 
                   
$
379,732
   
$
1,547,901
 

All of the related party notes listed above are unsecured. The notes listed above from June 30, 2010 were convertible into common stock of Clean Coal at $0.07025 per share. Clean Coal evaluated the notes for a beneficial conversion feature under ASC 470-20 on the date of the notes and determined that none existed. During the quarter ended June 30, 2011, $1,168,169 of these June 30, 2010 related party notes and accrued interest of $19,776 were converted into 16,910,256 shares of Clean Coal’s common stock.

Advances from related parties

At June 30, 2011 and December 31, 2010, unpaid advances from related parties totaled $392,569 and $171,914, respectively. These advances are unsecured, due on demand and bear no interest.

Accounts payable from related parties

At June 30, 2011 and December 31, 2010, unpaid services provided by related parties totaled $750,737 and $294,187, respectively, which was included in accounts payable from related parties.