Replies to post #155 on Ceetop Inc. (fka CTOP)

[Lowjack]

From the 10-Q

Additionally, within the purchase agreement, Pacific Gold agreed to extinguish its short term note of $26,912, resulting in additional paid in capital to the Company, as it was a related party transaction. The Company owes $11,907 and $12,921 to its previous parent company (Pacific Gold) management and related parties as of June 30, 2010 and December 31, 2009, respectively. The Company believes that all amounts owed to former Pacific Gold management were expressly released, and that was the intent of the transaction between the parties. Therefore, the Company disputes the validity of the $11,907 and $12,912 reflected at June 30, 2010 and December 31, 2009, respectively. In accordance with generally accepted accounting principles, the Company did not impute interest on the balance, as the note was between a parent and a subsidiary.