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Note 4 - Due to Related Parties
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3 Months Ended |
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Nov. 30, 2011
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| Debt Disclosure [Text Block] |
Note
4 – Due to Related Parties
From
time to time the Company has received loans from the former
CEO, Robert Timothy, to fund operations. The total
outstanding balance of the unsecured, demand notes, bearing
interest at 10% was $5,445 at November 30, 2011 and August
31, 2011. Accrued interest of $950 and $814 was outstanding
as of November 30, 2011 and August 31, 2011,
respectively.
From
time to time the Company has received loans from the
Company’s CEO, Gerald Ricks, to fund operations. During
the three months ended November 30, 2011, the Company
received loans from Mr. Ricks in the aggregate amount of
$2,136. The total outstanding balance of the
unsecured, demand notes, bearing interest at 10% was $11,350
and $9,214 at November 30, 2011 and August 31, 2011,
respectively. Accrued interest of $497 and $264 was
outstanding as of November 30, 2011 and August 31, 2011,
respectively.
From
time to time the Company has received loans from a major
shareholder, BK Consulting, to fund operations. The total
outstanding balance of the unsecured, demand notes, bearing
interest at 10% was $11,140 November 30, 2011 and August 31,
2011. Accrued interest of $1,058 and $781 was outstanding as
of November 30, 2011 and August 31, 2011,
respectively.
Total
amounts due to related parties were $27,924
and $25,799 at November 30, 2011 and August 31, 2011,
respectively.
The
Company has accrued interest of $2,506 and $1,859 to related
parties as of November 30, 2011 and August 31, 2011,
respectively.
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