Quarterly report pursuant to Section 13 or 15(d)

Note 3 - Related Party

v2.4.0.6
Note 3 - Related Party
6 Months Ended
Feb. 29, 2012
Related Party Transactions Disclosure [Text Block]
Note 3 –  Related Parties

On February 22, 2012 the Company received an unsecured loan of $25, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks

On January 20, 2012 the Company received an unsecured loan of $1,300, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks

On January 1, 2012 the Company received an unsecured loan of $1,800, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks

On December 28, 2011, the Company received an unsecured loan of $55, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks

On December 1, 2011, the Company received an unsecured loan of $4,800, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks

On November 25, 2011, the Company received an unsecured loan of $2,100, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks.

On October 25, 2011, the Company received an unsecured loan of $25, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks.

On August 25, 2011, the Company received an unsecured loan of $712, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks.

On July 7, 2011, the Company received an unsecured loan of $3,502, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks.

On April 8, 2011, the Company received an unsecured loan of $2,500, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks.

On March 31, 2011, the Company received an unsecured loan of $2,500, due on demand, bearing interest at 10%, from the Company’s CEO, Gerald Ricks.

On December 15, 2010, the former CEO, Robert Timothy, resigned as from the Board of Directors and his position as CEO, and appointed Gerald Ricks as the Chairman of the Board of Directors and CEO.

On December 30, 2010, the Board of Directors dismissed Ronald Schuurman as Secretary and Treasurer and appointed Vincent Kelly to the Board and positions of Secretary and Treasurer.

On December 31, 2010, the Board of Directors appointed James Hughes to the Board of Directors.

On January 7, 2011, the Company received an unsecured loan of $7,000, due on demand, bearing interest at 10%, from a major shareholder, BK Consulting, to fund operations.

On December 15, 2010, the Company received an unsecured loan of $1,140, due on demand, bearing interest at 10%, from a major shareholder, BK Consulting, to fund operations.

On October 7, 2010 and October 15, 2010, the Company received loans of $1,500, for total proceeds of $3,000, from a major shareholder, BK Consulting, to fund operations.

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 and $7,415 at February 29, 2012 and August 31, 2010, respectively. Accrued interest of $1,086 and $814 was outstanding as of February 29, 2012 and August 31, 2010, respectively.

On October 1, 2009, the Company entered into a five year, non-cancellable, commercial and industrial lease with the parents of the Company’s CEO, Robert Timothy, Robert Timothy Sr. and DeVon Timothy, that calls for monthly lease payments of $2,135, including monthly charges of $140 for taxes and insurance. On October 1, 2009 the Company paid a $1,995 deposit. The lease never commenced and was cancelled on December 15, 2010 with Robert Timothy’s resignation as CEO, and the deposit was returned to the lessor.