Better Choice Company Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Due to Related Parties

Note 4 - Due to Related Parties	6 Months Ended
Feb. 29, 2012
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 February 29, 2012 and August 31, 2011. Accrued interest of $1,086 and $814 was outstanding as of February 29, 2012 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 six months ended February 29, 2012, the Company received loans from Mr. Ricks in the aggregate amount of $10,105. The total outstanding balance of the unsecured, demand notes, bearing interest at 10% was $19,319 and $9,214 at February 29, 2012 and August 31, 2011, respectively. Accrued interest of $933 and $264 was outstanding as of February 29, 2012 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 at February 29, 2012 and August 31, 2011. Accrued interest of $1,336 and $781 was outstanding as of February 29, 2012 and August 31, 2011, respectively. Total amounts due to related parties were $35,904 and $25,799 at February 29, 2012 and August 31, 2011, respectively. The Company has accrued interest of $3,356 and $1,859 to related parties as of February 29, 2012 and August 31, 2011, respectively.

Note 4 - Due to Related Parties

6 Months Ended

Feb. 29, 2012

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 February 29, 2012 and August 31, 2011. Accrued interest of $1,086 and $814 was outstanding as of February 29, 2012 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 six months ended February 29, 2012, the Company received loans from Mr. Ricks in the aggregate amount of $10,105. The total outstanding balance of the unsecured, demand notes, bearing interest at 10% was $19,319 and $9,214 at February 29, 2012 and August 31, 2011, respectively. Accrued interest of $933 and $264 was outstanding as of February 29, 2012 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 at February 29, 2012 and August 31, 2011. Accrued interest of $1,336 and $781 was outstanding as of February 29, 2012 and August 31, 2011, respectively.

Total amounts due to related parties were $35,904 and $25,799 at February 29, 2012 and August 31, 2011, respectively.

The Company has accrued interest of $3,356 and $1,859 to related parties as of February 29, 2012 and August 31, 2011, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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