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Note 3 - Related Party
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6 Months Ended |
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Feb. 29, 2012
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| 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.
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