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Note 4 - Due to Related Parties
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9 Months Ended |
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May 31, 2012
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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 8% was $5,445 and $5,445 at May 31, 2012 and
August 31, 2011, respectively. Accrued interest of $1,141 and
$814 was outstanding as of May 31, 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. The total outstanding
balance of the unsecured, demand notes, bearing interest at
8% was $22,519 and $9,214 at May 31, 2012 and August 31,
2011, respectively. Accrued interest of $1,222 and $264 was
outstanding as of May 31, 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 8% was $11,415 and $11,140 at May 31, 2012 and
August 31, 2011. Accrued interest of $1,451 and $781 was
outstanding as of May 31, 2012 and August 31, 2011,
respectively.
Total
amounts due to related parties were $39,379 and $25,799 at
May 31, 2012 and August 31, 2011, respectively.
The
Company has accrued interest of $3,814 and $1,859 to related
parties as of May 31, 2012 and August 31, 2011,
respectively.
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