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Note 3 - Related Party
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3 Months Ended |
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Nov. 30, 2012
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| Related Party Transactions Disclosure [Text Block] |
Note
3 – Related Party Transactions
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 November 30, 2012 and
August 31, 2012, respectively. Accrued interest of
$1,359 and $1,251 was outstanding as of November 30, 2012 and
August 31, 2012, 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 $22,519 at November
30, 2012 and August 31, 2012, respectively. Accrued interest
of $2,126 and $1,677 was outstanding as of November 30, 2012
and August 31, 2012, 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 $17,708 and $15,573 at November 30, 2012
and August 31, 2012. Accrued interest of $1,955 and $1,625
was outstanding as of November 30, 2012 and August 31, 2012,
respectively.
Total
amounts due to related parties were $45,672 and $43,537 at
November 30, 2012 and August 31, 2012, respectively.
The
Company has accrued interest of $5,440 and $4,551 to related
parties as of November 30, 2012 and August 31, 2012,
respectively.
Transactions
During
the year ended August 31, 2012, the Company received
unsecured loans of $4,433, due on demand, bearing interest at
8%, from the Company’s CEO, Gerald Ricks, to fund
operations
During
the year ended August 31, 2012, the Company received
unsecured loans of $13,305, due on demand, bearing interest
at 8%, from a major shareholder, BK Consulting, to fund
operations.
On
September 5, 2012 the Company received an unsecured loan of
$400, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
On
September 21, 2012 the Company received an unsecured loan of
$10, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
On
October 15, 2012 the Company received an unsecured loan of
$25, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
On
October 25, 2012 the Company received an unsecured loan of
$200, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
On
October 29, 2012 the Company received an unsecured loan of
$1500, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
Change
in Management
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.
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