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Note 3 - Related Party Transactions
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6 Months Ended |
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Feb. 28, 2013
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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 February 28, 2013 and
August 31, 2012, respectively. Accrued interest of
$1,466 and $1,251 was outstanding as of February 28, 2013 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 February
28, 2013 and August 31, 2012, respectively. Accrued interest
of $2,570 and $1,677 was outstanding as of February 28, 2013
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 $22,882 and $15,573 at February 28, 2013
and August 31, 2012. Accrued interest of $2,384 and $1,625
was outstanding as of February 28, 2013 and August 31, 2012,
respectively.
Total
amounts due to related parties were $50,846 and $43,537 at
February 28, 2013 and August 31, 2012, respectively.
The
Company has accrued interest of $6,420 and $4,551 to related
parties as of February 28, 2013 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
loan of September 5, 2012 the Company received an unsecured
$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
$1,500, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
On
December 11, 2012 the Company received an unsecured loan of
$5, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
On
December 12, 2012 the Company received an unsecured loan of
$2,000, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
On
December 13, 2012 the Company received an unsecured loan of
$1,950, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
On
January 4, 2013 the Company received an unsecured loan of
$1,150, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
On
January 11, 2013 the Company received an unsecured loan of
$19, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund
operations.
On
February 1, 2013 the Company received an unsecured loan of
$50, 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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