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NOTES PAYABLE RELATED PARTY
 9 Months Ended
Jun. 30, 2013
NOTES PAYABLE RELATED PARTY:  
NOTES PAYABLE RELATED PARTY

NOTE 3 - NOTES PAYABLE – RELATED PARTY

 

Through June 30, 2013, the Company had received $88,318 in advances from certain officers of the Company under promissory notes. A balance of $88,318 is still outstanding on these notes and payables to shareholders. The notes bear no interest and are payable on demand.  Although the notes bear no interest, the Company imputed interest at a rate of 8% and during the nine month periods ended June 30, 2013 and 2012, recognized $4,910 and $4,095, respectively, in interest expense with an increase to additional paid in capital for the same amount.