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LOANS - RELATED PARTY
6 Months Ended
Dec. 31, 2014
LOANS - RELATED PARTY  
LOANS - RELATED PARTY

NOTE 5 – LOANS - RELATED PARTY

 

As of December 31, 2014 the Company had $51,655 in net loan proceeds from our chief executive officer and president, Mr. Cenia, a related party, in order to fund working capital expenses. $14,000 and $7,000 are unsecured and carry an interest rate of 6% and 4% per annum, respectively. The loans were payable in one lump sum on the anniversary date of the loan instrument, September 18 and September 25, 2014, respectively. During September of 2014 the Company amended the two loans with Mr. Cenia as due and payable upon demand. No default terms or conditions are defined by these amendments. Additional loans made by Mr. Cenia amounting to $30,655, in the aggregate, are unsecured and carry no interest rate and are due and payable upon demand.

 

The Company recorded accrued interest expense of $596 and $319, $300 and $284 for the three months ended and six months ended December 31, 2014 and 2013, respectively.