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Related Party Transactions
9 Months Ended
May 31, 2012
Notes to Financial Statements  
Related Party Transactions

 

Note 4:  Related Party Transactions

 

As of May 31, 2012, the Company has a secured promissory note to the sole officer and director for $55,428 for working capital.  The loan carries a 6% interest rate, matures on demand and is secured by the sailing vessel. Accrued interest payable on the loan totaled $7,652 as of May 31, 2012.

 

For the nine month period ended May 31, 2012 the sole officer of the Company contributed services and rent valued at $4,140. This amount has been booked to additional paid in capital.