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Related Party Transactions
6 Months Ended
Feb. 28, 2013
Notes to Financial Statements  
Related Party Transactions

Note 3:  Related Party Transactions

 

As of February 28, 2013, the Company has a secured promissory note to the sole officer and director for $83,327 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 $10,603 as of February 28, 2013.

 

For the six month period ended February 28, 2013 the sole officer of the Company contributed services and rent valued at $3,400. This amount has been booked to additional paid in capital.