XML 29 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions
6 Months Ended
Feb. 28, 2014
Notes to Financial Statements  
Related Party Transactions

Note 3:  Related Party Transactions

 

As of February 28, 2014, the Company has a secured promissory note to the sole officer and director for $113,026 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 $16,510 as of February 28, 2014.

 

For the six month period ended February 28, 2014 the sole officer of the Company contributed services and rent valued at $1,740. This amount has been booked to additional paid in capital.