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Related Party Transactions
9 Months Ended
May 31, 2014
Notes to Financial Statements  
Related Party Transactions

Note 3:  Related Party Transactions

 

As of May 31, 2014, the Company has a secured promissory note to the sole officer and director for $28,526 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 $17,202 as of May 31, 2014.  During the nine months ended May 31, 2014, the Company converted $90,000 of the secured promissory note into 600,000 shares of common stock.

 

For the nine month period ended May 31, 2014, the sole officer of the Company contributed services and rent valued at $2,640. This amount has been booked to additional paid in capital.