LOANS FROM OTHER PARTIES
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6 Months Ended |
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Dec. 31, 2012
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Notes to Financial Statements | |
NOTE 6 - LOANS FROM OTHER PARTIES |
During the six months ended December 31, 2012, the company received loans of $31,113 from a stockholder accruing interest at 10% and repayable in September 2012. These terms are currently being renegotiated. The Company has recognized accrued interest expense of $568 to December 31, 2012. The balance including principle and interest at December 31, 2012 was $31,681.
In September 2012, the company received a loan of $6,223 from a stockholder accruing interest at 10% and repayable in November 2012. These terms are currently being renegotiated. The Company has recognized accrued interest expense of $158 to December 31, 2012. The balance including principle and interest at December 31, 2012 was $6,381.
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