Quarterly report pursuant to Section 13 or 15(d)

LOANS FROM OTHER PARTIES

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LOANS FROM OTHER PARTIES
6 Months Ended
Dec. 31, 2012
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.