Quarterly report pursuant to Section 13 or 15(d)

LOANS FROM OTHER PARTIES

v2.4.0.6
LOANS FROM OTHER PARTIES
9 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
NOTE 6 - LOANS FROM OTHER PARTIES

NOTE 6 – LOAN FROM OTHER PARTIES

 

During the nine months ended March 31, 2013, the company received loans of $31,248 from a stockholder accruing interest at 10% and repayable in September 2012. These terms are currently being renegotiated however, the Company is in default at March 31, 2013. The Company has recognized accrued interest expense of $1,334 through March 31, 2013. The balance of principle at March 31, 2013 was $31,248.

 

In September 2012, the company received a loan of $6,250 from a stockholder accruing interest at 10% and repayable in November 2012. These terms are currently being renegotiated however, the Company is in default at March 31, 2013. The Company has recognized accrued interest expense of $320 through March 31, 2013. The balance of principle at March 31, 2013 was $6,250.