LOANS FROM OTHER PARTIES
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9 Months Ended |
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Mar. 31, 2013
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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. |