Related Party Disclosures

12 Months Ended

10 Months Ended

Mar. 31, 2012

Studio II Brands, Inc. (Successor)

Feb. 09, 2011

Hippo Lace Limited (Predecessor)

Related Party Transactions Disclosure [Text Block]

NOTE 15 RELATED PARTY TRANSACTIONS

Balance with related party	March 31, 2012	March 31, 2011
Payable to shareholders:
(a) Cheung Ming, stockholder	$   525,455	$ 131,688
(b) Gu Yao, stockholder	$     12,841	$             -
(c)Vivian Choi, stockholder	$     88,998	$             -
Due from related party:
(d) Beijing Kenon Bristro Catering Limited ("BJ Kenon")
Common stockholder, Gu Yao	$     19,194	$   12,984
(e) Sizegenic Holdings Limited group companies ("Sizegenic group")
Common stockholder, Cheung Ming	$   293,390	$             -
Due to related party:
(g) Frascona, Joiner, Goodman and Greenstein, P.C (“FJGG”)
Common stockholder, Gary Joiner	$     18,239	$             -

The Company had amount payable to shareholders:

(a) The payables to Cheung Ming mainly represent payment by Cheung Ming on behalf of the Company for primarily the legal and professional expenses.  This advance is unsecured, non-interest bearing and without fixed repayment term.

(b) The payables to Gu Yao mainly represent cash advance by Gu Yao for operation need of Sino Wish.  This advance is unsecured, non-interest bearing and without fixed repayment term.

(c)The payables to Vivian Choi mainly represent cash advance by Vivian for operation need of Sino Wish. This advance is unsecured, non-interest bearing and an amount of $88,998 is repayable by four installments due as of the last day of each calendar quarter following the Closing Date of the stock purchase agreement on March 29, 2012 to acquire 100% share of Sino Wish from Vivian, the sole shareholder with the first such installment due on or before June 30, 2012, and with the entire unpaid balance due on or before March 31, 2013.  HLL or its designees may also prepay the shareholder loan in whole or in part at any time during the fiscal year from April 1 2012 to March 31, 2013.

The Company had amount receivable from and payable to related parties.

(d) The amount receivable from BJ Kenon mainly represents the franchise annual fee and termination fee income pursuant to the franchise agreement for a term of 3 years entered on April 1, 2010 and terminated on May 31, 2011.

(e) The amount receivable from Sizegenic group represents cash advance to Sizegenic Holdings Limited and its group companies for operation need.  These advances are unsecured, non-interest bearing and without fixed repayment term.

(f) The amount payable to FJGG mainly represents the legal and professional fee for provision of legal advice, review and comment, and filing of statutory reports.

NOTE 13 RELATED PARTY TRANSACTIONS

Balance with related party

	February 9, 2011	March 31, 2010
(a)Stockholder’s loan:
- Gu Yao, stockholder	$  184,226	$196,266
Due from related party:
(b)Beijing Kenon Bistro Catering Limited (“BJ Kenon”) (Under common control of Gu Yao)	$    12,985	-
(c) Due from related party:
- Joystick Limited (“Joystick”) (Under common control of Cheung Ming)	$              -	$    30,817
Amount charge to Joystick
	$              -	$     51,362
(d) Due to related party:
- Sizegenic Holdings Limited (“Sizegenic”) (Common stockholder, Cheung Ming)	$      6,980	$       8,812

(a) The stockholder’s loan mainly represents the loan advance to the Company by Gu Yao for acquisition of the wholly own subsidiary on February 24, 2010, Legend Sun.  This loan agreement was entered by the Company and Gu Yao on December 11, 2009 for a term of 2 years.  This loan is unsecured, non-interest bearing and repayable after one year on December 11, 2011.

The Company had amount charged to and by related parties.

(b) The amount charged to BJ Kenon represents the first year annual franchise fee income pursuant to the franchise agreement for a term of 3 years entered on April 1, 2010.

(c) The amount due from Joystick represents the monthly fee at $10,272 for consultancy services to Joystick to operate a Portugal café bristro for January to March 2010.  It has been offset with amount due to Sizegenic as of December 2010 through agreement with Sizegenic.

The amount charged to Joystick represents the consultancy services fee for February to March 2010 and the forfeited consultancy service deposit due to termination of agreement before expiration of the term.

(d)The amount charged by Sizegenic as of March 31, 2010 and February 9, 2011 mainly represents the respective franchise annual fee after 50% discount and subfranchise annual fee for the first year pursuant to the related franchise agreements in place.