XML 26 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transaction
6 Months Ended
Mar. 31, 2014
Related Party Transactions [Abstract]  
Related Party Transaction

Note7    Related Party Transaction

 

Due to the issuance of 5,000,000 shares to Catalyst Capital Group Inc. during the period ended September 30, 2011, Catalyst Capital Group Inc. is considered a related-person as defined in Instruction 1.b.i to item 404(a) of Regulation S-K. As of September 30, 2103, the outstanding balance owed by the Company to Catalyst Capital Group was $70,000 which is unsecured and due on demand with no interest bearing. Catalyst Capital Group has loaned $50,000 to the Company for the acquisition of Oil Lease Agreement (Refer to Note 4) and advanced $20,000 to the Company as working capital. The total amount owed to Catalyst Capital Group is $92,368 as a loan payable as at March 31, 2014.

 

As of March 31, 2014, the outstanding balance owed by the Company to Mr. Tang Xu, CEO of the Company, was $38,730 for working capital purposes. Imputed interest at 8% in the amount of $784 for the three months ended March 31, 2014 and $1,568 for the six months ended March 31, 2014, respectively has been included as an increase to additional paid in capital.