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RELATED PARTY TRANSACTIONS
9 Months Ended
Feb. 28, 2014
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 2. RELATED PARTY TRANSACTIONS

 

On February 28, 2013, the company took a loan from American Compass Inc.in the amount of $20,000. This is a 5% interest bearing and unsecured loan due on June 30, 2013. On April 18, 2013, the Company accepted another loan from American Compass Inc. in the amount of $5,000. This is a non-interest bearing and unsecured loan due on June 30, 2013.

 

The due date of the loan was extended and the new date is May 31, 2015.

 

On November 4th, 2013 the company took another loan from American Compass Inc. ACI in the amount of $10,000. This is a non-interest bearing and unsecured loan due on November 4, 2015.

 

During the first quarter of 2013, American Compass Inc. has paid legal fee for the company in the amount of $15,333.  As of August 31, 2013 American Compass Inc. has paid total of $25,332 for the company in which consist of mainly legal and auditing cost.

 

During the second quarter of 2013, American Compass Inc. paid $7,527 legal fee and $1,000 auditing fee for the company. As of November 30, 2013 the balance of payable to ACI is $33,859.

 

There is no activity on this account during third quarter of 2013.