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RELATED PARTY TRANSACTIONS
3 Months Ended
Nov. 30, 2013
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 9 - RELATED PARTY TRANSACTIONS

 

The Company’s current officers and shareholders have advanced funds to the Company for travel related and working capital purposes.  No formal repayment terms or arrangements existed. There were $294,656 and $290,506 advances due at November 30, 2013 and August 31, 2013, respectively.

  

As described in Note 6 above, from November 9, 2010 (date of inception) through August 31, 2011, the Company issued two notes in the aggregate amount of $265,474 and during the year ended August 31, 2012, the Company issued six notes in the aggregate of $138,026 to the non-controlling interest shareholders of Eco Ventures – Florida.  The notes bear an 8% per annum interest rate, unsecured and are due on demand. The Company charged interest expense of $2,753 and $2,240 during the three months ended November 31, 2013 and 2012, respectively.

 

In November 2013, the Company’s president paid $4,150 to the Company’s outside accountant on an outstanding balance due him by the Company.