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Note 8 - Related Party Transactions
4 Months Ended
Feb. 28, 2012
Note 8 - Related Party Transactions [Abstract]  
Note 8 - Related Party Transactions

NOTE 8-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 $301,595 and $48,604 advances due at February 29, 2012 and August 31, 2011, respectively.

 

As described in Note 5, above, from November 9, 2010 (date of inception) through February 29, 2012, the Company issued two notes in the aggregate of $265,474 in exchange for operating expenses paid on behalf of the Company and  a note in the amount of $80,243 for working capital purposes by the non-controlling interest shareholders of Eco Ventures – Florida.  The notes bear an 8% per annum interest rate, unsecured and are due on demand. During the six months ended February 29, 2012, the Company issued an aggregate of 3,318,425 shares valued at $0.04 per share of common stock in settlement of $132,737 outstanding notes.