Note 8 - Related Party Transactions

3 Months Ended

May 31, 2012

Note 8 - Related Party Transactions

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 $319,646 and $48,604 advances due at May 31, 2012 and August 31, 2011, respectively.

As described in Note 5, above, from November 9, 2010 (date of inception) through May 31, 2012, the Company issued five notes in the aggregate of $419,930 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. During the nine months ended May 31, 2012, the Company issued an aggregate of 183,203 shares valued at $1.60 per share of common stock in settlement of $293,124 outstanding notes.