XML 21 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note Payable
9 Months Ended
May 31, 2015
Debt Disclosure [Abstract]  
Note Payable

NOTE 5 – NOTE PAYABLE

 

The Company is obligated on nine short term loans, all past due except one, with three bearing interest at 15% and six with interest at 5% totaling $319,603. A tenth note for $30,089 without interest is owed to the Company’s CEO. The total note payable liability is $349,692 and is shown on the balance sheet under notes payable. Interest owed at May 31, 2015 equals $72,290 and is shown on the balance sheet. Total interest expense for the nine months ended May 31, 2015 was $43,696 which is shown on the statement of operations.