RELATED PARTY TRANSACTIONS

12 Months Ended

Aug. 31, 2012

Related Party Transactions

RELATED PARTY TRANSACTIONS

NOTE 2 -  RELATED PARTY TRANSACTIONS

As of August 31, 2012, the Company has a secured promissory note to the sole officer and director for $68,053 for working capital.  The loan carries a 6% interest rate and is due on demand and is secured by the sailing vessel. Accrued interest payable on the loan totaled $8,469 and $5,803 as of August 31, 2012 and 2011, respectively.

During the year ended August 31, 2011, the Company converted the 6% interest unsecured promissory note to the sole officer and director into common stock at $0.10 per share.  The note was converted into 490,654 shares of common stock.

For the years ended August 31, 2012 and 2011 the sole officer of the Company contributed services and rent valued at $7,340 and $4,250, respectively. This amount has been booked to additional paid in capital.