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Related Party Transactions
9 Months Ended
May 31, 2013
Notes to Financial Statements  
Related Party Transactions

Note 3:  Related Party Transactions

 

As of May 31, 2013, the Company has a secured promissory note to the sole officer and director for $96,142 for working capital.  The loan carries a 6% interest rate, matures on demand and is secured by the sailing vessel. Accrued interest payable on the loan totaled $11,910 as of May 31, 2013.

 

For the nine month period ended May 31, 2013 the sole officer of the Company contributed services and rent valued at $5,490. This amount has been booked to additional paid in capital.