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2 RELATED PARTY TRANSACTIONS
12 Months Ended
Aug. 31, 2013
Notes to Financial Statements  
Related Party Transactions

 

NOTE 2 -  RELATED PARTY TRANSACTIONS

 

As of August 31, 2013, the Company has a secured promissory note to the sole officer and director for $99,510 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 $13,373 and $8,469 as of August 31, 2013 and 2012, respectively.

 

For the years ended August 31, 2013 and 2012 the sole officer of the Company contributed services and rent valued at $6,180 and $7,340, respectively. This amount has been booked to additional paid in capital.