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Related Party Transactions
3 Months Ended
Nov. 30, 2014
Notes to Financial Statements  
Related Party Transactions

Note 3:  Related Party Transactions

 

As of November 30, 2014, the Company has a secured promissory note to the sole officer and director for $31,993 for working capital.  The loan carries a 6% interest rate, matures on demand and is secured by the sailing vessel.  During the year ended August 31, 2014, the Company converted $90,000 of the secured promissory note into 600,000 shares of common stock.  Accrued interest payable on the loan totaled $18,070 as of November 30, 2014.

 

For the three month period ended November 30, 2014 the sole officer of the Company contributed services and rent valued at $1,650. This amount has been booked to additional paid in capital.