3. Acquisition Deposit

3 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Acquisition Deposit

On December 16, 2015, the Company entered into a non-binding Memorandum of Understanding (”MOU”) with Basil and Barns, Inc. (“B&B Inc.”), Fess Holdings LLC, Basil and Barns LLC and JIF Holdings LLC to acquire 55% of the outstanding common shares of B&B Inc. Under the MOU, the Company is to invest $1,215,000 including a $500,000 5 year loan at 7% interest per annum, and $715,000 for its 55% interest in B&B Inc. On November 9, 2015, the Company paid a refundable deposit of $50,000 towards the anticipated amounts. B&B Inc. is to acquire 110 acres of land in Bethel, NY which is to be developed into a hotel property. The parties are still negotiating a definitive agreement as of December 31, 2015.