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Related Party Transactions
9 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

Note 2 – Related Party Transactions

 

As of June 30, 2017 and September 30, 2016, $322,490 and $312,490 were due respectively to Canton. The loan is unsecured, non-interest bearing and there is no repayment date. Interest has been calculated at imputed interest rate of 3% and amounted to $7,097 for the nine months ended June 30, 2017. The imputed interest amounted to $2,157 for the nine months ended June 30, 2016.

 

On April 1, 2016 the Company issued a loan to Fingi Inc., a company of which Canton may be deemed a controlling person, in the amount of $50,000. The terms include no monthly payments with interest compounding monthly at an annual rate of four percent (4%). The entirety of the accrued interest and principal were originally due on December 31, 2016. The Company agreed to extend the loan agreement through December 31, 2017 as such an allowance for the $50,000 loan balance has not been recorded and is deemed collectible. For the three and nine months ended June 30, 2017, $521 and $1,484, respectively, has been recognized as interest income and included in accompanying condensed statements of operations.

 

On February 2, 2016, the Company entered into an expense sharing agreement with Fingi Inc. Under the expense sharing agreement, the Company shares the rent and utility expenses incurred in connection with occupancy of office space that is being leased by Fingi Inc. For the nine months ended June 30, 2017, total rent and utilities expenses amounted to $47,875. At June 30, 2017, amounts due to Fingi represent amounts due for rent and utilities, or amount paid for expenses on behalf of the Company by Fingi.