Loan from Related Party and Due to Institutional Investor

6 Months Ended

Dec. 31, 2013

Loan from Related Party and Due to Institutional Investor

Loan from Related Party and Due to Institutional Investor

NOTE 3 - Loan from Related Party and Due to Institutional Investor

Since Inception, the Company has received loans from its former Chairman and Chief Executive Officer, Robert J Sharp, for various operating expenses including the payment of  taxes, SEC filing expenses,  incorporation fees and audit costs. During the nine months ended December 31, 2013, Mr. Sharp lent the Company an additional $2,001. The loans bear no interest and are due on demand.  

On September 1, 2013, Mr. Sharp assigned his rights to an Institutional investor.  The underlying terms of the Loan did not change.

These amounts are non-interest bearing and relate to the payment of operating expenses. Pursuant to Accounting Standards Codification 230, “Statement of Cash Flows,” these are reported as Cash flows from Financing activities.