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Notes Payable
6 Months Ended
Sep. 30, 2012
Note Payable  
Notes Payable

3.             Notes Payable

 

a)    As of September 30, 2012, the Company had an outstanding note payable of $9,994 (March 31, 2012 - $9,994) to the President and Director of the Company.  Under the terms of the note, the amount owing is unsecured, due interest at 10% per annum and due on demand.  As at September 30, 2012, accrued interest of $2,199 (March 31, 2012 - $1,698) has been recorded in accrued liabilities.

 

b)    As of September 30, 2012, the Company had outstanding note payables of $62,407 (March 31, 2012 - $62,407) to related parties.  Under the terms of the notes, the amounts owing are unsecured, due interest at 10% per annum and due on demand.  As at September 30, 2012, accrued interest of $13,030 (March 31, 2012 - $9,901) has been recorded in accrued liabilities.

 

c)     On September 16, 2012, the Company issued a note payable to a non-related party for $10,000.  Under the terms of the note, the amount owing is unsecured, due interest at 10% per annum, and due on demand.  As at September 30, 2012, accrued interest of $41 (March 31, 2012 - $nil) has been recorded in accrued liabilities.