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Related Party Transactions / Long-term Debt
3 Months Ended
Dec. 31, 2011
Debt Disclosure [Abstract]  
Related Party Transactions / Long-term Debt

NOTE 4 - RELATED PARTY TRANSACTIONS / LONG-TERM DEBT

 

During the year ended September 30, 2011, we received $17,001 from certain shareholders to cover expenses during the year.  On December 6, 2011 the Company signed convertible promissory notes with these shareholders resulting in a reclassification of $17,001 from a current liability to long-term notes payable.  The notes are convertible into shares of the Company’s common stock at a conversion price of $0.10 per share at the option of the Company. In addition, the notes provided for additional liquidity resources in the amount of $36,000, with $16,999 available to be used at the Company’s discretion.  As of December 6, 2011 and until the notes are converted, the loan from certain shareholders accrues interest at 8.5% per annum.  Accrued interest on loans from shareholders for the three-month period ended December 31, 2011 totaled $99.  Interest and principal is due on December 6, 2013.

 

The Company utilizes office and storage space of its executive officers, for which no incremental costs are incurred.  No monetary value has been placed on this, nor have any accruals or payments been made.  Additionally, the Company has no employees who are not executive officers.  There are no amounts due to or from these parties as of the balance sheet date.