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Related Party Transactions with Initial Shareholder Group
9 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Note 5 - Related Party Transactions with Initial Shareholder Group

Consulting fees payable to officers and shareholder

 

During the three and nine month, periods ended June 30, 2016, the Company incurred $12,250 and $51,658, respectively, of consulting fees payable to three officers of the Company. One January 15, 2016, consulting fees payable to officers and shareholders of $158,141 were exchanged for convertible notes payable. Total consulting fees payable to these officers at June 30, 2016 and September 30, 2015 totaled $38,115 and $176,006, respectively.

 

Payable to shareholder

 

Payable to shareholder totaled $74,110 at June 30, 2016 and September 30, 2015.

 

Short –term loans payable to officers

 

As of June 30, 2016, and September 30, 2015, officer advances to the company totaled $45,907 and $25,901 respectively. These loans are short term, informal borrowings that are not documented, bear no interest, and are due on demand.

 

Convertible notes payable to shareholders and officers

 

On January 2, 2016, the Company exchanged $11,613 payable to officer to convertible notes payable maturing on December 31, 2016 bearing an 8% interest rate and convertible into common shares at $.001 per share. A note payable discount of $11,613 was also recorded and will be amortized over the term of the convertible note payable.

 

On January 15, 2016, The Company exchanged $158,141 of consulting fees payable to convertible notes payable maturing on December 31, 2016 bearing an 8% interest rate and convertible into common shares at $.001 per share. On April 14, 2016, the Company converted these notes payable to common stock. (See Note 7.)