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EXCEL - IDEA: XBRL DOCUMENT - SafeBrain Systems, Inc.Financial_Report.xls
10-Q - FORM 10-Q - SafeBrain Systems, Inc.sfbr_10q.htm
EX-31.1 - CERTIFICATION - SafeBrain Systems, Inc.sfbr_ex311.htm
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v2.4.0.6
Related Party Transactions
9 Months Ended
Jul. 31, 2012
Related Party Transactions [Abstract]  
NOTE 7 - Related Party Transactions

Related party transactions are in the normal course of operations and are recorded at amounts established and agreed between the related parties. Related party transactions not disclosed elsewhere in these consolidated financial statements are as follows:

 

During the quarter, $354,294 was loaned by related parties for office and administration fees and professional fees. Since inception, the shareholder has advanced funds for professional fees and other office and general expenses in the amount of $619,313.  The related party loans are considered as unsecured loan with no stated interest rate and due upon demand.  The company imputed interest at 8% per annum, which is comparable to historical borrowing rate that the company has obtained in the past.  These notes are not convertible and no options were attached.  Interest expense recorded as of July 31, 2012 is $30,877. As of October, 2011 and July 31, 2012, the accrued interest is $41,241 and $72,118 respectively.