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v2.4.0.6
NOTE H - SHAREHOLDER LOAN/RELATED PARTY
3 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
NOTE H - SHAREHOLDER LOAN/RELATED PARTY

NOTE SHAREHOLDER LOAN/RELATED PARTY

 

During the six months ended September 30, 2012, the shareholders of the Company paid an aggregate of $14,027 on the Company’s behalf to cover costs and expenses incurred by the Company. As a result, the payable due to shareholder is $48,408 and $33,880 as of September 30, 2012 and March 31, 2012, respectively.

 

The Company has an outstanding Note Payable with a related party. The amount of the loan is $9,150 and it is payable on demand. The annual interest rate on the note is 8%.

 

Accrued interest not paid for the period from inception (December 3, 2007) through September 30, 2012 was $3,477.

 

The Company utilizes office space provided free of charge by Mr. Cauley. The Company will continue to maintain its offices at this location until the consummation of a Business Combination, if ever. The effects of rent expense are immaterial to the financial statements taken as a whole.