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v2.4.0.6
Related Party Transactions / Long-Term Debt
12 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Related Party Transactions / Long-Term Debt

NOTE 5 - RELATED PARTY TRANSACTIONS / LONG-TERM DEBT

 

During the year ended September 30, 2011, the Company 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. During the year ended September 30, 2012, the Company borrowed an additional $18,999 on these notes. 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. As of December 6, 2011 and until the notes are converted or settled, the loan from certain shareholders accrues interest at 8.5% per annum. Total accrued interest on loans from shareholders at September 30, 2012 totaled $1,602. Interest and principal is due on December 6, 2013.

 

As of September 30, 2012, the Company had depleted its access to the capital pursuant to the promissory notes dated December 6, 2011, while sustaining operations, legal expenses, and more recently, attaining its DTC eligibility. On September 28, 2012, the Company signed convertible promissory notes with certain shareholders that provided for additional liquidity resources in the amount of $24,000 available to be used at the Company’s discretion. 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. When the Company borrows against the notes from certain shareholders, interest will begin to accrue on any outstanding amount at a rate of 8.5% per annum. Interest and principal will be due on September 28, 2014.

 

In conjunction with new ADA compliance regulations that took effect on March 15, 2012, requiring certain costly upgrades be made to all Hantle/Tranax and Hyosung ATM machines, the Company’s Board of Directors gave their unanimous consent on March 1, 2012, to purchase three new ATM machines that comply with the new ADA compliance regulations. The Board agreed that the new machines should be purchased and financed through our servicing partner, Wasatch ATM. The balance of $6,800 began accruing interest of 10% APR on April 1, 2012. Monthly payments of $316 are due on the first of every month, commencing on May 1, 2012, until the loan is paid in full on March 1, 2014.

 

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.