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EXCEL - IDEA: XBRL DOCUMENT - Volt Solar Systems, Inc.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - Volt Solar Systems, Inc.R9.htm
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EX-31.1 - Volt Solar Systems, Inc.ex31-1.htm
EX-32.2 - Volt Solar Systems, Inc.ex32-2.htm
EX-32.1 - Volt Solar Systems, Inc.ex32-1.htm
EX-21.1 - SUBSIDIARIES OF THE REGISTRANT - Volt Solar Systems, Inc.ex21-1.htm
EX-31.2 - Volt Solar Systems, Inc.ex31-2.htm
EX-10.5 - STOCK PURCHASE AGREEMENT (SEPTEMBER 20, 2012) WITH FIRST POWER & LIGHT LLC - Volt Solar Systems, Inc.ex10-5.htm
10-K - MAINSTREAM ENTERTAINMENT, INC. FORM 10-K FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2012 - Volt Solar Systems, Inc.mainstream10k093012.htm
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EX-10.6 - FIRST ADDENDUM TO STOCK PURCHASE AGREEMENT (JANUARY 4, 2013) WITH FIRST POWER & LIGHT, LLC - Volt Solar Systems, Inc.ex10-6.htm
v2.4.0.6
RELATED PARTY NOTES
12 Months Ended
Sep. 30, 2012
RELATED PARTY NOTES  
RELATED PARTY NOTES

NOTE 5 – RELATED PARTY NOTES

On February 26, 2008, the Company’s Parent Company as of that date, Skreem Records Corporation, issued 500,000 common shares of SRC stock to relieve notes payable on behalf of both the Company and the Parent Company. The debt relieved related to the Company was $205,500. The debt relieved for the Parent Company was $44,500, for a total debt relieved for the parent and subsidiary of $250,000. The relative market value of the SRC stock at the time of issuance was $0.50 per share. Therefore, no gain or loss on this extinguishment was recognized as the consideration given up by the parent in the form of SRC stock was equal to the consideration received in relief of the notes payable of $250,000. This non-cash transaction was taken as a contribution from the parent in fiscal 2008.

 

At September 30, 2012 and September 30, 2011, interest in the amounts of $43,174 and $41,752, respectively, is accrued on these notes. Interest expense for the twelve months ended September 30, 2012 and 2011, and from inception was $18,767, $15,221 and $82,873, respectively.

 

Short-term debt as of September 30, 2012 and September 30, 2011 consisted of the following demand notes:

 

 

 

 

 

 

 

 

 

 

September 30, 2012

 

 

September 30, 2011

 

 

 

 

 

 

 

 

Various unsecured demand notes to the principal shareholder with no stated interest rate; interest is being accrued at 8% and 5% per annum.  At September 30, 2012 and September 30, 2011, the principal balances of the 5% notes were $21,749 and $21,700 and of the 8% notes were $13,508 and $21,500, respectively.

 

$

35,257

 

 

$

43,200

 

 

 

 

 

 

 

 

 

 

Various unsecured demand notes to a business owned and controlled by the principal shareholder with a stated interest rate of 5% and 8% per annum. At September 30, 2012 and September 30, 2011, the principal balances of the 5% notes were $17,558 and $11,500 and of the 8% notes were $0 and $11,923, respectively.

 

 

17,558

 

 

 

23,423

 

 

 

 

 

 

 

 

 

 

Various unsecured demand notes to a corporation controlled by the principal shareholder with a stated interest rate of 8% per annum.

 

 

10,016

 

 

 

10,016

 

 

 

 

 

 

 

 

 

 

Various unsecured demand notes to a limited partnership controlled by the principal shareholder with a stated interest rate of 5% and 6% per annum.  At September 30, 2012 and September 30, 2011, the principal balances of the 5% notes were $24,150 and $24,150 and of the 6% notes were $10,750 and $10,750, respectively.

 

 

34,900

 

 

 

34,900

 

 

 

 

 

 

 

 

 

 

Various unsecured demand notes to a limited partnership controlled by the principal shareholder with a stated interest rate of 5% and 6%. At September 30, 2012 and September 30, 2011, the principal balances of the 5% notes were $41,500 and $41,500 and of the 6% notes were $6,000 and $6,000, respectively.

 

 

47,500

 

 

 

47,500

 

 

 

 

 

 

 

 

 

 

 

 

$

145,231

 

 

$

159,039

 

   

 

The related party creditor is Jeffrey Martin, the controlling shareholder of the Company who owns 73% of the Company’s shares.

 

On September 16, 2009, the Company successfully concluded the negotiation and met the obligations required to be released from the commitment under non-cancelable operating leases for its former two studio/suite facility.  The facility had been leased under two leases, each of which had a term that expired on May 31, 2012.  From the time in which rent payments ceased in February 2009 until the time of the release from the facility lease, the Company accrued its monthly obligation to pay rent under the lease.  At the time of the settlement accrued rent payable in the amount of $13,662 was written off and recognized as forgiveness of debt income.

 

On September 30, 2009, a note payable was no longer due to a corporation but was the subject of an ownership transfer due to the corporation forgiving the debt.  The Company recognized $541 of debt forgiveness income in conjunction with this event, consisting of $500 of principal and $41 of accrued interest.

 

On June 30, 2011, a note payable was forgiven and no longer due.  The Company recognized $1,215 of debt forgiveness income in conjunction with this event, consisting of $1,200 of principal and $15 of accrued interest.

 

For the twelve month periods ending September 30, 2012 and 2011, and for the period from inception through September 30, 2012, the Company has recognized forgiveness of debt income in the amounts of $0, $1,215 and $15,418, respectively.