NOTE 7: RELATED PARTY TRANSACTION
During the three month period ended
March 31, 2011, the Company authorized the issuance of 250,000 common shares for services valued at $95,000, based on the value
of the common stock on the date of authorization. These shares were never issued and the Companys original agreement with
the service provider was modified. As such the Company is no longer obligated to issue the 250,000 shares and has written the $95,000
payable off to additional paid in capital, given that at the time the stock was authorized to be issued the service provider was
a Director of the Company.
During September 2012, the Company
authorized the issuance of 115,000 common shares for related party debt of $440.
As of September 30, 2012, the Company
owed its CEO $9,127. The money was advanced to the company to cover certain operating expenses. Amount is due on demand and has
no stated rate of interest.
During the year ended September
30, 2012, the Company authorized the issuance of 75,000 common shares to Rachel Boulds, the Companys CFO for compensation
of services. The shares were issued based on the value of the common stock on the date of authorization for total compensation
expense of $25,713. As of September 30, 2012 25,000 shares had not yet been issued and as such have been booked as a stock payable.