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EXCEL - IDEA: XBRL DOCUMENT - Independent Film Development CORPFinancial_Report.xls
10-K - FORM 10-K - Independent Film Development CORPiflm.htm
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EX-31 - EXHIBIT 31.1 - Independent Film Development CORPex311.htm
EX-32 - EXHIBIT 32.2 - Independent Film Development CORPex322.htm
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v2.4.0.6
Related Party Transaction
12 Months Ended
Sep. 30, 2012
Related Party Transaction  
RELATED PARTY TRANSACTION

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 Company’s 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 Company’s 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.