Related Party Notes Payable and Loans Payable | 9 Months Ended |
Nov. 30, 2013 |
Related Party Notes Payable and Loans Payable [Abstract] | ' |
Related Party Notes Payable and Loan Payable | ' |
Note 3 – Related Party Notes Payable and Loan Payable |
|
The Company has notes bearing interest at 8.25% annually and are due at the earlier of (a) January 19, 2016 or (b) the date that the Company, or any wholly-owned subsidiary of the Company, consummates a business combination with an operating company in a reverse merger or reverse takeover transaction, or enters into any transaction that would cause the Company to cease being a shell as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended. In addition to the principal amount of $37,021, as of November 30, 2013 and February 28, 2013 there was $10,619 and $6,452, respectively, of accrued interest on these notes. |
|
During the year ended February 29, 2012, a shareholder paid expenses on behalf of the Company of $7,956. During the three months ended May 31, 2012, the Company repaid $291 of the loan. The loan had a balance of $7,665 when it was forgiven by the shareholder in October 2012. This loan was unsecured, non-interest bearing and payable on demand. |
|
During the three and nine months ended November 30, 2013 and the year ended February 28, 2013, a shareholder paid expenses on behalf of the Company of $5,693 (and accrued interest of $1,066), $34,792 (and accrued interest of $1,866) and $2,673, respectively. The Company had recorded a liability as of November 30, 2013 and February 28, 2013 of $39,331 and $2,673, respectively. On July 3, 2013, the Company issued a promissory note to a shareholder in the amount of $2,673, which represented the amount the shareholder had advanced the Company for operating expenses through February 28, 2013. The principal amount of the promissory note will increase as the shareholder advances additional funds to the Company for operating expenses. |
|
The note bears interest at 12% annually and is due at the earlier of (a) January 18, 2016 or (b) the date that the Company, or any wholly-owned subsidiary of the Company, consummates a business combination with an operating company in a reverse merger or reverse takeover transaction, or enters into any transaction that would cause the Company to cease being a shell as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended. |