NOTE 3 - RELATED PARTY TRANSACTIONS | On February 1, 2015, the Company entered into a 24 month consulting agreement extension with William Drury, an Officer of the Company and WICAWIBE LLC. 297 President Street, Brooklyn, NY 11231. The agreement expires on January 31, 2017 and the monthly fee is $15,000. On September 28, 2016, Mr. Drury resigned as President, Treasurer and director of the Company. On September 29, 2016, a settlement agreement between Mr. Drury and the Company was signed which provides a payment of $50,000 in cash and $50,000 in the Companys common stock to release the Company from all possible claims of accrued salary, independent contractor fees, expense and cost owed to Mr. Drury and void the consulting agreement which was scheduled to expire on January 31, 2017. On October 2, 2016, the board of directors accepted the resignation of Mr. Drury and approved a settlement agreement dated September 29, 2016, According to the settlement agreement, $46,500 was paid directly to Mr. Drury on October 5, 2016 and the remaining $3,500 paid directly to an attorney for the legal fees related to the settlement agreement. The shares of the Companys common stock are issuable to Mr. Drury in increments of 250,000 shares. Mr. Drury will continue to be issued 250,000 until he is able to garner $50,000 by selling the shares in the over-the-counter market or an exchange (as defined under the securities act of 1933, as amended). On October 24, 2016, the Company issued 1,000,000 shares of the Companys common stock to Mr. Drury to partially settle the $50,000 common stock obligation. As a result of the settlement agreement, the Company wrote-off liabilities of $624,900 related to Mr. Drury in additional paid-in capital on the accompanying balance sheet. As of September 30, 2016 and June 30, 2016, the accrued expenses-related party was $-0- and $615,000, respectively. During the three months ended September 30, 2016 and 2015, the Company incurred $44,000 and $45,000, respectively, in consulting expense, pursuant to the consulting agreement which was written-off during the three months ended September 30, 2016. During September 2016, the new Company President, Amber Finney, advanced the Company $10,000 as a shareholder loan. The proceeds were used for working capital. As of September 30, 2016 and June 30, 2016, there are loans from shareholders totaling $10,000 and $65,899 respectively. These advances are unsecured, due on demand and carry no interest or collateral. The officers of the Company could become involved in other business activities as they become available. This could create a conflict between the Company and the other business interests. The Company has not formulated a policy for the resolution of such a conflict should one arise. |