Quarterly report pursuant to Section 13 or 15(d)

5. Related Party Transactions

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5. Related Party Transactions
6 Months Ended
Sep. 30, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

Consulting services from President, Chief Executive Officer, Secretary and Treasurer and Chief Financial Officer

 

Consulting services provided by the President, Chief Executive Officer, Secretary and Treasurer and Chief Financial Officer for the six months ended September 30, 2015 and 2014 were as follows:

 

      For the Three Months Ended September 30, 2015       For the Three Months Ended September 30, 2014       For the Six Months Ended September 30, 2015       For the Six Months Ended September 30, 2014  
President, Chief Executive Officer   $ –     $ 1,500     $ –     $ 3,000  
Chief Financial Officer, Secretary and Treasurer     –       1,500       –       3,000  
      –       3,000       –       6,000  

 

Effective as of December 29, 2014, Ms. Popova resigned as Chief Executive Officer and President of the Company and Ms. Ignatenko resigned as Treasurer, Secretary, Chief Financial Officer, principal accounting officer, and principal financial officer of the Company following change of control.

 

Advances from related party

 

Perfecular, Inc. an entity related to the major shareholder of the Company grants advances to the Company from time to time, and the advances are non-interest bearing. The total advances amounted to $0 and $12,448 as of September 30, 2015 and March 31, 2015, respectively.

 

Loan from stockholder

 

On February 25, 2015, the Company borrowed $100,000 from a stockholder for working capital. The loan bears an interest rate of 5% annually and is unsecured and due on demand. The outstanding balance was $100,000 at March 31, 2015, with accrued interest payable of $2,976 and $479 as of September 30, 2015 and March 31, 2015, respectively. This loan was repaid in full subsequent to September 30, 2015 as described at Note 8.

 

Loan from related party

 

On February 1, 2015, the Company borrowed $20,000 from an entity related to one of the major shareholders of the Company. This loan bore an annual interest rate of 0.48% and is payable upon the demand of the lender. The outstanding balance for this loan was $20,000 at March 31, 2015 and was repaid in full subsequent to March 31, 2015.

 

On May 21, 2015, the Company issued a revolving demand promissory note to Perfecular, Inc., an entity related to one of the major shareholders of the Company, in a maximum amount of $1,000,000 which will be used as operating capital. The note bears an annual interest rate of 0.43%, both accrued interest and principal balance due at maturity. The note matures on May 20, 2016. As of September 30, 2015, the outstanding balance was $190,000 with accrued interest payable of $853 at September 30, 2015. Subsequently, the outstanding balance was reduced to $140,000. Please refer to Note 8 for additional information.