Quarterly report pursuant to Section 13 or 15(d)

4. Related Party Transactions

v2.4.1.9
4. Related Party Transactions
 9 Months Ended
Dec. 31, 2014
Related Party Transactions [Abstract]  
Related Party Transactions

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

 

Consulting services provided by the former President, Chief Executive Officer, Secretary and Treasurer and Chief Financial Officer for the three and nine months ended December 31, 2014 and 2013 were as follows:

 

   

For the

Three Months

Ended

December 31,

2014

    

For the

Three Months

Ended

December 31,

2013

    

For the

Nine Months

Ended

December 31,

2014

    

For the

Nine Months

Ended

December 31,

2013

  
                         
President, Chief Executive Officer   $ 1,500     $ 1,500     $ 4,500     $ 1,700  
Chief Financial Officer, Secretary and Treasurer     1,500       1,500       4,500       1,700  
    $ 3,000     $ 3,000     $ 9,000     $ 3,400  

 

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 Former Stockholders

 

From time to time, the former officers and stockholders of the Company provided advances to the Company for its working capital purposes. Those advances bore no interest and were due on demand.

 

The former officers of the Company advanced $26,731 to the Company for the period from April 1, 2014 through December 29, 2014, the date of change in control and the Company did not make any repayment toward these advances.

  

Forgiveness of Advances from Former Stockholders and Accrued Compensation – Former Officers

 

On December 29, 2014, pursuant to the terms of the Stock Purchase Agreements, the former officers and stockholders forgave advances of $26,731 and accrued compensation of $15,400, respectively or $42,131 in aggregate. This amount was recorded as contributions to capital and recognized in additional paid in capital.