Quarterly report pursuant to Section 13 or 15(d)

5. Related Party Transactions

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5. Related Party Transactions
3 Months Ended
Jun. 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 three months ended June 30, 2015 and 2014 were as follows:

 

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

 

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 by certain common management and control, grants advances to the Company from time to time, and the advances are non-interest bearing. The total advances amounted to $3,798 and $12,448 as of June 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. The loan is unsecured and due on demand. The outstanding balance was $100,000 at March 31, 2015, with accrued interest payable of $1,726 and $479 as of June 30, 2015 and March 31, 2015, respectively.

 

Loan from related party

 

On February 1, 2015, the Company borrowed $20,000 from an entity related by certain common management and control. This loan is a demand loan payable upon the demand of the lender. The interest rate will accrue at 0.48% interest per annum and is unsecured. The outstanding balance for this loan was $20,000 at March 31, 2015. This loan 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 by certain common management and control, in the 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 June 30, 2015, the outstanding balance was $959,925 with accrued interest payable of $241 at June 30, 2015.