Note 6 Related Party Transactions
On August 26, 2011 the Company acquired 100% of the outstanding shares of Cloud Data Corporation in exchange for 70,000,000 common shares of the Company (Note 3). The acquisition was considered a related party transaction as the Companys President and Director was also the President and Director of Cloud Data.
Included in amounts due to related parties as at December 31, 2011 is $10,911 (June 30, 2011 - $nil) owing to 722868 Ontario Ltd. for the amount payable that was assumed by the Company in the acquisition of the mineral claims from First Light.
The Company is indebted to shareholders for $4,600 as at December 31, 2011, (June 30, 2011 - $2,500), which is unsecured, non-interest bearing and is due on demand.