|
Note 5 - Related Party Transactions
|
12 Months Ended |
|---|---|
|
Mar. 31, 2012
|
|
| Related Party Transactions Disclosure [Text Block] |
Note
5 – Related Party Transactions
From
time to time the Company has received loans from BK
Consulting and Associates, P.C. (“BK
Consulting”) to fund operations at an 8% per annum
interest rate, due on demand. The
principal balance due were $699 and $680 at March 31,
2012 and 2011, respectively. In addition,
accrued interest of $8 and $32 existed at March 31, 2012
and 2011, respectively.
From
time to time, the Company’s CEO and founder, Janet
Somsen, advanced loans to the Company for operations at an
8% per annum interest date, due on demand. The
principal balances due were $6,876 and $5,007, at March 31,
2012 and 2011. In addition, accrued interest in
the amount of $618 and $94 existed at March 31, 2012 and
2011, bearing interest at 8% and due on demand from the
Company’s founder and CEO, Janet Somsen.
On
November 5, 2010, the Company issued 90,000,000
founder’s shares (post-split) at the par value of
$0.001 in exchange for proceeds of $18,000 to the
Company’s CEO. |
Zippy Bags Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - July 16, 2012
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