NOTE 7 – RELATED PARTY TRANSACTION
For the years ended September 30, 2012 and 2011, the Company incurred rent expense of $6,900 and $6,900, respectively, for office space provided by its sole officer.
For the years ended September 30, 2012 and 2011, the Company issued promissory notes to FEQ Farms LLC, DIT Holdings, LLC, FEQ Realty LLC, and Capital Growth Investment Trust, stockholders of the Company, for advances to the Company to meet its working capital needs. Refer to Note 4 – Notes Payable for additional disclosure. After consummation of the transaction described below in October 2010, these parties became related parties due to the size of their holdings.
In October 2010, the Company issued 66,000 shares of its common stock for the cancellation of notes payable to FEQ Farms LLC and DIT Holdings, LLC and reduction in a note payable to Capital Growth Investment Trust. Refer to Note 5 – Capital Stock for additional disclosure.