SILVERSTAR MINING CORP. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - January 14, 2013

Balance at

30 September 2012

Balance at

30 September 2011

A demand loan issued to a shareholder bearing interest at a rate of 10% per annum on any unpaid principle balances, unsecured, and having no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. In addition, the Company will issue 250 common shares in the Company upon repayment of the loan (Note 14). During the year ended 30 September 2012, the Company accrued interest expense of $3,008 (30 September 2011 - $3,096). The balance as at 30 September 2012 consists of principal of $30,000 (30 September 2011 - $30,000) and accrued interest of $8,693 (30 September 2011 - $5,685). 

A demand loan issued to a shareholder who is also the Company’s sole officer and director bearing interest at a rate of 10% per annum on any unpaid principle balances, unsecured, and having no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2012, the Company accrued interest expense of $250 (30 September 2011 - $250). The balance as at 30 September 2012 consists of principal of $2,500 (30 September 2011 - $2,500) and accrued interest of $595 (30 September 2011 - $345).

During the year ended 30 September 2011, the Company accepted a demand loan from a shareholder bearing interest at a rate of 9% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2012, the Company accrued interest expense of $1,552 (30 September 2011 – $1,209) (Note 11). The balance as at 30 September 2012 consists of principal of $17,184 (30 September 2011 – $17,184) and accrued interest of $2,760 (30 September 2011 – $1,208).

During the year ended 30 September 2011, the Company accepted a demand loan from a shareholder bearing interest at a rate of 9% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2012, the Company accrued interest expense of $1,444 (30 September 2011 – $978) (Note 11). The balance as at 30 September 2012 consists of principal of $16,000 (30 September 2011 – $16,000) and accrued interest of $2,422 (30 September 2011 – $978).

During the year ended 30 September 2011, the Company accepted a demand loan from a shareholder bearing interest at a rate of 9% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2012, the Company accrued interest expense of $1,444 (30 September 2011 – $744) (Note 11). The balance as at 30 September 2012 consists of principal of $16,000 (30 September 2011 – $16,000) and accrued interest of $2,188 (30 September 2011 – $744). 

During the year ended 30 September 2011, the Company accepted a demand loan from a shareholder bearing interest at a rate of 9% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2012, the Company accrued interest expense of $1,264 (30 September 2011 – $207) (Note 11). The balance as at 30 September 2012 consists of principal of $14,000 (30 September 2011 – $14,000) and accrued interest of $1,471 (30 September 2011 – $207).

During the year ended 30 September 2011, the Company accepted a demand loan from a shareholder bearing interest at a rate of 9% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2012, the Company accrued interest expense of $1,444 (30 September 2011 – $110) (Note 11). The balance as at 30 September 2012 consists of principal of $16,000 (30 September 2011 – $16,000) and accrued interest of $1,554 (30 September 2011 – $110).

During the quarter ended 30 June 2012, the Company accepted a demand loan from a third part bearing interest at a rate of 10% per annum on any unpaid principle balances. The demand loan is unsecured and has no fixed terms of repayment. The Company may repay principal amounts due at any time without premium or penalty. During the year ended 30 September 2012, the Company accrued interest expense of $468 (30 September 2011 – $Nil). The balance as at 30 September 2012 consists of principal of $15,000 (30 September 2011 – $Nil) and accrued interest of $468 (30 September 2011 – $Nil).