ENTEST BIOMEDICAL, INC. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - February 1, 2013

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UNITED FIRE GROUP INC - 8-K, Other Events Financial Statements and Exhibits
v2.4.0.6
RELATED PARTY TRANSACTIONS
 12 Months Ended
Aug. 31, 2012
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

 NOTE 6.  RELATED PARTY TRANSACTIONS

 

During the quarter ended November 30, 2011 David Koos made loans to the Company totaling $8,400. These loans are due and payable at the demand of David  Koos and bear simple interest at a rate of 15% per annum.

 

During the quarter ended February 29, 2012 David Koos made loans to the Company totaling $7,550. These loans are due and payable at the demand of David  Koos and bear simple interest at a rate of 15% per annum.

 

During the quarter ended February 29, 2012 David Koos granted to the Sherman Family Trust, an irrevocable trust for the benefit of Blossom Sherman, all rights to and interest in $25,956 in unpaid indebtedness owed by the Company (bearing simple interest at a rate of 15% per annum and due and payable at the demand of the holder) as well as $3,051 in unpaid interest owed by the Company.

 

During the quarter ended May 31, 2012 David Koos made loans to the Company in the amount of  $13,625. These loans are due and payable at the demand of David  Koos and bear simple interest at a rate of 15% per annum

 

As of August 31, 2012 the Company remains indebted to David R. Koos in the principal amount of $30,180 due and payable at the demand of David  Koos and bearing simple interest at a rate of 15% per annum

 

As of August 31 , 2012 Bio-Matrix Scientific Group, Inc. (“BMSN”) , a major shareholder of the Company, is indebted to the Company in the amount of $39,140. This amount is non interest bearing and is due at the demand of the Company.

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