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NOTES PAYABLE
9 Months Ended
Jun. 30, 2011
Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 5. NOTES PAYABLE


The Company has entered into note agreements with various individual lenders to fund a concert by Michel Legrand (the Concert).  The notes earn 0% interest and are collateralized by a 2.5% of the outstanding shares of Valencia for every $25,000 borrowed. In addition, for every $25,000 borrowed, the note  holder  receives  2.5%  of  the  net  profits of  the Concert (after all  costs  related  to  the  Concert  are  recovered).  

 

The Company incorporated a wholly-owned subsidiary on May 31, 2011 named Five Platters, Inc. (“Platters”) in the state of Nevada. Platters mission is to digitize the audio and film library owned by the Company and to license the rights of the library content. In a financing agreement by and among the Company and Platters, and Tri-Partners, LLC, a New Jersey limited liability company, Tri-Partners agreed to provide a $600,000 loan to Platters to fund the facilitation of the transfer of the audio library to digital media along with other related uses, provided that the Company guarantees repayment of the loan proceeds. The loan bears interest of 0.46% per annum and is due on or before June 19, 2013. The loan amounts are to be provided in three $200,000 tranches; the first tranche occurring upon signature of the agreement with the second tranche to be provided September 11, 2011, and the final on January 1, 2012.

As of June 30, 2011, the balance owed all lenders was $1,323,890.