Notes Payable - Related Parties

6 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Note 5 - Notes Payable - Related Parties

The Company has received advances in the form of unsecured promissory notes from stockholders. The original date of these advances was November 2009, March 2011 and October 2011. These notes bear interest at rates up to 10% and are due on demand. As of March 31, 2012 and September 30, 2011, such notes payable amounted to $40,000 and $25,000, respectively. Accrued interest on the notes amounted to $18,446 and $16,885 at March 31, 2012 and September 30, 2011, respectively, and is included in accrued expenses. Interest expense on these notes for the six months ended March 31, 2012 and 2011 amounted to $1,562 and $1,365, respectively. No demand for payment has been made as of March 31, 2012.