RELATED PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Sep. 30, 2024 | |
| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS | Note 5 – RELATED PARTY TRANSACTIONS
In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such a time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.
Between October 4, 2019 (Inception) through December 31, 2023, the Company’s former sole officer and director loaned the Company $58,209 to pay for incorporation costs and operating expenses. Following the sale of 3,000,000 shares of the Company’s Common Stock, effective February 14, 2023 (see Note 4), the Control Group assumed all rights, title and interest in this loan. On January 24, 2024, the shareholder forgave the loan, converting it into addition paid-in capital.
Since the ownership change effective February 15, 2024 (see above), to cover certain operating expenses and cash position of the company, the current shareholders advanced funds to the Company in form of short-term shareholder loans. As of September 30, 2024, the outstanding balance of these short-term shareholder loans was $87,147. These loans are unsecured, non-interest bearing, and payable upon demand. |