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Related Party Transactions
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6 Months Ended |
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Mar. 31, 2014
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| Related Party Transactions [Abstract] | |
| Related Party Transactions |
10. Related Party Transactions
To ensure that the Company has adequate near-term liquidity, the officers of the Company have loaned the Company short-term loans. In most cases, the loans are for less than 30 days and no interest is expensed or paid to the officers. As of March 31 2014, there was an outstanding loan payable to an officer in the amount of $185,000. This amount has been recorded as a component of Other Current Liabilities as of March 31, 2014. The entire payable was paid subsequent to March 31, 2014.
The above related party transaction is not necessarily indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent parties.
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- Details
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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