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Related Party Transactions
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9 Months Ended |
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Jun. 30, 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.
On May 29, 2014, the Company entered into a settlement agreement with the former Chief Executive Officer of the Company under which the Company agreed to pay a total of $51,850 as settlement in full of certain disputes among the parties. Pursuant to the agreement, the payment was to be made within fifteen days of executing the agreement in full. Subsequently, it was mutually agreed that the payments would be made in two installments. The first payment of $20,000 was to be paid by July 3, 2014 and the final payment by July 31, 2014. Both payments were made by the Company.
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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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