Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

v2.4.0.8
RELATED PARTY TRANSACTIONS
 9 Months Ended
Jul. 31, 2014
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
NOTE 7 -  RELATED PARTY  TRANSACTIONS
 
Notes Payable – Related Party
 
Notes payable, from related parties, at July 31, 2014 and October 31, 2013 consisted of:
 
 
  
July 31, 2014
    
October 31, 2013
  
On March 13, 2013 an officer, director, and shareholder of the Company sold his tractor and trailer to the Company for a $25,000 unsecured, non-interest bearing Promissory Note, due March 12, 2015
  
$
22,400
    
$
25,000
  
 
                
On January 11, 2013 and as extended on June 11, 2014, we issued an eighteen-month, $32,000 fixed rate Promissory Note payable (the "note") to a Director, who is also an Officer and shareholder, with an interest rate of 8%, which matures on June 10, 2015.  The note was issued for the financing of a tractor and trailer, to be used for the benefit of the Company. The note calls for monthly payments of $1,829.49, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
    
 
 
 
 
 
 
 
 
8,372
      
 
 
 
 
 
 
 
 
22,238
  
 
                
Total notes payable
  
$
30,772
    
$
47,238
  
Less current portion of notes payable
    
(30,772
)
    
(47,238
)
 
                
Long-term portion of notes payable
  
$
-
    
$
-
  
 
During the periods ended July 31, 2014 and 2013, the Company recorded interest expense of $1,493 and made $1,523 in payments on the notes.
 
Other
 
The officers and directors of the Company may be involved in other business activities and may, in the future, become involved in other business opportunities that become available. He may face a conflict in selecting between the Company and other business interests. The Company has not formulated a policy for the resolution of such conflicts.
 
The Company does not own or lease property or lease office space. The office space used by the Company was arranged by the founder of the Company to use at no charge.
The Company does not have employment contracts with its two key employees, the controlling shareholders, who are officers and directors of the Company.
 
The controlling shareholders and management have pledged support to fund continuing operations through temporary loans to meet the Company's cash flow requirements; however there is no written commitment to this effect.  The Company is dependent upon the continued support of these parties until such time that the Company receives adequate equity capital or other long-term financing.
 
The amounts and terms of the above transactions may not necessarily be indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent third parties.