RELATED PARTY TRANSACTIONS
|6 Months Ended|
May. 31, 2015
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
As of May 31, 2015, the Company owed a member of the Board of Directors $2,072 for expense reimbursement. The amount due for expense reimbursement is non-interest bearing, due upon demand and unsecured.
As of May 31, 2015, the Company owed MCKEA Holdings, LLC $2,820. Amount is due for both expense reimbursement and short term loans that were made to cover certain operating expenses. The amount due is non-interest bearing, due upon demand and unsecured.
During the six months ended May 31, 2015, the Company sold $33,783 in products to Vape Nation, generating 87.3% of its revenue. Vape Nation, is 50% owned by MCKEA Holdings, LLC. MCKEA Holdings, LLC is the majority member of Philou Ventures, LLC, which is our controlling shareholder. Kristine L. Ault is the Manager of MCKEA Holdings, LLC and the wife to the Chairman of Avalanche International, Corp.
Cross Click Media, Inc. performs sales, marketing, and investor relation services for the Company. As of May 31, 2015, we have paid approximately $196,000 for these services. As of May 31, 2015 and November 30, 2014, we had accounts payable due to CrossClick Media of $37,901 and $88,572, respectively. MCKEA Holdings, LLC is the controlling shareholder of Cross Click Media, Inc. MCKEA Holdings, LLC is also the majority member of Philou Ventures, LLC, which is our controlling shareholder.
During the six months ended May 31, 2015, the Company loaned Cross Click Media, Inc. $150,000. Although the final details are still being negotiated, that the basic terms of the loan consists of a two-year term and interest at 10% per annum to increase after the first six months. The loan was made as an investment into certain business opportunities that CrossClick Media, Inc. has with its new ad-wheel product/technology.
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