Maison Luxe Inc (MASN)

[sam1933]

Murphy still owns half of the company and he obviously knows how to keep the operation moving,and converting based on Cash Flows from Operating Activities and pps
Net (loss) Income $ (24,562)


Note 4. Extinguishment of Debt
On December 23, 2011, the company entered into a settlement agreement with one of its lenders to extinguish a loan
outstanding. The principal balance of the loan at the time of the extinguishment was $460,410 with related accrued
interest of $4,676. Two related parties (see note 6) loaned $225,704 to the company to settle the debt. The difference
of $239,382 was recorded as a gain on extinguishment of debt.

Note 5. Related Party Transactions
On December 23, 2011, the Company borrowed $225,704 from two shareholders (Michael R Murphy and Thomas
E. Kubik) to settle debt with a lender (see note 5). The terms of the agreement are in a noninterest bearing Note and
due on demand.

Note 6. Notes Payable
On December 30, 2011 the company enter into a note with Michael R. Murphy for half of the company borrowed
amount $225,704 (see note 5 and 6) in the amount of $112,852 with a balance of $49,480 as of the date of this
filling.

if converted in full will = about 50% of 950 million a/s