NOTE 5 – LOANS AND NOTES PAYABLE

Loans from Directors and Officer - Related Parties

Loans from Directors and Officer at June 30, 2017 and June 30, 2016 were $56,802 and $54,767, respectively. The loans bear no interest and are all past their due date and in default. The Company repaid cash of $21,660 ($29,744 AUD) on these loans during the year ended June 30, 2016. The Company did not repay any amount on these loans during the year ended June 30, 2017.

Other Loans from Unrelated Parties

As of June 30, 2017 and June 30, 2016, other loans from unrelated parties had a balance of $2,303 and $2,220, respectively. As of June 30, 2015 the loan balance from other unrelated parties was $27,558 and consisted of three loans, two of which had an interest rate of 10% and one that bore no interest. During the year ended June 30, 2016, the Company repaid cash of $24,031 for these loans ($33,000 AUD) and a foreign currency transaction gain of $392. The Company did not repay any money toward these loans and a foreign currency transaction loss of $83 was recorded in connection with these loans for the year ended June 30, 2017.