11. RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Jun. 30, 2013
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Notes to Financial Statements | |
11. RELATED PARTY TRANSACTIONS |
Since inception, Propanc Health Group Corporation has conducted transactions with directors and director related entities. These transactions included the following:
As of June 30, 2013 and 2012, the Company owed certain directors a total of $130,689 and $75,177 respectively, for money loaned to the Company throughout the years. The loan balance owed at June 30, 2013 was not interest bearing.
From Inception through June 30, 2009, the Company issued 51,300,000 shares of common stock to its directors for cash. (See Note 9)
In March 2008, the company entered into a distribution agreement with a related party company controlled by a Director. As a result, the Company sold product to this related party and recorded $28,317 and $2,657 in revenue for the years ended June 30, 2008 and 2009 respectively.
As of June 30, 2013 and 2012, the Company owed two directors a total of $57,237 and $63,668, respectively, related to expenses incurred on behalf of the Company related to corporate startup costs and intellectual property.
From inception, common shares were sold to and offering costs paid to certain related parties. (See Note 9)
On May 13, 2010, $534,856 of accrued interest and loans from directors were converted into 3,305,615 shares of the Companys common stock. (See Note 9)
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