|9 Months Ended|
Mar. 31, 2016
|Financing Receivables [Text Block]||
NOTE 4 LOANS
Loans from Directors and Officer - Related Parties
Loans from Directors and an Officer at March 31, 2016 and June 30, 2015 were $56,743 and $79,416, respectively. The loans bear no interest and are all past their due date and in default. The Company repaid cash of $21,491 (AUD$29,744) of these loans during the nine months ended March 31, 2016.
Other Loans from Unrelated Parties
As of June 30, 2015, other loans from unrelated parties balance was $27,558. During the nine months ended March 31, 2016, the Company repaid cash of $23,843 (AUD$33,000) and a foreign currency transaction gain of $1,415 resulting in a balance of $2,300 as of March 31, 2016.
The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets.
Reference 1: http://www.xbrl.org/2003/role/presentationRef