|
DUE TO DIRECTORS - RELATED PARTIES
|
6 Months Ended | |
|---|---|---|
|
Dec. 31, 2014
|
||
| Due to Related Parties [Abstract] | ||
| Due To Directors Related Party [Text Block] |
NOTE 3 – DUE TO DIRECTORS - RELATED PARTIES Due to directors - related parties represents unsecured advances made by the directors for operating expenses on behalf of the Company such as intellectual property and formation expenses. The expenses were paid for on behalf of the Company and are due upon demand. The Company is currently not being charged interest under these advances. The total amount owed these directors at December 31, 2014 and June 30, 2014 is $15,992 and $60,350 respectively. As part of the settlement and stipulation agreement (See Note 7), the Company reduced this liability by approximately $44,000 during the six months ended December 31, 2014. Subsequent to December 31, 2014, the balance was settled as part of a Debt Settlement Agreement (See Note 11). |