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LOANS
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12 Months Ended | |
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Jun. 30, 2014
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| Receivables [Abstract] | ||
| Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
NOTE 5 – LOANS Loans from Directors - Related Parties Loans from Directors and Officer at June 30, 2014 and 2013 were $161,975 and $130,689, respectively. The loans bear interest at rates of prime + 2% (5.25% at June 30, 2014) and are all past their due date and in default. Other Loans from Unrelated Parties Loans from two unrelated parties were received during 2013 totaling $33,614. They bear interest at 10% and as of June 30, 2014 one was past its due date and in default and the other, with a September 30, 2013 balance of $27,963 was exchanged for a convertible debenture as discussed below in Note 6. Accrued interest was $994 at June 30, 2014. A loan from an unrelated party was received during the year ended June 30, 2014 totaling $9,419. It bears interest at 10%. Accrued interest was $425 at June 30, 2014. A Loan from an unrelated party was received during the year-ended June 30, 2014 totaling $18,839 and is non-interest bearing. |