Annual report pursuant to Section 13 and 15(d)

LOANS

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LOANS
12 Months Ended
Jun. 30, 2014
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.
 
Accordingly, other loans totaled $33,909 at June 30, 2014.