Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES

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COMMITMENTS AND CONTINGENCIES
12 Months Ended
Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
NOTE 9 – COMMITMENTS AND CONTINGIENCIES
 
Legal Matters
 
From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business.  As of June 30, 2014, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations.
 
Operating Agreements
 
In November 2009, the Company entered into a commercialization agreement whereby the Company agreed to pay royalties of 2% of net revenues.  Additionally, the Company agreed to pay 5% of each and every license agreement subscribed for.  The contract is cancellable at any time by either party.  To date, no amounts are owed under the agreement.
 
Operating Leases
 
In September 2009, the Company entered into a month to month lease agreement with monthly rent at $1,016 per month which in fiscal 2012, became subject to a 3.5% escalation clause or $1,052 per month. In July 2013, the Company moved to new premises. No formal agreement has been entered regarding leasing of the new office space and no amounts have been paid, but an accrued  liability at June 30, 2014 of $11,303 has been recognized in anticipation of a month to month agreement retroactive to July 1, 2013 at $942 per month.
 
Rent expense for the years ended June 30, 2014 and 2013 were $11,016 and $13,074 respectively.