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11. RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Jun. 30, 2012
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| Related Party Transactions [Abstract] | |
| 11. RELATED PARTY TRANSACTIONS |
Since inception, Propanc Health Group Corporation has conducted transactions with directors and director related entities. These transactions included the following:
As of June 30, 2012 and 2011, the Company owed certain directors a total of $75,177 and $78,403 respectively, for money loaned to the Company throughout the years. The loan balance owed at June 30, 2012 was not interest bearing.
From Inception through June 30, 2009, the Company issued 51,300,000 shares of common stock to its directors for cash. See Note 9.
In March 2008, the company entered into a distribution agreement with a related party company controlled by a Director. As a result, the Company sold product to this related party and recorded $28,317 and $2,657 in revenue for the years ended June 30, 2008 and 2009 respectively.
As of June 30, 2012 and 2011, the Company owed two directors a total of $63,668 and $66,400, respectively, related to expenses incurred on behalf of the Company related to corporate startup costs and intellectual property.
From inception, common shares were sold to and offering cost paid to certain related parties. (See Note 9)
On May 13, 2010, $534,856 of accrued interest and loans from directors were converted into 3,305,615 shares of the Company’s common stock. See Note 8.
On May 13, 2010, an officer and director of the Company transferred 1,855,487 of his own personal shares to a related party trust in exchange for services rendered. The wife of the Company's Chief Executive Officer is a beneficiary of the trust and the wife's parents control the trust ("related party trust"). See Note 9. |