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4. LOANS
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6 Months Ended |
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Dec. 31, 2013
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| Debt Disclosure [Abstract] | |
| NOTE 4 - LOANS |
Loans from Directors and Officer - Related Parties
Loans from Directors and Officer at December 31, 2013 and June 30, 2013 were $116,552 and $130,689, respectively. The loans bear interest at rates of prime + 2% (5.25% at December 31, 2013) and are all past their due date and in default.
During the six months ended December 31, 2013, the officer of the Company advanced approximately $24,000 to pay corporate expenses and was repaid for current and prior advances approximately $37,000 during the same period. The balance due this officer at December 31, 2013 is included in the above $116,552.
Loans from Unrelated Parties
Loans from two unrelated parties were received during fiscal 2013 totaling $23,742. They bear interest at 10% and as of December 31, 2013 were past their due date and in default.
A loan from an unrelated party with a September 30, 2013 balance of $27,963 was exchanged for a convertible debenture as discussed below in note 5. |