LOANS |
6 Months Ended | |
|---|---|---|
Dec. 31, 2015 | ||
| Receivables [Abstract] | ||
| Financing Receivables [Text Block] |
NOTE 4 – LOANS Loans from Directors and Officer - Related Parties Loans from Directors and an Officer at December 31, 2015 and June 30, 2015 were $54,005 and $79,416, respectively. The loans bear no interest and are all past their due date and in default. The Company repaid cash of $21,500 (AUD$29,744) of these loans during the six months ended December 31, 2015. Other Loans from Unrelated Parties As of June 30, 2015, other loans from unrelated parties balance was $27,558. During the six months ended December 31, 2015, the Company repaid cash of $23,852 (AUD$33,000) and a foreign currency transaction gain of $1,517 resulting in a balance of $2,189 as of December 31, 2015. |