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SUBSEQUENT EVENTS
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6 Months Ended | |
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Dec. 31, 2014
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| Subsequent Events [Abstract] | ||
| Subsequent Events [Text Block] |
NOTE 11 – SUBSEQUENT EVENTS Subsequent to December 31, 2014, the Company received payment of the Note Receivable of $50,000 that offsets the Back-End Note that was issued on May 30, 2014. Proceeds from the Note Receivable of $7,779, $2,500 and $5,000 were paid directly to the stock transfer agent, legal fees and capital raising fees respectively resulting in net cash proceeds of $34,721 received by the Company. This Back-End Note is related to the initial convertible note that was issued on May 30, 2014 and has the same terms. As a result, the Back-End Note is now eligible for conversion at a rate of 55% of the lowest trading bid price of the Company’s common stock for the ten prior trading days including the date upon which the conversion notice was received. On January 30, 2015, the Company entered into a Settlement and Lock-up Agreement with a lender whereby the Company will issue 10,000,000 shares of common stock as settlement of a $50,000 promissory note issued on July 18, 2014 in connection with an Equity Purchase Agreement of the same date and a $25,000 convertible promissory note issued in connection with a Settlement and Stipulation Agreement dated May 2014. The Company will value the common stock at a price of $0.0025 per share based on the last private placement purchase price per share which will result in the Company recording a gain of $50,000 as a result of this settlement. On February 4, 2015, the Company entered into a Debt Settlement Agreement with a director whereby the Company will issue 33,259,350 shares of common stock as settlement of the balance due to director. The Company will value the common stock at a price of $0.0025 per share based on the last private placement purchase price per share which will result in the Company recording a loss of $51,528 as a result of this settlement. On February 4, 2015, the Company entered into a Debt Settlement Agreement with a director whereby the Company will issue 17,654,470 shares of common stock as settlement of the balance due to director. The Company will value the common stock at a price of $0.0025 per share based on the last private placement purchase price per share which will result in the Company recording a loss of $27,411 as a result of this settlement. |