Quarterly report pursuant to Section 13 or 15(d)

Loans and Notes Payable

v3.7.0.1
Loans and Notes Payable
9 Months Ended
Mar. 31, 2017
Notes and Loans Payable [Abstract]  
Loans and Notes Payable

NOTE 4 – LOANS AND NOTES PAYABLE

 

Loans from Directors and Officer - Related Parties

 

Loans from Directors and Officer at March 31, 2017 and June 30, 2016 were $56,521 and $54,767, respectively. The loans bear no interest and are all past their due date and in default. The Company did not repay any amount on these loans during the nine months ended March 31, 2017.

 

Other Loans from Unrelated Parties

 

As of March 31, 2017 and June 30, 2016, other loans from unrelated parties had a balance of $2,291 and $2,220, respectively. The Company did not repay any money toward these loans and a foreign currency transaction loss of $71 was recorded in connection with these loans for the nine months ended March 31, 2017.