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Notes Payable | 12 Months Ended
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Jun. 30, 2015
Notes Payable [Abstract] |
NOTES PAYABLE | NOTE 4 - NOTES PAYABLE In May 2014, the Company entered into a note for approximately $77,850 to finance its director and officer insurance policy. At June 30, 2014, the Company owed approximately $58,400 in connection with this note payable and the interest rate was 3.4% per annum. This policy was cancelled and replaced in July 2014, whereby the Company financed another director and officer insurance policy and entered into a note for approximately $293,200. This note was fully paid during the year and it had an interest rate of 3.0% per annum. In June 2015, the Company entered into a note for approximately $263,800 and renewed its director and officer insurance policy. The interest rate is 2.8% per annum. At June 30, 2015, the note payable balance outstanding was approximately $263,800.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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- References No definition available. + Details
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