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Notes Payable
 12 Months Ended
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.