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6. SHORT-TERM BORROWINGS FROM BANKS | 12 Months Ended
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Jun. 30, 2014
Debt Disclosure [Abstract] |
NOTE 6 - SHORT-TERM BORROWINGS FROM BANKS | Short-term borrowings from banks consisted of the following as of:
|  | June 30, 2014 |  |  | June 30, 2013 |
Loan dated June 2011, due to a financial institution, with principal and monthly interest payments (interest rate of 8.90% per annum), and the original remaining balance due March, 2014, which was extended to March, 2015 (interest rate of 10.55% per annum as extended) |  | $ | 148,295 |  |  | $ | 139,134 |
Total |  | $ | 148,295 |  |  | $ | 139,134 |
The short-term borrowings from banks of $148,295 and $139,134 as of June 30, 2014 and 2013, respectively, resulted from the consolidation of FTI’s debt.

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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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