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13. SUBSEQUENT EVENTS | 12 Months Ended
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Jun. 30, 2013
Subsequent Events [Abstract] |
13. SUBSEQUENT EVENTS | In July 2013, the Company issued 300,000 shares of common stock to a consultant related to a June 6, 2013 agreement. In July 2013, the Company issued 250,000 shares of common stock to a consultant for past services. The shares are fully vested and valued at $0.20 per share (based on current market bid price) and accordingly, the Company recognized an expense of $50,000 related to the share issuance. In July 2013, the Company issued 137,500 shares of common stock to a consultant in exchange for a $27,500 accounts payable relating to past services. The shares are fully vested and valued at $0.20 per share (based on current market bid price) and accordingly there was no gain or loss on this settlement. In July 2013, the Company issued 10,000 shares of common stock to a consultant for past services. The shares are fully vested and valued at $0.20 per share (based on current market bid price) and accordingly, the Company recognized an expense of $2,000 related to the share issuance. In July 2013, the Company issued 150,000 shares of common stock to a consultant for past services. The shares are fully vested and valued at $0.20 pre share (based on current market bid price) and accordingly, the Company recognized an expense of $30,000 related to the share issuance. In August 2013 pursuant to a loan agreement, the company was loaned $63,196 at 10% interest. In July and August 2013 the Company received an unsecured advances totaling $23,188 from the Company's Chief Executive Officer at no interest. In August 2013 the Company repaid $18,959 of unsecured loans to the Company’s Chief Executive Officer. On September 30, 2013 the Company’s subsidiary issued a Debenture for $139,683 (AUD$150,000) plus warrants for 3,000,000 common shares of the Company. The Company agreed to pay 12% interest on the principal amount and the maturity date is December 31, 2015. This debenture rolls into it $90,595 and $2,642 of previous loans and accrued interest and $46,446 of new cash received. The debenture is convertible only at the Company’s option into common stock at $0.0698 per share and is convertible at that same rate by the lender only upon default by the Company, as defined in the debenture. The fair value of the warrants is $403,500 and a debt discount attributable to the warrants of $103,763 has been recorded which is the relative fair value of such warrants. The fair value was determined using a Black-Scholes option pricing model with a stock price of $0.20, exercise price of $0.0698, volatility of 53% based on the comparative companies method since the Company’s stock is very thinly traded, an expected term of 27 months based on the debenture term and a risk free rate of 0.4%. This discount will be amortized over the debenture term. Since the debt is not convertible by the lender at the debenture date, there is no accounting for any conversion feature. On October 1, 2013, the Company agreed to issue 500,000 vested shares of common stock as non-refundable retainer in conjunction with a 90-day investment banking services agreement..The Company will pay the investment bank a customary cash and warrants success fee computed as a percentage of any capital raised.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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