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6. LOANS | 12 Months Ended
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Jun. 30, 2013
Notes to Financial Statements |
6. LOANS | Loans from Directors - Related Parties Loans from Directors and Officer at June 30, 2013 and 2012 were $130,689 and $75,177, respectively. The loans bear interest at rates of prime + 2% (5.25% at June 30, 2013) and are all past their due date and in default. Loans from Unrelated Parties Loans from two unrelated parties were received during 2013 totaling $32,879. They bear interest at 10% and as of June 30, 2013 were past their due date and in default. (See Note 13)

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