v3.10.0.1
Notes Payable - Related Party
12 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Note 3 - Notes Payable - Related Party

During the years ended June 30, 2018 and 2017, the Company borrowed $412,000 and $255,000, respectively, from a current shareholder. Interest on these notes accrues at 5% and is payable in full at maturity. The notes mature in February of 2020. The Company has accrued interest expense of $92,509 and $81,414 during the years ended June 30, 2018 and June 30, 2017, respectively, on these notes. The oil and gas properties in Southeast Texas serve as collateral on these notes.

 

An officer of the Company loaned an additional $87,816 at 0% interest during the year ended June 30, 2018 resulting in a total balance of $87,816 as of June 30, 2018.

 

In addition during the year ended June 30, 2018, the Company borrowed $4,000 from an individual investor. Interest on these notes accrues at 2.50% and is payable in full at maturity. The notes mature in April of 2019. The Company has accrued interest expense of $478 during the year ended June 30, 2018 on these notes.