v2.4.1.9

NON-CONVERTIBLE DEBT | 9 Months Ended
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Mar. 31, 2015
NON-CONVERTIBLE DEBT: |
NON-CONVERTIBLE DEBT | 5. NON-CONVERTIBLE DEBT The Company issued the following Note Payables. All Notes of these Notes were issued at their majority-owned and consolidated Village Tea and STI subsidiaries 2013 Ten separate notes form an investor were received in 2013 as follows:
Date Issued |  | Maturity Date |  | Interest rate |  | Amount
February 23, 2013 |  | June 30, 2014 |  | 10% |  | $ | 100,000
February 27,2013 |  | June 30, 2014 |  | 8% |  | $ | 1,500
March 14, 2013 |  | June 30, 2014 |  | 8% |  | $ | 6,500
April 23,2013 |  | June 30, 2014 |  | 8% |  | $ | 5,000
May 9, 2013 |  | June 30, 2014 |  | 8% |  | $ | 10,000
June 30, 2013 |  | June 30, 2014 |  | 8% |  | $ | 7,500
July 11, 2013 |  | June 30, 2014 |  | 8% |  | $ | 10,000
July 29, 2013 |  | June 30, 2014 |  | 8% |  | $ | 10,000
August 23, 2013 |  | June 30,2014 |  | 8% |  | $ | 13,000
August 29, 2013 |  | June 30, 2014 |  | 10% |  | $ | 9,000
Various* |  | On demand |  | -0-% |  |  | 12,184
Total for 2013 |  |  |  |  |  | $ | 184,684
*- These notes are from employees and are non- interest bearing and unsecured. 2012 An investor lent the Company $80,000 for operating expenses throughout the year. These expenses were put forth in a note that matures on January 1, 2015 and carries no interest. 2011 Beverley Reif lent the Company $100,000 on March 15, 2011. The note bore an interest rate of 5% and matured on September 15, 2011. If the note were not paid by maturity, the interest rate would increase to 18%. Dana Pope lent the Company $57,000 on March 15, 2011. The note bore an interest rate of 5% and matured on September 15, 2011. If the note were not paid by maturity, the interest rate would increase to 18%. Both of these notes are currently subject to a litigation. See footnote 9 below. An investor lent the Company $60,000 for operating expenses throughout the year. These expenses were put forth in a note that matures on January 1, 2015 and carries no interest. Non-Convertible Debt Summary
2011 notes |  | $ | 217,000
2012 notes |  |  | 80,000
2013 notes |  |  | 184,684
Total Non-Convertible Debt |  | $ | 481,684

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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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