PROMISSORY NOTE PAYABLE

12 Months Ended

Jun. 30, 2012

Promissory Note Payable [Abstract]

Promissory Note Payable

6. PROMISSORY NOTE PAYABLE

On December 31, 2011, the Company entered into a promissory note agreement with Jasper Rubber Products, Inc. for $235,129, which bears interest at 18% annually. Any unpaid principal and unpaid accrued interest is due December 30, 2012, the maturity date. Any payments made during the year shall be first applied to unpaid accrued interest, then to the reduction of principal and finally to any other accounts payable balances owing at the time of payment.

During the year ended June 30, 2012, $127,804 was repaid by the Company and applied towards accrued interest and principal. Interest expense accrued and paid was $16,370.