LEASE AGREEMENTS

12 Months Ended

Jun. 30, 2014

NOTE 16 - LEASE AGREEMENTS

During the fiscal years June 30, 2014 and 2013, rent expense was $70,055 and $61,523, respectively. Effective July 1, 2013 the Company entered into a lease agreement whereby the Company is the lessee of office space. The agreement expires on June 30, 2018, and monthly payments are $2,500. Future minimum lease payments are as follows:

2015	$	30,000
2016		30,000
2017		30,000
2018		30,000
	$	120,000

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References+ Details