RELATED PARTY TRANSACTIONS	12 Months Ended
Jun. 30, 2012
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 3 – RELATED PARTY TRANSACTIONS During the year ended June 30, 2012, a director advanced loans in the amount of $30,542 (2011 - $23,588). These loans are non-interest bearing, unsecured and have no stated terms of repayment. In the fiscal 2012 year, consulting fees of $15,000 to an officer were recognized in operations (2011- $28,672 to one officer and one director) for services rendered. In the fiscal 2011 year, the Company converted loans payable outstanding to related parties in the amount of $153,238, to shares of common stock of the Company. The former Chairman and CEO until November 4, 2010, had loans in the amount of $37,675 converted to 376,751 common shares at $0.10 each. The former CFO, and currently Chairman, CEO and CFO, converted loans of $79,051 to 790,508 common shares at $0.10 each and a director converted loans of $36,513 to 365,126 common shares at $0.10 each. The loans converted represented funds only advanced to the Company and did not include any interest or other charges.

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details