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10 Loan Payable - Related Parties
 12 Months Ended
Jun. 30, 2015
Notes  
10 Loan Payable - Related Parties

10                LOAN PAYABLE – RELATED PARTIES

 

Loan payable – related parties consists of loans from shareholders, officers, and other related parties, bearing interest at an average rate of 10.0% and 13.94% per annum as of June 30, 2015 and 2014, respectively. Loans will mature as follows:

 

 

 

June 30,

 

 

 

2015

 

 

2014

 

Within one year

 

 $

5,793

 

 

 $

1,084,248

 

 

1 – 2 years

 

 

8,158

 

 

 

-

 

 

2 – 3 years

 

 

 

 

 

 

6,146,803

 

 

Total

 

 

13,951

 

 

 

7,231,051

 

 

Less current portion

 

 

(5,793

) 

 

 

(1,084,248)

 

 

 

 

 $

8,158

 

 

 $

6,146,803