NOTE 4 - RELATED PARTY TRANSACTIONS

12 Months Ended

Jun. 30, 2020

Notes

NOTE 4 - RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

As of June 30, 2020 and 2019, the Company has recorded $42,359 and $28,458, respectively, in accounts payable to related parties for accrued interest from the related party loans payable below.

Related Party Loans Payable

As of June 30, 2020, the Company had outstanding the following loans payable due to a Company Director:

Date	Loan amount in EURO	Loan amount converted into USD	Interest rate	Interest in USD	Due
March 06, 2015	100,000	112,467	5%	28,927	June 30, 2020
December 12, 2017	25,000	28,117	2%	1,434	on demand
January 19, 2018	25,000	28,117	2%	1,376	on demand
March 13, 2018	25,000	28,117	2%	1,294	on demand
July 16, 2018	25,000	28,117	2%	1,102	on demand
September 10, 2018	25,000	28,117	2%	1,015	on demand
October 04, 2018	25,000	28,117	2%	978	on demand
December 27, 2018	25,000	28,117	2%	849	on demand
January 21, 2019	15,000	16,870	2%	486	on demand
February 26, 2019	25,000	28,117	2%	755	on demand
March 20, 2019	25,000	28,117	2%	721	on demand
April 08, 2019	20,000	22,493	2%	553	on demand
May 09, 2019	30,000	33,740	2%	773	on demand
June 21, 2019	30,000	33,740	2%	693	on demand
September 17, 2019	20,000	22,493	2%	354	on demand
October 04, 2019	20,000	22,493	2%	333	on demand
October 30, 2019	20,000	22,493	2%	301	on demand
January 08, 2020	10,000	11,247	2%	107	on demand
February 20, 2020	10,000	11,247	2%	81	on demand
March 06, 2020	15,000	16,870	2%	107	on demand
April 01, 2020	10,000	11,247	2%	55	on demand
May 05, 2020	15,000	16,870	2%	52	on demand
June 10, 2020	10,000	11,247	2%	12	on demand
Total	550,000	618,568		42,359

On September 17, 2019, October 04, 2019, October 30, 2019, January 08, 2020, February 20, 2020, March 06, 2020, April 01, 2020, May 05, 2020 and on June 10 2020 a Company Director advanced amounts totaling Euros 130,000 ($146,207 as of June 30, 2020) to the Company.  The loans are due on demand, accrue interest annually at 2% and are unsecured.  

As of June 30, 2020, the notes have total interest accrued of $42,359.  

Interest expense for the years ended June 30, 2020 and 2019 was $14,023 and 9,850, respectively.