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RELATED PARTY TRANSACTIONS
12 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE N - RELATED PARTY TRANSACTIONS

 

The Company had been financing its operations from loans from individuals, principally residents of China, who are deemed to be related parties because of their ownership interest in the Company (shareholders). The individuals have loaned the Company funds which are interest free, have no specific repayment date, and are unsecured. The funds received are evidenced by receipt of cash acknowledgments. At June 30, 2015 and June 30, 2014 funds borrowed to fund the current operations of the Company were $1,593,996 and $1,389,124, respectively. In accordance with FASB ASC 835-30, the Company has imputed an interest charge of $132,147 and $108,548 which has been recorded in the financial statements for the years ended June 30, 2015 and 2014, respectively.

 

At June 30, 2015 and 2014, the Company had receivables from related parties aggregating $7,703 and $11,900, respectively.