LOAN PAYABLE

6 Months Ended

Dec. 31, 2011

Notes to Financial Statements

LOAN PAYABLE

7. LOAN PAYABLE

Loan payable consists of followings:

$48,337 (June 30, 2011 - $45,540) was payable to ATP Corporate Services Corp. which $40,274 was the result of the assignment of amounts due to related parties on July 1, 2010. Commencing July 1, 2010, this loan payable bears interest at 12% per annual which is unsecured and due on demand. During the six months ended December 31, 2011, the Company incurred and accrued interest expense of $2,797 (six months ended December 31, 2010 - $2,527)

$23,518 (June 30, 2011 - $22,182) was payable to 0787129 B.C. Ltd. which $10,384 and $11,798 were the result of the assignment and transfer from loan payable to 0858604 B.C. Ltd. (a non related party) and Bobcat Development (a non-related party), respectively. The loan amount is unsecured, interest-bearing at 12% per annual and due on demand. During the six months ended December 31, 2011, the Company incurred and accrued interest expense of $1,336.

During the six months ended December 31, 2011, Bobcat Development (a non-related party) advanced the Company loan amount of $8,566. The loan amount is unsecured, interest-bears at 12% per annual and due on demand. On December 31, 2011, $880 due to a related party was assigned and transferred to Bobcat Development. As of December 31, 2011, the amount payable to Bobcat Development was $9,057 which included $491 interest expense incurred or accrued for the six months ended December 31, 2011.