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CONTRACTUAL OBLIGATIONS AND COMMITMENTS

6 Months Ended

Dec. 31, 2011

8.

CONTRACTUAL OBLIGATIONS AND COMMITMENTS

On July 1, 2010, the Company entered into a consulting agreement for services relating to corporate and financial affairs with a non-related party for a term of 24 months, unless terminated earlier, for a consideration of $30,000 a year and payable $2,500 per month. The agreement will automatically renew for a further 24 months unless one of the party gives a notice of nonrenewal. During the six months ended December 31, 2011, the Company incurred and accrued a total consulting fee of $15,000 (six months ended December 31, 2010 - $15,000) in connection with the consulting agreement.

On July 1, 2010, the Company entered into an administrative services agreement with ATP Corporate Services for providing administration services over a term of 24 months for a consideration of $1,500 per month. Pursuant to the administrative services agreement, ATP Corporate is also entitled for reimbursement of office and rent expenses incurred. During the six months ended December 31, 2011, the Company incurred and accrued a total of $9,000, $3,000 and $3,000 (six months ended December 31, 2010 - $9,000, $3,000 and $3,000) for the administrative expense, office expense and rent expense, respectively.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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