9. CONTRACTUAL OBLIGATIONS AND COMMITMENTS

12 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

9. 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 fiscal year 2012, the Company incurred and accrued a total consulting fee of $30,000 (2011: $30,000) 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 year 2012, the Company incurred and accrued a total of $18,000, $6,000 and $3,500 (2011: $18,000, $6,000 and $6,000) for the administrative expense, office expense and rent expense, respectively.