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7. LOAN PAYABLE

3 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

7. LOAN PAYABLE

7.

LOAN PAYABLE

Loan payable consists of the following:

$129,250 (June 30, 2013: $125,486) was payable to 0787129 B.C. Ltd. of which $51,272 and $34,827 were the result of the assignment and transfer from loan payable to ATP Corporate Services Corp. (a non related party) and Bobcat Development, respectively. The loan amount is unsecured, interest-bearing at 12% per annual and due on demand. During the period ended September 30, 2013, the Company incurred and accrued interest expense of $3,764 (three months ended September 30, 2012: $3,321).

$20,074 (June 30, 2013: $19,489) was payable to Bobcat Development (a non-related party). The loan amount is unsecured, interest-bears at 12% per annual and due on demand. During the period ended September 30, 2013, the Company incurred and accrued interest expenses of $585 (three months ended September 30, 2012: $nil).

$2,677 (June 30, 2013: $2,600) was payable to Bobcat Development (a non-related party). The loan amount is unsecured, interest-bears at 12% per annual and due on demand. During the period ended September 30, 2013, the Company incurred and accrued interest expenses of $78 (three months ended September 30, 2012: $nil).

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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