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Note 6 - Notes Payable
3 Months Ended
Sep. 30, 2011
Notes  
Note 6 - Notes Payable

NOTE 6 – NOTES PAYABLE

 

On January 5, 2010, the Company received an advance on an interest bearing promissory note of $100,000 from an unrelated entity. The note is due and payable on January 11, 2011, and bears an interest rate of 8% per annum. Interest of $2,044 for both periods ended September 30, 2011 and 2010 has been accrued and is outstanding as of September 30, 2011. Subsequent to September 30, 2011, this note was extended to December 12, 2014.

 

On August 29, 2009, the Company received an advance on an interest bearing promissory note of $10,000 from an unrelated third party. The note was due and payable on February 28, 2010, and bears an interest rate of 1% per month. On November 17, 2009, we made a principal payment of $5,000. On March 1, 2010, the Company executed a new note for $5,000 to the same unrelated third party. The new note is due and payable on March 1, 2011, and bears an interest rate of 8% per annum. Interest of $102 for both periods ended September 30, 2011 and 2010, respectively, has been accrued and is outstanding as of September 30, 2011. Subsequent to September 30, 2011, this note was extended to January 3, 2015.

 

On June 10, 2010, the Company received an advance on an interest bearing promissory note of $5,983 for a payment made on behalf of the Company from an unrelated entity. The note is due and payable on June 10, 2011, and bears an interest rate of 8% per annum. Interest of $122 for both periods ended September 30, 2011 and 2010, respectively, has been accrued and is outstanding as of September 30, 2011. On June 18, 2010, the Company received another advance on an interest bearing promissory note of $10,000 in cash from the same unrelated entity. The note is due and payable on June 18, 2011, and bears an interest rate of 8% per annum. Interest of $204 for both periods ended September 30, 2011 and 2010, respectively, has been accrued and is outstanding as of September 30, 2011. On June 30, 2010, the Company received an advance on an interest bearing promissory note of $5,300 for a payment made on behalf of the Company from the same unrelated entity. The note is due and payable on June 30, 2011, and bears an interest rate of 8% per annum. Interest of $108 for both periods ended September 30, 2011 and 2010, respectively, has been accrued and is outstanding as of September 30, 2011. Subsequent to September 30, 2011, each of these notes was extended to January 3, 2015.

                                       

On September 20, 2010, the Company received an advance on an interest bearing promissory note of $25,000 from an unrelated entity. The note is due and payable on September 20, 2011, and bears an interest rate of 8% per annum. Interest of $511 and $56 for the periods ended September 30, 2011 and 2010, respectively, has been accrued and is outstanding, as of September 30, 2011. Subsequent to September 30, 2011, this note was extended to January 3, 2015.