XML 26 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 6 - Notes Payable
6 Months Ended
Dec. 31, 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 $4,088 for both periods ended December 31, 2011 and 2010 has been accrued and is outstanding as of December 31, 2011. Subsequent to December 31, 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 $204 for both periods ended December 31, 2011 and 2010, respectively, has been accrued and is outstanding as of December 31, 2011. Subsequent to December 31, 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 $245 for both periods ended December 31, 2011 and 2010, respectively, has been accrued and is outstanding as of December 31, 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 $409 for both periods ended December 31, 2011 and 2010, respectively, has been accrued and is outstanding as of December 31, 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 $217 for both periods ended December 31, 2011 and 2010, respectively, has been accrued and is outstanding as of December 31, 2011. Subsequent to December 31, 2011, each of these notes were 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 $1,022 and $567 for the periods ended December 31, 2011 and 2010, respectively, has been accrued and is outstanding, as of December 31, 2011. Subsequent to December 31, 2011, this note was extended to January 3, 2015.