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NOTES PAYABLE (Tables)
3 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Notes payable consist
                September 30, 2013
Note payable to an individual, a shareholder of the Company – related party, interest at 10.0% per annum, no monthly payments, matures on April 1, 2014, convertible into common stock of the Company at a price of $0.50 per share          

 

 

 

 $         60,000

Notes payable to five (5) individuals and two corporate entities, original issue discount of 50%, interest accrued as of September 30, 2013 was $110,075, no monthly payments, matures on December 31, 2013, convertible into common stock of the Company at a price of $0.25 per share, collateralized (pari passu basis with other OID note holders) by Mr. West’s equity ownership in the case of default along with a default conversion price per share reduction to $0.01          

     

 

 

 

 

 

          242,740

                 

 

Total notes payable

             

   $          302,740