XML 48 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Convertible Notes Payable
12 Months Ended
Jun. 30, 2012
Convertible Notes Payable  
NOTE 9- CONVERTIBLE NOTES PAYABLE

On December 30, 2012, the Company entered into a convertible promissory note with Globe Financial Corp. for $201,000 bearing no interest and convertible at a 50% discount to market. The note is payable on demand. Since the conversion rate is discounted to market, the Company calculated a derivative liability of $2,455,751 at June 30, 2013 using the Black Scholes Model.

 

On December 31, 2012, the Company entered into a convertible promissory note with Globe Financial Corp. for $90,000 bearing no interest and convertible at a 50% discount to market. The note is payable on demand. Since the conversion rate is discounted to market, the Company calculated a derivative liability of $1,175,578 at June 30, 2013 using the Black Scholes Model.

 

On January 5, 2013, the Company entered into a convertible promissory note with Asus Global Holdings Inc. for $475,000 bearing no interest and convertible at a 50% discount to market. The note is payable on demand. Since the conversion rate is discounted to market, the Company calculated a derivative liability of $5,817,112 at June 30, 2013 using the Black Scholes Model.

 

At June 30, 2013, the balance due against these three convertible notes was $766,000. In connection with the issuance of these convertible notes the Company recorded derivative liability of $9,448,441 during the fiscal year ended June 30, 2013.