Notes Payable - Related Party

12 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

Notes Payable - Related Party

The related party is the controlling shareholder of the Company. The notes are unsecured, bear interest at 5% per annum and are due from March 2015 to November 2015 as follows:

		Note Amount	Issue Date	Maturity Date
PKS Trust	$	10,000	4/24/11	4/24/15
PKS Trust	$	10,000	10/4/11	10/4/15
PKS Trust	$	1,985	8/14/12	8/14/14
PKS Trust	$	3,500	8/29/12	8/29/14
PKS Trust	$	1,000	3/19/13	3/19/15
PKS Trust	$	3,500	5/13/13	5/13/15
PKS Trust	$	5,700	08/22/13	8/22/15
PKS Trust	$	4,000	09/25/13	9/25/15
PKS Trust	$	2,697	11/18/13	11/18/15
Total notes payable	$	42,382

Interest expense of $1,976 and $1,269 was recorded for the years ended June 30, 2014 and 2013, respectively.

Maturities as of June 30,		Total
	2014		—
	2015		29,682
	2016		12,700
	2017		—
	2018		—
	Total notes payable	$	42,382

All of the notes payable are released by the shareholder upon merger with iWallet subsequent to year end.