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Note Payable

3 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

NOTE 4

NOTES PAYABLE

Affiliates

During the period ended September 30, 2014, the Company borrowed an aggregate of $85,000 from 2 affiliates. The notes bear interest at 8% per annum and are due on demand.

Others

We partnered with certain parties in China to develop and launch a Chinese version of our mobile platform, and we entered into a Joint Venture Agreement in August 2014 and the initial product launch in China commenced in late August 2014. We have not yet experienced any revenue from our interest in the Chinese Joint Venture. We have a 15% interest in this JV, which consists of an aggregate of $470,000 received for the development of a mobile platform, which is included in other current liabilities on the balance sheet as of September 30, 2014.

As of June 30, 2014 and September 30, 2014, the Company had borrowed funds pursuant to non-convertible promissory notes, bearing interest at 10% per annum. Interest is payable monthly and the principal, together with any unpaid interest, is due 48 months from the dates of the notes.

The notes are due as follows:

	Year ending June 30, 2017			$	205,000
	Year Ended June 30, 2018				70,000
				$	275,000

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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