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Note Payable

6 Months Ended

Dec. 31, 2014

NOTE 4

NOTES PAYABLE

Affiliates

During the period ended December 31, 2014, the Company borrowed an aggregate of $134,581 from 2 affiliates. The notes bear interest at 8% per annum and are due in January 2016.

Others

As of June 30, 2014 and December 31, 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 Ended June 30, 2017	$	205,000
Year Ended June 30, 2018		70,000
	$	275,000

- Definition

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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