RELATED PARTY TRANSACTIONS

6 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

Director Loans

As of June 30, 2014, the Company had various loans payable to directors of the Company. All loans had interest payable at the rate of 12.5% per annum and which were due upon demand. Related interest was accrued and reported in accrued expenses.

	2015		2014
Related Party notes payable	$	-	$	553,154

Directors lent the Company a total (including interest of $118,051 USD) of AUD $671,205 to fund the Company’s operations at June 30, 2014. On October 30, 2014 the shareholders of the Company approved the issuance of 7,290,096 shares of common stock at AUD $0.10 per share related to the conversion of total Directors' loans to shares, being the repayment of all Director loans and interest accrued to the period October 30, 2014, totaling AUD $729,009 (USD $671,205).

The total accrued interest on the Directors loans to December 31, 2015 and June 30, 2015 was $0.

Shareholder Loan

The amount of the shareholder loan on December 31, 2015 and June 30, 2015 was AUD $20,000 (USD $14,596) and AUD $20,000 (USD $16,190). No interest has been accrued on the shareholder loan.

Directors Fees and Salaries

At December 31, 2015 and June 30, 2015, the Company had accrued Directors' fees and salaries in the following amounts:

	December 31, 2015		June 30, 2015
Directors Fees and Salaries	$	313,502	$	152,714

These amounts are included in accounts payable and accrued expenses in the accompanying Consolidated Balance Sheets at December 31, 2015 and June 30, 2015.