Notes payable, financing lease, and line of credit As Follows (Tables)

9 Months Ended

Mar. 31, 2013

Notes payable, financing lease, and line of credit As Follows:

Notes payable, financing lease, and line of credit As Follows

Notes payable, financing lease, and line of credit consist of the following at:

		March 31, 2013		June 30, 2012
Line of credit with Wells Fargo Bank (discussed below)	$	943,619	$	-
Financing lease to a bank. interest at 8% per annum. with monthly payments of $3,050. Matures on April 30, 2013. Collateralized by		3,029		-
equipment, inventory and receivables of Alliance Urgent Care. The Note is personally guaranteed by Michael Blumhoff, M D. The Sellers under indemnification provisions of the Asset Purchase Agreement.  Company assumed liability for any guarantees of Sellers under indemnification provisions of the Asset Purchase Agreement.				-
Promissory note, 8% per annum  due on October 17, 2013.  The note has a contingent beneficial conversion feature, which will be		117,750
effective in July 2013 if the note is not paid prior to that time. During the six month period after the effective date of the note,  prior  to the beneficial conversion date the Company has the right to pay off any unpaid principal and interest at premiums of 115%, 120%, 130% and 135% , if the note is paid off within 30, 90, 120 and 180 days, respectively from the date of issue.   The note contains certain other covenant and restrictions on the Company and is unsecured.
Promissory note due on June 30, 2013 with interest at 10% per annum. Note has a contingent conversion feature, which becomes		75,000
effective if the note is not paid at maturity. The conversion is based upon the average five day closing trading value prior to date of conversion.  The note is unsecured.
Note payable to a bank. Interest at 4.95% per annum, with monthly payments of $2,835. Matures on November 1, 2015, collateralized		85,180		-
by equipment, inventory and receivables of Alliance Urgent Care. The Note is personally guaranteed by Michael Blumhoff, MD. The Company assumed liability for any guarantees of Sellers under indemnification provisions of the Asset Purchase Agreement.
		1,224,578		-
Less: current portion		(1,172,689)		-
	$	51,889	$	-