Related Party Transactions

12 Months Ended

Jun. 30, 2012

Related Party Transactions:

Related Party Transactions

Note 9 - Related Party Transactions

On August 9, 2007, the Company entered into a Capital Base Funding Agreement with its largest single shareholder, Big Eye Capital, Inc. (“Big Eye”), whereby Big Eye would make available to the Company up to one hundred thousand dollars ($100,000) in working capital in exchange for newly issued common stock of the Company. The amount of common stock of the Company to be issued to Big Eye would be based on the greater of the previous day’s closing market price or $1.00 per share.   The Agreement has been extended by Big Eye indefinitely and the total available capital was increased to $150,000.

In connection with the Capital Base Funding Agreement, Big Eye Capital, Inc. provided a total of $51,046 of funding to the Company in 2007 resulting in Big Eye Capital, Inc. being issued 51,046«FNJ35W5L] shares of the Company’s common stock.  During the year ended June 30, 2012, Big Eye Capital provided an additional $85,700 of funding of which, $10,000 was repaid at the option of the Company. The remaining balance of $75,700 was provided in exchange for stock subscribed at $1.00 per share.  As of June 30, 2012 there remains $23,254 of capital available under this Agreement.