NOTE 4 - NOTES RECEIVABLE

12 Months Ended

Jun. 30, 2012

Receivables [Abstract]

NOTE 4 - NOTES RECEIVABLE

NOTE 4 – NOTES RECEIVABLE

On August 31, 2010, BayHill Capital Corporation sold its wholly owned subsidiary, Commission River Corporation. As part of the payment for the sale, BayHill Capital Corporation was issued a secured negotiable promissory note receivable, in the amount of $490,000, with varying interest rates beginning at 6% and required monthly payments of $10,000 until its maturity on September 12, 2014, when the remaining principal balance of the note is due. The note is secured by all of the assets of Commission River Corporation. As of June 30, 2012, the note was current and has a remaining principal balance of $320,689, of which $93,227 is classified as “Notes receivable, current portion”, on the balance sheet.