NOTE 5 - UNSECURED NOTES PAYABLE TO RELATED PARTIES

6 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

NOTE 5 – UNSECURED NOTES PAYABLE TO RELATED PARTIES

NOTE 5 – UNSECURED NOTES PAYABLE TO RELATED PARTIES

The unsecured notes payable to present and past affiliates of the Company are related to legal fees, director fees, and unpaid salaries, from previous periods, that were converted into 12% notes payable with a maturity date of June 30, 2012. The notes were not paid at maturity, therefore the interest rate increased to 15% per annum. No affiliate has demanded payment. These notes consist of the following:

Note Holder	Amount
ClearWater Law and Governance Group, LLC	$	3,783
James U Jensen		7,117
John M Knab		5,500
John D Thomas		6,000
Robert K Bench		24,500
Robyn Farnsworth		15,000
Total	$	61,900

Additional amounts of director fees and unpaid salaries during the six months ended December 31, 2012 were converted into 12% notes payable, at December 31, 2012, with a maturity date of March 31, 2013. These new notes consist of the following:

Note Holder	Amount
Lars Nielsen	$	50,000
James U Jensen		24,843
Soren Jonassen		12,900
Stephen Abu		27,000
Rene Mikkelsen		17,800
Robert K Bench		60,500
Robyn Farnsworth		25,250
Total	$	218,293