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Note 6- Unsecured Notes Payable To Related Parties

12 Months Ended

Jun. 30, 2013

Note 6- Unsecured Notes Payable To Related Parties

NOTE 6– 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 that were converted into notes payable with interest rates ranging from 12% to 18%. The notes were not paid at their maturity dates and the Company is in default on the notes. Interest accrues at 18% while the notes are in default. No affiliate has demanded payment. The notes are classified as current liabilities. These notes consist of the following:

Note Holder	June 30, 2013	June 30, 2012

ClearWater Law and Governance Group, LLC	$3,783	$3,783
James U Jensen	31,960	7,117
Soren Jonassen	12,900	-
Rene Mikkelsen	17,800	-
Robert K. Bench	85,000	24,500
Lars Nielsen	50,000	-
Stephen Abu	27,000	-
Robyn Farnsworth	40,252	15,000
John M Knab	5,500	5,500
John D Thomas	6,000	6,000
Total	$280,193	$61,900

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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