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Note 5 - Secured And Unsecured Notes Payable To Related Parties
12 Months Ended
Jun. 30, 2015
Notes  
Note 5 - Secured And Unsecured Notes Payable To Related Parties

NOTE 5 – SECURED AND UNSECURED NOTES PAYABLE TO RELATED PARTIES

 

The Company previously issued unsecured notes to affiliates (officers and directors) for accrued salaries and fees and accrued interest. On June 20, 2014, the Company completed a series of settlements whereby the majority of notes were converted to the Company’s common stock. At June 30, 2014, there were three secured notes payable and one unsecured note payable, with annual interest rates of 15% and maturity dates of September 30, 2014, to present and past affiliates of the Company which related to legal fees, director fees, and unpaid salaries. The notes were all paid during the year ended June 30, 2015. On May 30, 2015, an officer advanced $65,000 to the Company for which an unsecured note payable was issued with an annual interest rate of 18% and maturity date of December 31, 2015. The note and all accrued interest was paid in July 2015. The notes are classified as current liabilities and consist of the following:

 

Note Holder

June 30, 2015

June 30, 2014

 

 

 

 

Brian Mertz

$65,000

$-

ClearWater Law and Governace Group, LLC

-

*

32,001

James U Jensen

-

*

25,954

Robert K Bench

-

*

29,546

Robyn Farnsworth

-

28,286

Total

$65,000

$115,787

*Secured with all Company assets