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Note 4 - Loans Payable - Affiliates: (Loans Payable - Affiliates [Member])
6 Months Ended
Dec. 31, 2013
Loans Payable - Affiliates [Member]
 
Note 4 - Loans Payable - Affiliates: [Line Items]  
Related Party Transactions Disclosure [Text Block]

4.     LOANS PAYABLE - AFFILIATES:


As of December 31, 2013, Dominic Bassani (“Bassani”), the Company’s Chief Executive Officer (“CEO”), has loaned the Company $200,000 for fiscal year 2013 working capital needs (“FY 2013 Loan”). The FY 2013 Loan bears interest at 8% per annum and was payable on August 31, 2013. The due date of the FY 2013 Loan plus accrued interest was extended to September 30, 2013. Subsequent to September 30, 2013, the FY 2013 Loan was extended to January 1, 2014 and then further extended to April 30, 2014. Conversion terms substantially identical to those described in Note 7 have been added to the terms of the FY 2013 Loan. Interest expense related to the FY 2013 Loan was $4,113 for the three months ended December 31, 2013 and $8,226 for the six months ended December 31, 2013.


During the six months ended December 31, 2013, Bassani loaned the Company $19,000 (“November Note”). The November Note bears interest at 8% per annum and is payable on February 28, 2014. Interest expense related to the November Note was $150 for the three and six months ended December 31, 2013.


During the six months ended December 31, 2013, the Company entered into promissory note agreements (“December Notes”) with Bassani and a major shareholder (“Shareholder”) whereby Bassani and Shareholder agreed to lend the Company up to $75,000 each for working capital needs. The December Notes bear interest at 8% per annum and are payable on March 31, 2014. However, if the Company does not have sufficient funds for working capital needs to allow repayment of the December Notes on March 31, 2014, the maturity date of the December Notes can be extended for three months; which process may be repeated up to three additional times with the maturity date extended to a date as late as December 31, 2014. In consideration for the December Notes, the Company shall issue warrants to purchase up to 18,750 shares of the Company’s common stock at $0.85 per share until December 31, 2018 (proportionately reduced if the December Notes are funded for less than the $75,000 maximum). Additional warrants (in the same amount and terms) will be issued upon each extension of the maturity date of the December Notes. The warrants will vest immediately upon issuance. As of December 31, 2013, Bassani and Shareholder had loaned the Company $40,000 and $25,000, respectively, under the terms of the December Notes. Interest expense of $286 related to the December Notes had been recorded for both the three and six months ended December 31, 2013.