Notes Payable

6 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Notes Payable

In conjunction with the acquisition described in footnote number 3, the Company issued a $230,000 promissory note bearing interest at 3.25% payable in 36 equal monthly installments of $6,700 with the last payment due October 2014. As of December 31, 2011 the current and long-term portions of the note were $74,600 and $143,200, respectively.