XML 10 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
3. Note payable due to bank
12 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
3. Note payable due to bank

During October 2011, we entered into a revolving demand note (line of credit) arrangement with HSBC Bank USA, with a revolving borrowing limit of $150,000.  The line of credit bears a variable interest rate of one quarter percent (0.25%) above the prime rate (3.25% as of June 30, 2012).  This borrowing facility is renewed annually and our Company maintains a separate HSBC demand deposit account with a balance equal to the outstanding borrowing.  In the event the deposit account is not established or minimum balance maintained, HSBC can charge a higher rate of interest of up to 4.0% above prime rate.   As of June 30, 2012, the loans interest rate was three and one half percent (3.5%) and our Company has drawn down $150,000 loan balance on the line.  The note is payable on demand.