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EXCEL - IDEA: XBRL DOCUMENT - CHINA MEDIA INC.Financial_Report.xls
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v2.4.0.6
Note 6. Related Party Transactions
12 Months Ended
Jun. 30, 2012
Note 6. Related Party Transactions:  
Note 6. Related Party Transactions

NOTE 6. Related Party Transactions

 

Mr. Dean Li, President and Shareholder of Xi’An TV, had advanced $29,300 and $200,850 to the Company during the years ended June 30, 2012 and 2011, respectively. As of June 30, 2012 and 2011, the outstanding shareholder loan balances were $34,198 and $206,400, respectively.        

 

The shareholder loan discussed above is non-secured, free of interest with no maturity date. The imputed interests are assessed as an expense to the business operation and an addition to the paid-in-capital and calculated based on annual interest rate in the range of 5.94-6.56% with reference to one-year loan.

 

The Company also leased an office space from a former shareholder with a monthly rent of approximately $950 with lease termination date of May 7, 2014 (See Note 10 for details).