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EXCEL - IDEA: XBRL DOCUMENT - XINHUA CHINA LTDFinancial_Report.xls
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v2.4.0.6
LOANS PAYABLE/CONVERTIBLE DEBENTURE
12 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Note 5 - LOANS PAYABLE/CONVERTIBLE DEBENTURE

On November 23, 2005, the Company entered into a debt financing agreement (the “Agreement”) with an institutional investor, and on March 23, 2006, the Agreement was modified to include an additional institutional investor, who is an affiliate of the original institutional investor (both institutional investors collectively referred to as “the Investors”).  The Investors committed to purchase up to $4,000,000 of a secured convertible debenture (“the debenture”) that shall be convertible into shares of the Company’s common stock.

 

After two closings on December 13, 2005 and March 23, 2006, the Company received gross proceeds of $3,250,000 (net proceeds $2,989,460) for the secured convertible debenture.  The Company and debenture-holders entered into a Forbearance and Settlement Agreement on December 29, 2006 because of default in debt service, whereby the Company agreed to make cash payment and to grant rights to the creditors to cashless purchase the Company’s common stock by exercising the warrant at 200,000 shares in every three month period beginning on December 29, 2006 according to the following payment plan:

 

 

Payment Date

 

 

Cash Payment

    Conversion of Debenture  
March 10, 2007   $ 250,000       250,000  
September 30, 2007     375,000       375,000  
October 31, 2007     375,000       375,000  
January 31, 2008     250,000       250,000  
July 31, 2008     625,000       625,000  
    $ 1,875,000       1,875,000  

 

The Company paid $250,000 for the payment due March 10, 2007 and the debenture holders exercised 100,000 shares and 125,000 shares on March 1, 2007 and April 18, 2007, respectively.  During the years ended June 30, 2010 and 2009, the debenture holders converted 9,600,000 and 266,655,668 shares against outstanding loan at a total conversion price of $11,436 and $144,532, respectively.

 

Loans Payable outstanding as of June 30, 2012 amount to $2,549,172 of which $1,498,075 and $1,051,097 were attributed to current portion and long-term, respectively.

 

Loans Payable outstanding as of June 30, 2011 amount to $2,549,172 of which $1,498,075 and $1,051,097 were attributed to current portion and long-term, respectively.