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v2.4.0.6
Loans Payable - Stockholder
12 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
Note 5 - Loans Payable - Stockholder

In November 2007 a stockholder loaned the Company $28,000 for working capital purposes. Such loan bears interest at 6% per annum, matured on November 30, 2008 and is now past due.

 

In February 2008 a stockholder loaned the Company $11,000 for working capital purposes. Such loan bears interest at 6% per annum, matured on February 28, 2009 and is now past due.

 

In June 2008 a stockholder loaned the Company $25,000. The loan bears interest at 6% per annum, matured on June 30, 2009 and is now past due.

 

Loans payable – stockholder and related accrued interest consisted of the following:

 

   

June 30,

2012

   

June 30,

2011

 
             
Loans payable – Stockholder     64,000       64,000  
                 
Accrued interest     16,234       12,384