6. RELATED PARTY TRANSACTIONS

12 Months Ended

Jun. 30, 2013

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

Due from Related Party

Notes receivable to related party is comprised of two notes of $5,000 each. The principal of these notes were due and payable on or before May 1, 2012. The notes are unsecured and non-interest bearing until maturity, after which time interest is calculated at 10% per annum. Total interest due as of June 30, 2013 was $1,084.

Accounts Payable – Related Parties

Prior to May 2013, Concierge Technologies, Inc. had no bank account in its own name. The Wallen Group, a consulting company headed by the C.E.O. and director of the Company, maintained an administrative account for the Company. As of June 30, 2012, The Wallen Group was owed $1,612 by the Company. At June 30, 2013, the Company owed no money to the Wallen Group and the Wallen Group no longer maintained an administrative account for the Company.

As of June 30, 2012, the Company had accounts payable to a related party in the amount of $75,450 related to hardware purchases from 3rd Eye Cam, a California general partnership whose founders are now directors of Wireless Village. During the current fiscal year, the debt was forgiven and no balance is due as of June 30, 2013.

Notes Payable - Related Parties

Current related party notes payable consist of the following:

	June 30, 2013		June 30, 2012
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012		-	$	35,000
Notes payable to director/shareholder, noninterest-bearing, unsecured and payable on demand		8,500		8,500
Notes payable to shareholder, interest rate of 10%, unsecured and payable on July 31, 2004 (past due)		5,000		5,000
Notes payable to shareholder, interest rate of 10%, unsecured and payable on December 31, 2012		-		28,000
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012		-		14,000
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012		3,500		3,500
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012		-		20,000
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012		5,000		5,000
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012		5,000		5,000
Notes payable to director/shareholder, interest rate of 6%, unsecured and payable on December 31, 2012		1,000		1,000
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012		-		15,000
Notes payable to shareholder, interest rate of 6%, unsecured and payable on December 31, 2012		-		10,000
		28,000		150,000

Long-term related party notes payable consist of the following:

	June 30, 2012		June 30, 2011
Notes payable to shareholder, interest rate of 3%, unsecured and payable on April 1, 2014		-		20,000
	$	-	$	20,000

On September 8, 2010 we entered into a loan agreement containing certain conversion features whereby the note holder could convert the principal amount of the loan, $100,000, together with accrued interest at the rate of 6% per annum, into shares of our Series B Convertible, Voting, Preferred stock at the conversion rate of $0.20 per share. The Series B Convertible, Voting, Preferred stock could then be further converted to common stock at a ratio of 1:20 after being held for a minimum period of 270 days from the date of issuance. The result of the conversion to common stock would be the issuance of 10,000,000 shares with a fair market value set at the date of the debenture at $0.025 creating a beneficial conversion feature to the debenture equal to $100,000. The cost of the beneficial conversion feature is being amortized over the 2-year life of the debenture and is listed on the Statement of Operations as “Beneficial conversion feature expense”. A total of $9,439 and $50,068 was amortized for the years ended June 30, 2013 and 2012. A total of $100,000 has been amortized with no balance remaining as of June 30, 2013.

On January 1, 2013 we consolidated all outstanding notes payable due a related party into one loan agreement containing certain conversion features whereby the note holder could convert the principal amount of the loan, $204,700 comprised of the sum total of the principal amounts of the individual notes, $122,000, plus $82,700 in accrued interest applicable to those notes, together with accrued interest at the rate of 4.944% per annum, into shares of our common stock at the conversion rate of $0.02 per share. The accrued interest on this $204,700 convertible debenture as of June 30, 2013 was $4,991 and is included in the interest expense recorded for the year ending June 30, 2013. There was no beneficial conversion feature involved in the new note.