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8. NOTES PAYABLE
12 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
NOTES PAYABLE

Shares Issued in Connection with Financing Cost

 

On November 8, 2013 Janus Cam entered into a short term Note Agreement with an unaffiliated individual in the amount of $50,000, the proceeds of which were used to pay down inventory purchase costs. Interest on the Note accrues at an annual rate of 10% and is payable in monthly installments with an adjusted maturity date of January 5, 2015. On February 19, 2014 the lender agreed to extend the maturity date and the Company agreed to pay a loan commitment fee of 1.5%, or $750. By agreement, that fee was paid by the issuance of 53,571 shares of unregistered common stock with a market value on the date of issuance of $0.014 per share.