RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

NOTE 5.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 are due and payable on or before May 1, 2012. The notes are unsecured and non-interest bearing until maturity.

Accounts Payable – Related Parties

Concierge Technologies, Inc. has no bank account in its own name. The Wallen Group, a consulting company headed by the C.E.O. and director of the Company, maintains an administrative account for the Company. As of March 31, 2012, The Wallen Group was owed $2,586 by the Company. The amount of the advancement is non-interest bearing, unsecured, and due on demand.

As of March 31, 2012, the Company has accounts payable to a related party in the amount of $75,450 related to hardware purchases from 3^rd Eye Cam, a California general partnership whose founders are now directors of Wireless Village.

Notes Payable - Related Parties

Current related party notes payable consist of the following:

		March 31, 2012		June 30,     2011
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012	$	35,000	$	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		28,000
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012		14,000		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		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		15,000
Notes payable to shareholder, interest rate of 6%, unsecured and payable on December 31, 2012		10,000		10,000
Notes payable to shareholder, noninterest-bearing, unsecured and payable on or before May 19, 2012		-		40,000
Notes payable to shareholder, interest rate of 6.67%, due within 5 days of sale of collateral security		20,000		-
		170,000		190,000
Less current amount		150,000		150,000
	$	20,000	$	40,000

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 life of the debenture, two years, and totaled $37,620 for the nine-month period ending March 31, 2012 and $27,907 for the nine-month period ending March 31, 2011. The Company has recorded interest expense for the related party notes of $13,546 and $12,272 for each of the nine-month periods ending March 31, 2012 and 2011, respectively.

During October 2011, Wireless Village entered into an inventory financing agreement with a foreign corporation, who is also a shareholder of Concierge, for the purpose of short-term funding of inventory purchases. As of March 31, 2012, Wireless Village owed $20,000 in principal and had paid a total of $8,670 in interest payments for the advanced funds. No interest payments were due or paid by Wireless Village in previous periods.