6. SHORT-TERM BORROWINGS FROM BANKS

6 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

NOTE 6 - SHORT-TERM BORROWINGS FROM BANKS

Short-term borrowings from banks consisted of the following as of:

	December 31, 2013		June 30, 2013
Loan dated June 2011, due to a financial institution, with principal and monthly interest payments (interest rate of 8.90% per annum), and the original remaining balance due September 2013, which was extended to March 2014 (interest rate of 10.55% per annum as extended)	$	139,134	$	139,134

The short-term borrowings from banks of $139,134 as of December 31, 2013 and June 30, 2013 resulted from the consolidation of FTI’s debt.