6. SHORT-TERM BORROWINGS FROM BANKS

12 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

NOTE 6 - SHORT-TERM BORROWINGS FROM BANKS

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

	June 30, 2014		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 March, 2014, which was extended to March, 2015 (interest rate of 10.55% per annum as extended)	$	148,295	$	139,134
Total	$	148,295	$	139,134

The short-term borrowings from banks of $148,295 and $139,134 as of June 30, 2014 and 2013, respectively, resulted from the consolidation of FTI’s debt.