XML 42 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
12 Months Ended
Jun. 30, 2014
Subsequent Events  
Subsequent Events

12. SUBSEQUENT EVENTS

 

Management has evaluated subsequent events according to ASC TOPIC 855 as of the date of the financial statements and has determined that the following subsequent events are reportable.

 

On September 5, 2014, the Company entered into a convertible promissory note (“the September 2014 Note”) in the amount of $250,000, at which time an initial advance of $40,000 was received to cover operational expenses. The lender advanced an additional $10,000 onSeptember 17, 2014, for a total draw of $50,000. The terms of the September 2014 Note allow the lender to convert all or part of the outstanding balance plus accrued interest, at any time after the effective date, at a conversion price of the lower of (a) $0.015 per share, or (b) 50% of the lowest trade price of Common Stock recorded on any trade day after the effective date of the agreement. The September 2014 Note bears interest at a rate of 10% per year and matures18 months from the effective date of each advance.