XML 18 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable - Related Party
12 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Note 3 - Notes Payable - Related Party

During the years ended June 30, 2017 and 2016, the Company borrowed $255,000 and $650,000, respectively, from a current shareholder. Interest on these notes accrues at 5% and is payable in full at maturity. The notes mature in February of 2020. The Company has accrued interest expense of $81,414 and $62,366 during the years ended June 30, 2017 and June 30, 2016, respectively, on these notes. The oil and gas properties in Southeast Texas serve as collateral on these notes.

 

In addition during the year ended June 30, 2017, the Company borrowed $17,000 from an individual investor. Interest on these notes accrues at 2.50% and is payable in full at maturity. The notes mature in April of 2019. The Company has accrued interest expense of $103 during the year ended June 30, 2017 on these notes.