9. Notes Payable

12 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

NOTES PAYABLE

During fiscal year ended June 30, 2013, the Company repaid all outstanding notes payable. Notes payable as of June 30, 2012 consist of the following:

	2012
Note payable - Land	$	200,000
Note payable - Other, related party		28,000
Notes payable		228,000
Less current portion		(228,000	)
Notes payable - long-term	$	—

Note payable – Land at June 30, 2012 consisted of a $200,000 note assumed in the April 2012 purchase of a 160 acre parcel of Colorado land referred to as Indian Mesa. The note, due to Indian Mesa, Inc., a previous owner of the land, is secured by the land, is non-interest bearing, and was due on November 15, 2012. Due to the short term nature of the note, no interest rate was imputed. The note was repaid on the scheduled due date.

Note payable – Other, related party, at June 30, 2012, represents an unsecured convertible note due to the Company’s Chief Financial Officer. The note was a 10 day demand note in the amount of $28,000, bearing interest at 8% per annum, issued for additional working capital. The note was convertible into Class A Common Stock at $2.24 per share. Related interest expense for fiscal 2013 and 2012 was $2,300 and $1,700, respectively. The note and accrued interest were paid in full prior to June 30, 2013. See Note 13 – Related Party Transactions for additional information.