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STOCKHOLDER NOTES PAYABLE
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9 Months Ended |
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Mar. 31, 2013
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| Debt Disclosure [Abstract] | |
| STOCKHOLDER NOTES PAYABLE |
NOTE 4 - STOCKHOLDER NOTES PAYABLE
In October 2011, we entered into a revolving promissory note agreement with a stockholder for $1,000,000. The revolving promissory note bears interest at 8%, is due on September 30, 2013, as amended, and is secured by substantially all of the assets of the Company. As of March 31, 2013 the balance outstanding payable on the note was $1,000,000. There are no further funds available under this note agreement.
On March 7, 2012, we entered into an additional note payable agreement with the same stockholder for $250,000. The note is due on March 7, 2014 and bears interest at 8% per annum. As of March 31, 2013, the balance outstanding payable on the note was $250,000 there are no further funds available under this note agreement.
On September 24, 2012, the Company entered into a Line of Credit with the same stockholder for $1,500,000. The revolving promissory note bears interest at 8% per annum and principal and accrued interest are due and payable on September 24, 2014. During the nine months ended March 31, 2013, the Company made draws of $735,000 under this agreement, and as of March 31, 2013, the balance outstanding was $735,000. Subsequent to March 31, 2013, during the fourth quarter the Company made additional draws of $263,000 under this agreement and the agreement was amended (See Note 11). |