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STOCKHOLDER NOTES PAYABLE
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6 Months Ended |
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Dec. 31, 2012
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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. During the three months ended December 31, 2012, the Company made an additional draw of $400,000 under the terms of the note. As of December 31, 2012 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 December 31, 2012, the balance outstanding payable on the note was $250,000.
On September 24, 2012, the Company entered into an Unrestricted 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 three months ended December 31, 2012, the Company made a draw of $50,000 under the terms of the note. As of December 31, 2012, the balance outstanding payable on the note was $50,000. Subsequent to December 31, 2012, during the third quarter the Company made additional draws of $285,000 under the terms of the note. |