RELATED PARTY TRANSACTIONS	6 Months Ended
Dec. 31, 2013
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	NOTE 7. RELATED PARTY TRANSACTIONS For the six months ended December 31, 2013 and 2012, the Company accrued $78,000 and $78,000, respectively, in salaries payable to its officers and major shareholders, which are reflected in Loans payable to shareholders. For the same periods, the Company accrued $0 and $50,000, respectively, to the officers and directors who resigned in December of 2012. As of March 31, 2013, these individuals are no longer considered insiders, and balances of their shareholder notes were transferred to convertible notes payable. As of December 31 and June 30, 2013, the balances of shareholder notes were $526,375 and $448,289, respectively. The balance included accrued salaries, along with various advances to and from the Company. The notes are unsecured, due upon demand and accrue interest at the end of each month on the then outstanding balance at the rate of 5.00% per annum. As of December 31 and June 30, 2013, accrued interest payable on the notes was $19,738 and $12,191, respectively. Interest paid during the six months ended December 31, 2013 and 2012, was $4,898 and $5,075, respectively. These notes payable do not approximate fair value, as they are with related parties, and do not bear market rates of interest.

RELATED PARTY TRANSACTIONS

6 Months Ended

Dec. 31, 2013

NOTE 7. RELATED PARTY TRANSACTIONS

For the six months ended December 31, 2013 and 2012, the Company accrued $78,000 and $78,000, respectively, in salaries payable to its officers and major shareholders, which are reflected in Loans payable to shareholders. For the same periods, the Company accrued $0 and $50,000, respectively, to the officers and directors who resigned in December of 2012. As of March 31, 2013, these individuals are no longer considered insiders, and balances of their shareholder notes were transferred to convertible notes payable.

As of December 31 and June 30, 2013, the balances of shareholder notes were $526,375 and $448,289, respectively. The balance included accrued salaries, along with various advances to and from the Company. The notes are unsecured, due upon demand and accrue interest at the end of each month on the then outstanding balance at the rate of 5.00% per annum. As of December 31 and June 30, 2013, accrued interest payable on the notes was $19,738 and $12,191, respectively. Interest paid during the six months ended December 31, 2013 and 2012, was $4,898 and $5,075, respectively. These notes payable do not approximate fair value, as they are with related parties, and do not bear market rates of interest.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

Firemans Contractors, Inc. 10-Q