Notes Payable

12 Months Ended

Jun. 30, 2012

The Company had outstanding balances on its notes payable of the following amounts as of June 30, 2012 and 2011:

	As of
	June 30, 2012			June 30, 2011

Lloyds TSB (1)	$	0		$	701,823
Aldermore Bank PLC, interest rate of 5.35%+LIBOR*, due on December 20, 2031		2,132,984			0
Total notes payable	$	2,132,984		$	701,823
Less: Current portion of notes payable		(107,043	)		(305,127	)
Total long-term notes payable	$	2,025,941		$	396,696

* LIBOR = London Interbank Offered Rate

The outstanding balances on notes payable to Lloyds TSB were paid in full by the Company in January 2012 after the refinance with Aldermore Bank PLC.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Centurytouch Ltd 10-K