NOTES PAYABLE

12 Months Ended

Jun. 30, 2013

The Company had outstanding balances on its notes payable of the following amounts as of June 30, 2013 and 2012:

	As of
	June 30, 2013			June 30, 2012
				(Restated)

Aldermore Bank PLC, interest rate of 5.35%+LIBOR*, due on December 20, 2031		2,015,311		2,132,984
Total notes payable	$	2,015,311	$	2,132,984
Less: Current portion of notes payable		(65,429)		(107,043)
Total long-term notes payable	$	1,949,882	$	2,025,941

___________

* LIBOR = London Interbank Offered Rate

The mortgage finance with Aldermore Bank PLC commenced on February of 2012 and secured by the following properties with total book value of approximately $3,403,777 as of June 30, 2013.

240 Derby Road, Nottingham, NG7 1NX

27-29 Westgate & 61-63 Welby Street, Grantham, Lincolnshire, NG34 6LX

310, 312, 314, & 343 Carlton Hill, Nottingham, NG4 1JE

53 High Street, King’s Lynn, Norfolk, PE30 1BE

62 Gold Street, Northampton, NN1 1RS

453 Firth Park Road, Sheffield, S5 6QQ

- 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