PROMISSORY NOTE PAYABLE

9 Months Ended

Mar. 31, 2018

NOTE 4 – PROMISSORY NOTE PAYABLE

Promissory note payable consisted of the following at March 31, 2018 and June 30, 2017:

	March 31,		June 30
	2018		2017
Promissory Note - July 2017	$	10,000	$	-
Promissory Note - December 2017		22,690		-
Promissory Note - February 28, 2018		11,953
		44,643		-
Less current portion of promissory note payable		44,643		-
Long-term promissory note payable	$	-	$	-

On July 17, 2017, the Company issued a demand promissory note to an unaffiliated party for cash proceed of $10,000. The note bears interest rate at 50% per annum and is due on demand. As of March 31, 2018, the accrued interest on the note was $3,521.

On December 31, 2017, the Company issued a demand promissory note of $22,690 to an unaffiliated party for paying off expenses on behalf of the Company. The note bears interest rate at 55% per annum and is due on demand. As of March 31, 2018, the accrued interest on the note was $3,077.

On February 28, 2018, the Company issued a demand promissory note of $11,953 to an unaffiliated party for cash proceed of $8,000 and for payment of $3,953 operating expenses on behalf of the Company. The note bears interest rate at 50% per annum and is due on demand. As of March 31, 2018, the accrued interest on the note was $508.

Perkins Oil & Gas, Inc. 10-Q