EXTINGUISHMENT OF LICENSE PAYABLE
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12 Months Ended |
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Jun. 30, 2013
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EXTINGUISHMENT OF LICENSE PAYABLE [Abstract] | |
EXTINGUISHMENT OF LICENSE PAYABLE |
NOTE 11 – EXTINGUISHMENT OF LICENSE PAYABLE
During the year ended June 30, 2013, the Company reached a mutual agreement with a counter party under which $160,000, previously reported as a license payable, was not longer due. Accordingly, the Company has removed this amount from its balance sheet and recorded the related gain on the extinguishment of the license payable.
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