NOTE 4 - RELATED PARTY TRANSACTIONS

12 Months Ended

Jun. 30, 2022

NOTE 4 – RELATED PARTY TRANSACTIONS

As of June 30, 2022 and 2021, the Company has recorded $72,365 and $62,485, respectively, in accounts payable to related parties for accrued interest from the related party loans payable below.

Related Party Loans Payable

As of June 30, 2022, the Company had outstanding the following loans payable due to a Company Director:

Date	Loan amount in EURO	Loan amount converted into USD	Interest rate	Interest in USD	Due
March 06, 2015	100,000	104,844	5%	37,451	June 30, 2022
December 12, 2017	25,000	26,211	2%	2,386	on demand
January 19, 2018	25,000	26,211	2%	2,331	on demand
March 13, 2018	25,000	26,211	2%	2,255	on demand
July 16, 2018	25,000	26,211	2%	2,075	on demand
September 10, 2018	25,000	26,211	2%	1,995	on demand
October 04, 2018	25,000	26,211	2%	1,960	on demand
December 27, 2018	25,000	26,211	2%	1,840	on demand
January 21, 2019	15,000	15,727	2%	1,082	on demand
February 26, 2019	25,000	26,211	2%	1,752	on demand
March 20, 2019	25,000	26,211	2%	1,721	on demand
April 08, 2019	20,000	20,969	2%	1,355	on demand
May 09, 2019	30,000	31,453	2%	1,979	on demand
June 21, 2019	30,000	31,453	2%	1,904	on demand
September 17, 2019	20,000	20,969	2%	1,169	on demand
October 04, 2019	20,000	20,969	2%	1,149	on demand
October 30, 2019	20,000	20,969	2%	1,119	on demand
January 08, 2020	10,000	10,484	2%	519	on demand
February 20, 2020	10,000	10,484	2%	495	on demand
March 06, 2020	15,000	15,727	2%	729	on demand
April 01, 2020	10,000	10,484	2%	471	on demand
May 05, 2020	15,000	15,727	2%	677	on demand
June 10, 2020	10,000	10,484	2%	431	on demand
July 27, 2020	10,000	10,484	2%	404	on demand
September 07, 2020	10,000	10,484	2%	380	on demand
September 21, 2020	10,000	10,484	2%	372	on demand
October 09, 2020	15,000	15,727	2%	542	on demand
December 03, 2020	10,000	10,484	2%	330	on demand
January 05, 2021	10,000	10,484	2%	311	on demand
February 11, 2021	10,000	10,484	2%	290	on demand
March 17, 2021	10,000	10,484	2%	270	on demand
July 29, 2021	10,000	10,484	2%	193	on demand
October 04, 2021	20,000	20,969	2%	309	on demand
December 01, 2021	10,000	10,484	2%	121	on demand

Total	675,000	707,696		72,367

On July 29, 2021, October 04, 2021, and December 01, 2021 a Company Director advanced amounts totaling 40,000 Euros ($41,938 as of June 30, 2022) to the Company. The loans are due on demand, accrue interest annually at 2% and are unsecured.

As of June 30, 2022, the notes have total interest accrued of $72,367.

Interest expense for the years ended June 30, 2022 and 2021 was $18,345 and $17,965, respectively.

The company paid to a company director for services received for the years ended June 30, 2022 and 2021 $82,621 and $79,907, respectively.

On July 29, 2021, October 04, 2021, and December 01, 2021 a Company Director advanced amounts totaling 40,000 Euros ($41,938 as of June 30, 2022) to the Company. The loans are due on demand, accrue interest annually at 2% and are unsecured.

On July 01, 2021, the Company received a loan of 1,733 Euros from a third party. The interest rate is 1.0% p.a. As of June 30, 2022 interest of 17 Euros ($18) has been accrued. The capital and accrued interest are to be repaid on June 30, 2023. The loan is unsecured.

On March 28, 2022, the Company received a loan of 60,000 Euros from a third party. The capital and interest are to be repaid in 60 equal monthly annuities of 1,160 Euros starting on April 30, 2022. The interest rate is 6.0% p.a. The loan is secured by the assignment of license claims. As agreed, 887 Euros in interest and repayments of 2,593 Euros were paid in the year ending June 30, 2022. The remaining debt as of June 30, 2022 is 57,407 Euros ($60,188).