Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

Related Party Transactions
12 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

12. Related Party Transactions

The Company received cash from Mr. Folkson, the Company’s Chief Executive Officer and related party, $0 and $0 in 2018 and 2017, respectively, to supplement the Company’s working capital. These short-term advances have all been repaid.


    During the third quarter 2015, Mr. Folkson began accruing a consulting fee of $6,000 per month which the aggregate of $72,000 and $72,000 is reflected in professional fees and presented in the accrued expenses – related party for 2018 and 2017 respectively.


    The original consulting agreement for Mr. Folkson had a term of one year, and then converted into a month to month effective January 1, 2016. A new twelve month consulting agreement was entered into for Mr. Folkson effective July 1, 2018, which paid Folkson the same $6,000 monthly consulting fee.  In addition, the Company made bonuses available to Folkson upon the Company hitting certain revenue milestones of $1,000,000 in a quarter and $3,000,000 in a quarter.   Achieving those milestones would earn Folkson warrants with a $.50 strike price which must be exercised within 15 days of the respective quarterly or annual filing