Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

Related Party Transactions
12 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

12. Related Party Transactions During the fiscal year ended June 30, 2019 Mr. Folkson exercised his warrant option and received 400,000 shares of our common stock valued at $120,000.


    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 2019 and 2018 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, 2019, 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 and $1 strike price which would need to be exercised within 90 days of the respective quarterly or annual filing