Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

v3.24.1
Commitments and Contingencies
 6 Months Ended
Dec. 31, 2023
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

11. Commitments and Contingencies:

 

● The Company has entered into certain consulting agreements which carry commitments to pay advisors and consultants should certain events occur. An agreement is in place with one Company Advisor that calls for total compensation over the four-year Advisor Agreement of 500,000 warrants with an exercise price of $0.15 per share, of which all have vested.

 

● Sean Folkson has a consulting agreement which went into effect on December 1, 2023, and runs through December 31, 2024.  The agreement contains the potential for cash and equity bonuses should Nightfood, Inc. achieve certain revenue milestones.  The Cash Performance Bonus shall be equal to 2% of gross Nightfood, Inc. revenues, paid quarterly.  The Equity Performance Bonus shall be paid in any quarter where gross Nightfood, Inc. revenues exceed $250,000 and shall be paid in stock equal to 10% of the gross quarterly revenues for the bonus period, based on the average closing priced for the last 10 trading days.

 

● Litigation: From time to time, we may become involved in various lawsuits and legal proceedings, which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. The Company is not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.