Annual report pursuant to Section 13 and 15(d)

Accounts Receivable

Accounts Receivable
12 Months Ended
Jun. 30, 2015
Accounts Receivable [Abstract]  
Accounts receivable
4. Accounts receivable   The Company’s accounts receivable arise primarily from the sale of the Company’s snack products. On a periodic basis, the Company evaluates each customer account and based on the days outstanding of the receivable, history of past write-offs, collections, and current credit conditions, writes off accounts it considers uncollectible. With most of our retail and distribution partners, invoices will typically be due in 30 or 45 days.  Currently, the Company’s largest customer is GNC.  The terms it has established with GNC is “pay on scan”.  Each week, GNC issues payment to the Company based on the volume of inventory sold.  As such, its receivables with GNC are not due on a specific date, but rather tied to product sales volume The Company does not accrue interest on past due accounts and the Company does not require collateral. Accounts become past due on an account-by-account basis. Determination that an account is uncollectible is made after all reasonable collection efforts have been exhausted. The Company has also provided certain sales allowances of $12,923 for the year ended June 30, 2015.