Quarterly report pursuant to Section 13 or 15(d)

Advances by Affiliates

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Advances by Affiliates
6 Months Ended
Dec. 31, 2016
Advances by Affiliates [Abstract]  
Advances by Affiliates
10. Advances by Affiliates The Company received cash from Mr. Folkson, the Company’s Chief Executive Officer and related party, of which $28 and $1,000 was outstanding as of December 31, 2016 and June 30, 2016, respectively, to supplement the Company’s working capital. Additionally, five of the Company’s shareholders also loaned funds to the Company of $21,984 during the six month period ended December 31, 2016

 

    During the third quarter of Fiscal Year 2015, Mr. Folkson began accruing a consulting fee of $6,000 per month which the aggregate of $6,000 is reflected in professional fees for the three ended December 31, 2016 and reflected in the accrued expenses – related party with a balance of $144,000 and $108,000 at December 31, 2016 and June 30, 2016, respectively.