Quarterly report pursuant to Section 13 or 15(d)

Advances by Affiliates

Advances by Affiliates

9 Months Ended

Mar. 31, 2017

Advances by Affiliates [Abstract]

Advances by Affiliates

11.

Advances by Affiliates

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The Company received cash from Mr. Folkson, the Company’s Chief Executive Officer and related party, of which $0 and $1,000 was outstanding as of March 31, 2017 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 and repayments of $43,989 for those loans, and other preexisting loans, were completed during the nine month period ended March 31, 2017.

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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 nine ended March 31, 2017 and reflected in the accrued expenses – related party with a balance of $162,000 and $108,000 at March 31, 2017 and June 30, 2016, respectively. To date, Mr. Folkson has not collected any payment against this accrued salary.