Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

v3.8.0.1
Related Party Transactions
 12 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions
12. Related Party Transactions ●

The Company received cash from Mr. Folkson, the Company’s Chief Executive Officer and related party, $0 and $1,000 in 2017 and 2016, respectively, to supplement the Company’s working capital. These short term advances have all been repaid.

 

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 twelve month period ended June 30, 2017.

 

    ● 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 2017 and 2016 respectively.

  

    ● The consulting agreement for Mr. Folkson had a term of one year, and then converted into a month to month effective January 1, 2016. This agreement can be terminated after the initial term, upon thirty (30) day notice by either party.