Quarterly report pursuant to Section 13 or 15(d)

Advances by Affiliates

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Advances by Affiliates
 3 Months Ended
Sep. 30, 2017
Advances by Affiliates [Abstract]  
Advances by Affiliates
12. Advances by Affiliates ● On August 24, 2017, a shareholder loaned the company $10,000. As compensation for making this loan, the shareholder received 10,000 shares of Company common stock, and is entitled to $2,000 interest.  This advance was secured by a promissory note from the company to the shareholder whereby the company has until February 24, 2018 to repay the principal and interest.

 

    ● 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 month period ended September 30, 2017 and reflected in the accrued expenses – related party with a balance of $198,000 and $180,000 at September 30, 2017 and June 30, 2017, respectively.  To date, Mr. Folkson has not collected any payment against this accrued salary.