Transition report pursuant to Rule 13a-10 or 15d-10

Commitments (Tables)

v3.5.0.2
Commitments (Tables)
 12 Months Ended
Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Schedule of employment agreement term

On June 15, 2015, the Company also entered into employment agreements with each of the Vice President of Business Development, the Vice President of Operations, and the Chief Financial Officer. Each of these employment agreements has substantially the same terms as that of the CEO described above, except as follows:

 

    Term     Base Salary     Eligible Bonus
% of
Base Salary		     Severance
Period		  
Vice President of Business Development     2 years     $ 136,000       50 %     6 months  
Vice President of Operations     2 years     $ 136,000       50 %     6 months  
Chief Financial Officer     2 years     $ 145,000       50 %     6 months  
Schedule of restricted stock award

These restricted stock awards are subject to a repurchase option in favor of the Company that lapses over a four-year period, as follows: the repurchase option on 50% of the shares will lapse at the end of two years from date of issuance, and the repurchase option on 25% of the shares will lapse at the end of each of the third and fourth years from date of issuance.

  

    Number of Shares
of 
Restricted Stock		     Grant Date Fair
Value		  
Vice President of Business Development     110,000     $ 165,000  
Vice President of Operations     38,000     $ 57,000  
Chief Financial Officer     145,000     $ 217,500  
Schedule of future minimum payments under the operating lease

Total future minimum payments required under the new operating lease are as follows.

 

Year Ending June 30,      
2017   $ 47,203  
2018     40,314  
    $ 87,517