Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v2.4.1.9
Related Party Transactions
 9 Months Ended
Mar. 31, 2015
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
Note 5 Related Party Transactions
 
During the three and nine months ended March 31, 2015, the Company incurred consulting expenses of $33,000 and $99,000, respectively, for services performed by related parties of the Company and included in the statements of operations. As of March 31, 2015 and June 30, 2014, $0 and $397,055, respectively, of related party expenses are recorded in accounts payable and accrued expense – related party. During the three months ended March 31, 2015, the accounts payable and accrued expense – related party balance outstanding of $132,339 was forgiven and written off.
 
During the three and nine months ended March 31, 2014, the Company incurred consulting expenses of $172,530 and $334,204, respectively, and professional expenses of $0 and $51,000, respectively, for services performed by related parties of the Company and included in the statements of operations.