SUBSEQUENT EVENTS |
3 Months Ended | |
|---|---|---|
Sep. 30, 2015 | ||
| Subsequent Events [Abstract] | ||
| SUBSEQUENT EVENTS |
NOTE 12 SUBSEQUENT EVENTS Management has evaluated events subsequent to September 30, 2015, through the date of this filing with the SEC for transactions and other events that may require adjustment of and/or disclosure in such financial statements. In October and November 2015, we borrowed an aggregate of $600,000 from Esenjay under our related party credit facilities. Based on these borrowings, the remaining available balance under our three debt facilities with Esenjay is $2,075,000 (See Note 4).
On October 7, 2015, the Company signed an engagement letter (“Agreement”) with Monarch Bay Securities (“MBS”) to assist the Company in raising capital. The arrangement is on a non-exclusive basis and has an initial term of six months Pursuant to the arrangement, the Company shall pay to MBS a non-refundable cash retainer of $20,000 payable in installments, as stated in the Agreement. In addition, upon a successful closing of financing during the period stated in the Agreement, the Company will pay MBS a fee of 8% of gross proceeds raised in cash and warrants to purchase 8% of total number of shares issued and issuable by the Company to investors under each successful financing.
On November 11, 2015, pursuant to the contract with CGL, we issued the third tranche of 75,000 shares of restricted common stock valued at $0.05 per share. |