Note 12 - Subsequent Events |
3 Months Ended |
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Sep. 30, 2016 | |
| Notes to Financial Statements | |
| Subsequent Events [Text Block] |
NOTE
12
- SUBSEQUENT EVENTS
Management has evaluated events subsequent to September 30, 2016, 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.
On October 7, 2016, we paid back $50,000 of the principal balance owed under our Line of Credit resulting in $165,000 outstanding.
During the period from
October 1, 2016 through November 10, 2016 we borrowed an aggregate of $275,000 from Esenjay under our Unrestricted Line of Credit. As of November 10, 2016, the amount outstanding under the Unrestricted Line of Credit was $1,195,000, with an aggregate of $2,305,000 available under the Unrestricted Line of Credit for future draws at Esenjay’s discretion. As of November 10, 2016, Esenjay owns approximately 64% of our issued and outstanding common stock (See Note 4).
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