9. SUBSEQUENT EVENTS |
3 Months Ended |
|---|---|
Sep. 30, 2015 | |
| Subsequent Events [Abstract] | |
| 9. SUBSEQUENT EVENTS | On November 24, 2015, the Company entered into an agreement with a business development consultant for which part of the consideration was 250,000 shares of the Companys common stock. For the 250,000 shares, the Company recorded $1,500 as independent contractor expense based upon the closing price of the Companys shares on the day the shares were issued.
On December 22, 2015, the Company entered into an agreement with Henry Pinskier, the Companys Interim Chief Executive Officer for consideration of 2,000,000 shares of the Companys common stock. The agreement has zero cash consideration and covers the time Mr. Pinskier began serving as Interim Chief Executive Officer through the end of the Companys current fiscal year, June 30, 2016. For the 2,000,000 shares the Company recorded $12,000 as related party contractor expense based upon the closing price of the Companys shares on the day the shares were issued. Mr. Pinskier is also chairman of the Companys board of directors.
On December 22, 2015, the Company entered into a one-year agreement with Theodore A. Greenberg, the Companys Chief Financial Officer for which part of the consideration was 500,000 shares of the Companys common stock. Cash consideration under the agreement is $5,000 per month and may be adjusted after six months based upon the Companys performance and financial position. Cash consideration under Mr. Greenbergs existing agreement was $11,000 per month. For the 500,000 shares, the Company recorded $3,000 as officers salary expense based upon the closing price of the Companys shares on the day the shares were issued. Mr. Greenberg is also a member of the Companys board of directors.
On December 22, 2015, the Company entered into a one-year agreement with 21st Century Digital Media, Inc., whose President, Gregory H. Laborde, is a Director of 30DC, for business development services for which part of the consideration was 300,000 shares of the Companys common stock. Cash consideration under the agreement is $3,000 per month and the agreement includes incentive compensation of up to 1,700,000 shares of the Companys stock which can be earned by achieving certain milestones during the term of the agreement. For the 300,000 shares the Company recorded $1,800 as related party contractor expense based upon the closing price of the Companys shares on the day the shares were issued. |