5. RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Related Party Transactions [Abstract] | |
| 5. RELATED PARTY TRANSACTIONS | At December 31, 2015, due to related parties totaled $1,292,050. This primarily consisted of $31,700 due to 21st Century Digital Media, Inc. (successor to GHL Group, Ltd.), whose President, Gregory H. Laborde is a Director, under their consulting services agreement, $259,000 accrued for directors’ fees for services of non-executive directors, $172,800 due to Netbloo Media, Ltd. under its contractor agreement, $31,700 due to Marillion Partnership under its contractor agreement and $796,900 due to Theodore A. Greenberg, CFO and director, for compensation.
On July 30, 2015, the Company divested a portfolio of Internet marketing assets (“IM Sale”), including Market Pro Max, in two separate transaction with Marillion Partnership and Netbloo Media, Ltd. in exchange for return of a total of 16,743,681 shares of the Company’s common stock to the Company, see note 3 for further details on the divestiture.
On December 22, 2015, the Company entered into an agreement with Henry Pinskier, the Company’s Interim Chief Executive Officer for consideration of 2,000,000 shares of the Company’s 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 Company’s 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 Company’s shares on the day the shares were issued. Mr. Pinskier is also chairman of the Company’s board of directors.
On December 22, 2015, the Company entered into a one-year agreement with Theodore A. Greenberg, the Company’s Chief Financial Officer for which part of the consideration was 500,000 shares of the Company’s common stock. Cash consideration under the agreement is $5,000 per month and may be adjusted after six months based upon the Company’s performance and financial position. Cash consideration under Mr. Greenberg’s existing agreement was $11,000 per month. For the 500,000 shares, the Company recorded $3,000 as officer’s salary expense based upon the closing price of the Company’s shares on the day the shares were issued. Mr. Greenberg is also a member of the Company’s 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 Company’s 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 Company’s 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 Company’s shares on the day the shares were issued. |