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6. STOCKHOLDERS EQUITY
 6 Months Ended
Dec. 31, 2015
Equity [Abstract]  
6. STOCKHOLDERS' EQUITY

Common Stock

 

During the six months ended December 31, 2015, the Company issued common stock as follows:

 

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 Company’s common stock. For the 250,000 shares, the Company recorded $1,500 as independent contractor expense based upon the closing price of the Company’s shares on the day the shares were issued.

 

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 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. 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. 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.

 

During the six months ended December 31, 2015, the Company divested a portfolio of Internet marketing assets (“IM Sale”), including Market Pro Max, in two separate transactions 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.

 

Warrants

 

Information relating to outstanding warrants is as follows:

  Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Life (years)  
Outstanding warrants at 06/30/15     3,401,522     $    0.50     0.30  
Granted     -     -     -  
Exercised     -     -     -  
Forfeited/expired     3,092,673     0.50     -  
Outstanding warrants at 12/31/15     308,849     0.50     0.16  
                     
Exercisable on 12/31/15     308,849     0.50     0.16  

 

The aggregate intrinsic value of warrants outstanding and exercisable was $0 at December 31, 2015. Total intrinsic value of warrants exercised was $0 for the three months ended December 31, 2015 as no warrants were exercised during this period.