v3.21.2

Related Party Transactions (Tables) | 12 Months Ended
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Jun. 30, 2021
Related Party Transactions [Abstract] |
Schedule of Notes Payable Obligations to Related Parties Assumed in Acquisition | The Company's notes payable obligations to related parties are as follows:
|  | 2021 |  | 2020
Note payable to a stockholder in which the $200,000 principal plus $10,000 of interest was payable in December 2019. Borrowings under the note increased to $400,000 and the maturity was extended to November 2021. The note bears interest at a rate of 6% per annum and is payable in cash or common stock, at the Company's option. If interest is paid in common stock, the conversion price will be the market price at the time of conversion. Principal on the note at maturity is convertible into 400,000 shares of Series D Preferred Stock. If principal is paid prior to maturity, the right of conversion is terminated. |  | $ | 400,000 |  | $ | 400,000
Fair value of unsecured notes payable to seller of Concepts and Solutions, a related party, bearing interest at 3% per year, payable in annual installments through November 30, 2021. Payment is subject to adjustment based on the achievement of minimum gross revenues and successful completion of certain pre--acquisition withholding tax issues of Concepts and Solutions. |  |  | 1,030,079 |  |  | 1,030,079
Note payable to a stockholder in which the note principal plus 6% interest is payable in November 2021. Note was amended in March 2020 by increasing the balance to $1,225,000. Interest is payable in cash or common stock, at the holder's option. If interest is paid in common stock, the conversion price will be the market price at the time of conversion. Principal on the note at maturity is convertible into 1,225,000 shares of Series D Preferred Stock. If principal is paid prior to maturity, the right of conversion is terminated. |  |  | 1,225,000 |  |  | 1,225,000
F-21
Note payable to a stockholder in which the note principal plus 6% interest is payable in November 2021. Interest is payable in cash or common stock, at the Company's option. If interest is paid in common stock, the conversion price will be the market price at the time of conversion. Principal on the note at maturity is convertible into 200,000 shares of Series D Preferred Stock. If principal is paid prior to maturity, the right of conversion is terminated. |  |  | 200,000 |  |  | 200,000
Note payable to a stockholder in which the note principal plus interest at 15% is payable the earlier of 60 days after invoicing a certain customer, or April 2022 due to extensions granted by the lender. The note is collateralized by a security interest in a certain customer purchase order. |  |  | 385,000 |  |  | 385,000
Note payable related to acquisition of Classroom Tech in which the note principal is payable in 2021 with no interest obligations, upon the shareholder's resolution of a pre-acquisition liability with a bank. |  |  | 155,690 |  |  | -
Other short term notes payable to stockholders and related parties |  |  | 75,986 |  |  | 107,733
Total Related Party Notes Payable |  |  | 3,471,755 |  |  | 3,347,812
Current Portion of Related Party Notes Payable |  |  | 3,471,755 |  |  | 1,272,812
Long-term Portion of Related Party Notes Payable |  | $ | - |  | $ | 2,075,000

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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