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RELATED PARTY TRANSACTIONS
 9 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

During the nine months ended March 31, 2017, the Company continued to be a party to a Service Agreement with Fields Management, Inc. (“FMI”), pursuant to which FMI provided certain executive management services to the Company, including designating Randall K. Fields to perform the functions of President and Chief Executive Officer for the Company. Mr. Fields also serves as the Company’s Chairman of the Board of Directors and controls FMI. The Company had payables of $49,153 and $32,253 to FMI at March 31, 2017 and June 30, 2016, respectively, under this agreement. In addition, during the nine months ended March 31, 2017, 30,000 shares of Series B-1 Preferred were paid to FMI in satisfaction of an accrued bonus payable to Mr. Fields.

 

During the nine months ended March 31, 2017, the Company also issued 55,707 PIK Shares for accrued dividends payable with respect to the Series B Preferred, of which 6,412 were issued to Robert W. Allen, a director of the Company, and 49,295 were issued to Riverview Financial Corp., an entity beneficially owned by Mr. Fields. In addition, $7,932 was paid to Julie Fields, Mr. Fields spouse, as a dividend paid with respect to the Series B Preferred beneficially owned by Ms. Fields.