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Commitments and Contingencies
 12 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
Commitments and Contingencies

4. Commitments and Contingencies

 

Office Lease

 

On January 1, 2014 the Company executed a lease agreement with Cummings Properties for the company’s office of 270 square feet at 100 Cummings Center, Suite 247-C, Beverly, MA 01915. The lease is for a term of five years from January 1, 2014 to December 30, 2018 and requires monthly payments of $357 ($4,284 annually for each of the five years, total aggregate of $21,420).

 

Employment Agreements

 

During the year ended June 30, 2014, the Company entered into an employment agreement with the Company’s Chief Executive Officer and Chief Financial Officer for $150,000 annual salary. The agreement is effective beginning July 1, 2013 and expires on June 30, 2015. Until a new employment is agreed to, we will continue salaries at this rate per annum.