SUBSEQUENT EVENTS

3 Months Ended

Sep. 30, 2015

NOTE 6 - SUBSEQUENT EVENTS

On October 30, 2015, the Company issued secured convertible promissory notes (the “New Secured Convertible Notes”) in the principal amount of $25 to each of its two principal stockholders, for an aggregate of $50, each an existing secured lender to the Company. The New Secured Convertible Notes have a maturity date of August 31, 2016 and bear interest at the rate of 5.0% per annum, payable at maturity. The outstanding principal and accrued interest of each New Secured Convertible Note is convertible, subject to a 4.99% Beneficial Ownership Cap (as defined in the New Secured Convertible Notes), into shares of the Company’s common stock at an initial conversion price of $5.00 per share (subject to adjustment), at the option of the respective holders.

The obligations of the Company under the New Secured Convertible Notes are secured by a first priority security interest in all of the property of the Company pursuant to letter agreements, dated October 30, 2015, with each of its two principal stockholders. The proceeds of the New Secured Convertible Notes will be utilized by the Company to fund its working capital needs.