L. Related Party Transactions |
9 Months Ended |
|---|---|
Mar. 31, 2017 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
At March31, 2017 and June 30, 2016, the Company had a note due from American Citizenship Center, LLC (“ACC”), a related party, with a gross balance of $295,400 which has been fully reserved. During the nine months ended March 31, 2017, the Company billed ACC a total of approximately $21,100 for interest of which $16,300 is unpaid and fully reserved at March 31, 2017.
At March 31, 2017 and June 30, 2016, the Company had accrued board fees in the total amount of $56,000 and $14,000, respectively.
Effective as of December 15, 2016, the Board of Directors accepted the resignation of John Carlson as Chief Executive Officer of the Company. Mr. Carlson remains on the Company’s Board of Directors. At March 31, 2017 and June 30, 2016, the Company had accrued deferred compensation of $70,900 and $58,400, respectively, payable to John Carlson, the Company’s former Chief Executive Officer and a current Director of the Company. The Company’s compensation committee approved a Severance and Employment Agreement with Mr. Carlson whereby he will provide ongoing services to the Company and the deferred compensation will be repaid in addition to other incentive based compensation related to the potential sale of the Company’s AES Indian Mesa and Deer Creek sites.
Also effective as of December 15, 2016, the Company’s Board of Directors elected Steven Oman to serve as the interim President and Chief Executive Officer of the Company. In addition, the Board of Directors accepted the resignation of Harold Carpenter from the board and elected Steven Oman, Donald Anderson and Rebecca Anderson to the Board of Directors. |