Related Party Transactions
|6 Months Ended|
Dec. 31, 2017
|Related Party Transactions [Abstract]|
|Related Party Transactions||
NOTE 8 – RELATED PARTY TRANSACTIONS
Since its inception, the Company has conducted transactions with its directors and entities related to such directors. These transactions have included the following:
As of December 31, 2017 and June 30, 2017, the Company owed a current and former director a total of $57,831 and $56,802, respectively, for money loaned to the Company throughout the years. The loan balance owed at December 31, 2017 was not interest bearing (See Note 4).
As of December 31, 2017 and June 30, 2017, the Company owed its two current directors a total of $35,842 and $35,204, respectively, related to expenses paid on behalf of the Company related to corporate startup costs and intellectual property (See Note 3).
Effective May 5, 2016, we entered into an agreement for the lease of our principal executive offices with North Horizon Pty Ltd., of which Mr. Nathanielsz and his wife are owners and directors. The lease has a five year term and provides for annual rental payments of $39,600 AUD, which includes $3,600 of goods and service tax for total payments of $198,000 AUD during the term of the lease. As of December 31, 2017, total payments of $132,000 AUD remain on the lease.
Mr. Nathanielsz’s wife, Sylvia Nathanielsz, is and has been an employee of ours since October 2015. Mrs. Nathanielsz receives an annual salary of $58,613 and is entitled to customary benefits.
According to a February 25, 2016 board resolution, James Nathanielsz shall be paid $4,481 AUD, on a monthly basis for the purpose of acquiring and maintaining an automobile. For the six months ended December 31, 2017, a total of $20,956 in payments have been made with regards to the board resolution.
As per the unanimous written consent of the Board of Directors, on August 15, 2016, James Nathanielsz was granted a $250,000 bonus for accomplishments obtained while operating as the chief executive officer. A total of $130,000 in payments have been made in the year ended June 30, 2017. The remaining $120,000 was paid during the six months ended December 31, 2017.
The entire disclosure for related party transactions. Examples of related party transactions include 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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef