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 March 31, 2018, and June 30, 2017, the Company owed a current and former director a total of $56,906 and $56,802, respectively, for money loaned to the Company throughout the years. The loan balance owed at March 31, 2018 was not interest bearing (See Note 4).

As of March 31, 2018, and June 30, 2017, the Company owed its two current directors a total of $34,192 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 March 31, 2018, total payments of $122,100 AUD remain on the lease.

Mr. Nathanielsz’s wife, Sylvia Nathanielsz, is and has been an employee of ours since October 2015. Mrs. Nathanielsz received an annual salary of $57,675 through January 31, 2018 and is entitled to customary benefits. Effective February 1, 2018, Mrs. Nathanielsz salary was increased, and she now receives an annual salary of $92,280.

Pursuant to a February 25, 2016 board resolution, James Nathanielsz shall be paid $4,481 AUD ($3,502 USD), on a monthly basis for the purpose of acquiring and maintaining an automobile. For the nine months ended March 31, 2018, a total of $31,518 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 achieved while serving as the chief executive officer. A total of $130,000 in payments were made in the year ended June 30, 2017. The remaining $120,000 was paid during the nine months ended March 31, 2018.

As per the unanimous written consent of the Board of Directors, on March 16, 2018, James Nathanielsz was granted a $300,000 AUD bonus for accomplishments achieved while serving as the chief executive officer. A total of $50,000 was paid during the nine months ended March 31, 2018. The balance of the accrued bonus as of March 31, 2018 is $183,260.