Related Party Transactions
|9 Months Ended|
Mar. 31, 2017
|Related Party Transactions [Abstract]|
|Related Party Transactions||
NOTE 8 – RELATED PARTY TRANSACTIONS
Since its inception, the Company has conducted transactions with directors and director-related entities. These transactions have included the following:
As of March 31, 2017 and June 30, 2016, the Company owed a current and former director a total of $56,521 and $54,767, respectively, for money loaned to the Company throughout the years. The loan balance owed at March 31, 2017 was not interest bearing (See Note 4).
As of March 31, 2017 and June 30, 2016, the Company owed its two current directors a total of $35,030 and $33,943, respectively, related to expenses paid on behalf of the Company related to corporate startup costs and intellectual property (See Note 4).
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, 2017, total payments of $161,700 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 $57,285 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 nine months ended March 31, 2017, a total of $30,470 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. As of March 31, 2017, a total of $50,000 in payments have been made.
During the nine months ended March 31, 2017, the Company expensed $152,289 and had accounts payable of $57,784, to vendors who are both associated with two of the members of the Scientific Advisory Board of the Company.
During the nine months ended March 31, 2017, the Company expensed $18,304 and had accounts payable of $16,492 to a vendor who is associated with the Company’s chief medical officer.
During the nine months ended March 31, 2017, the Company expensed $1,717 to a vendor that is owned by relatives of Mr. Nathanielsz.
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