RELATED PARTY TRANSACTIONS |
3 Months Ended | |
|---|---|---|
Sep. 30, 2016 | ||
| Related Party Transactions [Abstract] | ||
| Related Party Transactions Disclosure [Text Block] |
NOTE 8 – RELATED PARTY TRANSACTIONS Since inception, Propanc Health Group Corporation has conducted transactions with directors and director related entities. These transactions included the following: As of September 30, 2016 and June 30, 2016, the Company owed a current and former director a total of $56,736 and $54,767, respectively, for money loaned to the Company throughout the years. The loan balance owed at September 30, 2016 was not interest bearing (See Note 4). As of September 30, 2016 and June 30, 2016, the Company owed its two current directors a total of $35,163 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 September 30, 2016, total payments of $181,500 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 $56,888 and is entitled to customary benefits. According to a February 25, 2016 board resolution, James Nathanielsz shall be paid an amount to be determined by the board, on a monthly basis for the purpose of acquiring and maintaining an automobile. For the three months ended September 30, 2016, a total of $10,195 in payments have been made with regards to the board resolution. As per the unanimous written consent of the Board of Directors, on April 14, 2016, James Nathanielsz was granted a $200,000 bonus for accomplishments obtained while operating as the chief executive officer. As of September 30, 2016, this bonus has not been paid. During the three months ended September 30, 2016, the Company paid $124,264 and had accounts payable of $57,949 to one vendor and $4,081 to another vendor who are both associated with two of the members of the Scientific Advisory Board of the Company. During the three months ended September 30, 2016, the Company paid $14,001 and had accounts payable of $5,134 to a vendor who is associated with the Company’s chief medical officer. |