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16. SUBSEQUENT EVENTS
9 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

On April 8, 2016, the Board of Directors of the Company approved the entry into a convertible promissory note with Gerber Family Irrevocable Trust (“Holder”) in the principal amount of $350,000 (the “Note”) by unanimous written consent. Gerber Family Irrevocable Trust is an entity affiliated with CEO Nicholas Gerber. The Note was funded on May 4, 2016.

 

The Note bears interest at four percent (4%) per annum and increases to eight percent (8%) in the event of default by the Company.  The Note may be prepaid at any time in whole or in party by the Company and is convertible into common stock of the Company at the election of Holder on the date which is 180 days following issuance of the Note at a conversion price of $0.13 per share.  The conversion price is subject to adjustment for mergers, consolidations, share exchanges, recapitalizations or similar events.  The Note matures five (5) years from issuance and is not secured by any assets of the Company. Proceeds from the Note are intended to be used for transactions involving acquisitions of unrelated companies by Concierge Technologies that meet the criteria as determined by the Board of Directors.