15 Issuance of Common Stock

12 Months Ended

Jun. 30, 2015

Notes

15 Issuance of Common Stock

15              ISSUANCE OF COMMON STOCK

On October 21, 2013, the Company issued 60,000 shares of common stock to three independent directors for services rendered. Total value of the compensation is approximately $19,200 based on closing average price of $0.32 during the period of service.

On September 5, 2014, the Company issued 11,862,278 shares of common stock in satisfaction of $4.6 million in debt. The shares were valued at $0.39 per share, which exceeded the six month average share price as well as the market price at time of issuance. Paid in capital was increased by $4,614,426 as a result of the exchange.

On December 23, 2014 the Company sold to 22 of its employees a total of 4,527,832 shares of common stock for a total of $1,177,236 or $0.26 per share, which exceeded the market price on October 4, 2014, when the contract of sale was made.

On February 3, 2015, the Company issued 300,000 shares of common stock to management at $0.33 per share based on share price at grant date. The shares are equally vested on January 1, 2016, January 1, 2017 and January 1, 2018. The Company recorded $30,250 stock compensation expense for the year ended June 30, 2015 and the unrecognized compensation expense was $68,750.

On February 3, 2015, the Company issued 40,000 shares of common stock to independent directors at $0.39 per shares for services rendered by them.

On February 3, 2015, the Company issued 1,704,915 shares of its common stock to six investors, each of whom is either an employee or a consultant to the Company. The average purchase price for the shares was $0.32 per share.

On March 12, 2015, the Company issued 480,000 shares of its common stock to a creditor at $0.50 per share to offset a loan payable.

On April 8 2015, the company sold 508,000 shares of common stock to officers and employees of the Company at a price of $1.36 per share, which exceeded the market price at time of issuance

On April 8 2015, the Company also issued 521,412 shares of common stock at a price of $1.36 per share to a creditor in satisfaction of $709,120 debt.

On June 19, 2015, the Company issued 20,000 shares of common stock to management for services rendered.