15. COMMITMENTS

3 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

Leasing Activities

The Company leases its Australian research and development facility from a non-related Australian company under the terms of a lease that expires October 31, 2016.  In July of 2011, the Company renewed the lease on its Australian facility through October 2016 subject to an annual CPI adjustment.  Rent expense was $19,283 and $23,734 for the three months ended September 30, 2015 and September 30, 2014, respectively.

The future payments required under the terms of the leases for fiscal periods subsequent to September 30, 2015 are as follows:

2016	$	55,738
2017		24,772
	$	80,510

Employment Contracts

The Company has entered into employment contracts with executives and management personnel.  The contracts provide for salaries, bonuses and stock option grants, along with other employee benefits.  The employment contracts generally have no set term and can be terminated by either party.  There is a provision for payments of up to six months of annual salary as severance if the Company terminates a contract without cause, along with the acceleration of certain unvested stock option grants.  During the three months ended September 30, 2015, the Company recorded $125,000 of severance for the former CEO.