15. COMMITMENTS

6 Months Ended

Dec. 31, 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.  The Company also leases a facility in Madison, Wisconsin from a non-related company under the terms of a lease that expires October 31, 2017.

Rent expense was $34,378 and $57,912 for the three and six months ended December 31, 2015, respectively.

The future payments required under the terms of the leases for fiscal periods subsequent to December 31, 2015 are as follows:

2016	$	48,147
2017		44,098
2018		6,000
	$	98,245

Employment Contract

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 six months ended December 31, 2015, the Company recorded $125,000 of severance for the former CEO.