RELATED PARTY TRANSACTIONS

9 Months Ended

Mar. 31, 2017

NOTE 18 – RELATED PARTY TRANSACTIONS

On September 7, 2016, the Company entered into a Membership Interest Purchase Agreement with Theodore Peck, the CEO of the Company’s 85% owned subsidiary, Holu Energy, LLC. Pursuant to the Membership Interest Purchase Agreement, the Company will sell to Theodore Peck all of the issued and outstanding membership interests of a PPA entity for $592,000, subject to the terms of a Promissory Note, a Security Agreement, and a Pledge Agreement. The transaction is considered to be executed upon terms that are in the normal course of operations. Revenues of $592,000 and expenses of $573,353 have been recognized in the Company’s condensed consolidated statement of operations for the three and nine months ended March 31, 2017.