NOTE RECEIVABLE

12 Months Ended

Jun. 30, 2018

Receivables [Abstract]

NOTE RECEIVABLE

NOTE 5 – NOTE RECEIVABLE

On September 23, 2014, the Company was issued a $150,000 convertible promissory note, as amended, from an unrelated party. The note accrues interest at 8% per annum on the outstanding principal amount. On January 27, 2017, the Company negotiated new repayment terms with the unrelated party and extended the maturity date to the earlier of (a) the date on which the borrower has secured a total of $500,000 or more in additional financing from any source or (b) December 31, 2022. If at the maturity date the note and accrued interest has not been paid in full, the Company may convert the principal and interest outstanding into shares of the unrelated party’s convertible preferred stock at the then-current valuation. As referenced in Note 1, an allowance for doubtful accounts has been established for the full amount outstanding as of June 30, 2018.