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SUBSEQUENT EVENTS
12 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE T- SUBSEQUENT EVENTS

 

On July 21, 2015, the Company closed a private placement to sell a Series A Convertible Debenture for a price of $1,600,000. The Series A Convertible Debenture is convertible into 4,000,000 shares of the Company’s common stock at a price of $0.40 per share. The Series A Convertible Debenture carries no interest and matures in 36 months. The Series A Convertible Debenture also has a prepayment clause pursuant to which the Company may repurchase all or a portion of the outstanding Convertible Debenture in cash for 100% of the face value on ten business days’ notice at any time after the twelve month anniversary of the closing; provided that the Investor shall have the right to convert the Convertible Debenture within five business days after written notice of such prepayment.

 

On August 18, 2015, Mr. Changzhen Liu tendered his resignation as the Company’s Chairman, Director and Chief Executive Officer. Mr. Liu’s resignation did not result from any disagreement regarding any matter related to the Company’s operations, policies or practices.

 

On August 19, 2015, the Company’s Board of Directors accepted Mr. Liu’s resignation and simultaneously appointed Mr. Guoqin Yin as its Chairman, Director and Chief Executive Officer. The Company is currently negotiating the terms of Mr. Yin’s employment agreement