XML 63 R14.htm IDEA: XBRL DOCUMENT

Credit Card Advance	3 Months Ended
Sep. 30, 2015
Notes to Financial Statements
Credit Card Advance	NOTE 9. CREDIT CARD ADVANCE On April 24, 2015, the Company entered into an agreement with Power Up Lending Group, Ltd. (“Power Up”) whereby Power Up agreed to loan OneUp and Foam Labs a total of $400,000. The loan is secured by OneUp’s and Foam Lab’s existing and future credit card collections. Terms of the loan call for a repayment of $448,000, which includes a one-time finance charge of $48,000, approximately ten months after the funding date. This will be accomplished by Power Up withholding a fixed amount each business day of $2,074 from OneUp’s credit card receipts until full repayment is made. This loan is guaranteed by the Company and is personally guaranteed by the Company’s CEO and controlling shareholder, Louis S. Friedman (see Note 12). As of September 30, 2015 and June 30, 2015, the principle amount was $193,777 and $316,266, net of a discount of $24,000 and $38,400, respectively.

Credit Card Advance

3 Months Ended

Sep. 30, 2015

NOTE 9. CREDIT CARD ADVANCE

On April 24, 2015, the Company entered into an agreement with Power Up Lending Group, Ltd. (“Power Up”) whereby Power Up agreed to loan OneUp and Foam Labs a total of $400,000. The loan is secured by OneUp’s and Foam Lab’s existing and future credit card collections. Terms of the loan call for a repayment of $448,000, which includes a one-time finance charge of $48,000, approximately ten months after the funding date. This will be accomplished by Power Up withholding a fixed amount each business day of $2,074 from OneUp’s credit card receipts until full repayment is made. This loan is guaranteed by the Company and is personally guaranteed by the Company’s CEO and controlling shareholder, Louis S. Friedman (see Note 12). As of September 30, 2015 and June 30, 2015, the principle amount was $193,777 and $316,266, net of a discount of $24,000 and $38,400, respectively.