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Subsequent Events
3 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events

NOTE 15. SUBSEQUENT EVENTS

 

On October 1, 2015, the Company borrowed an additional $100,000 from Power Up. Terms for this additional amount call for a repayment of $119,000, which includes a one-time finance charge of $19,000, approximately ten months after the funding date. This will be accomplished by Power Up withholding a fixed amount each business day of $566.67 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.

 

On November 5, 2015 the Company’s corporate name was changed to Luvu Brands, Inc. to reflect its broader offering of wellness and lifestyle products designed for mass market channels.

 

Subsequent to the period covered by this report, on November 6, 2015, the Company sold 750,000 shares of restricted common stock to the Company’s President and CEO, Louis Friedman, for $75,000. We relied upon the exemption from registration as set forth in Section 4(a)(2) of the Securities Act of 1933, as amended, for the issuance of these securities as the transaction was by the issuer and did not involve any public offering.