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Related Party Transactions
3 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 6 - Related Party Transactions


In addition to the Chief Executive Officer (CEO) and the Chief Technology Officer (CTO) the following related parties are employed at GelTech:


·

The CEO's wife is a bookkeeper at $1,000 per week,

·

The CEO and CTO's father is a researcher at $1,200 per week, and

·

The CEO and CTO's mother is a receptionist at $600 per week.


We believe all of these salaries are at or are below the going rate of what such services would cost on the open market.


The Company has employment arrangements with its executive officers which are described under Note 5.


The Company has entered into a series of credit facilities with its principal stockholder as more fully described in Note 3.


The Company issued short term notes payable to its President, Chief Executive Officer and Chief Financial Officer as more fully described in Note 3.


In September 2012, the Company granted options to purchase 70,000 shares of the Company's common stock to the father of the Company's Chief Executive Officer and Chief Technology Officer as more fully described in Note 4.


In September 2012, the Company granted warrants to purchase 350,000 shares of the Company's common stock to a director as more fully described in Note 4.