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RELATED PARTY TRANSACTIONS
12 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

 

On September 19, 2017 the company issued a 10% Promissory Note in exchange for receiving $350,000 from Kruse Farms, LP., a Company owned by one of the Company’s principle owners, to fund the production of a motion picture. The principal of $350,000 is due in twenty-four (24) months from receipt of the funds. The Company and the lender has extended the maturity date to June 30, 2020.nterest payable of $62,142 and $27,233 has been recorded as of June 30, 2019, and 2018, respectively. During the year ended June 30, 2019, and 2018, interest expense was $34,910 and $27,233, respectively. During the year ended June 30, 2019, The Company paid a part of principal of $30,000 and as of June 30, 2019, the principal balance of note is $320,000.

 

As of June 30, 2019, the Company has advanced $20,000 as a loan to the Company’s Chief Creative Officer.

 

During the year ended June 30, 2019, the Company borrowed a $12,000 from a related party. The amounts are due on demand and non-interest bearing.

 

During the year ended June 30, 2019, and 2018, the Company paid $27,500, and $95,636, respectively to the Chief Creative Officer for fees related to production and managing movie services.