Note 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS

The Company’s prepaid expenses and other current assets are as follows:

	December 31,		June 30,
	2016		2016

Consultant fees (1)	$	237,224	$	845,420
Advance to employees		73,647		105,137
Other		116,178		55,056
Total		427,049		1,005,613
Less current portion		334,535		826,631
Total noncurrent portion	$	92,514	$	178,982

(1) The Company entered into management consulting and advisory services agreements with two consultants on June 6, 2014, pursuant to which the consultants were to assist the Company in, among other things, financial and tax due diligence, business evaluation and integration, and development of pro forma financial statements. In return for their services, as approved by the Board, a total of 600,000 shares of the Company’s common stock were issued to the two consultants. Both management consulting and advisory services agreements were for the period from July 1, 2014 to December 31, 2016.

On May 5, 2015, the Company entered into management consulting and advisory services agreements with three consultants, pursuant to which the consultants were to assist the Company in, among other things, review of time charter agreements, crew management advisory, development of permanent and preventive maintenance standards related to dry dockings and ship repairs, development of regular technical and marine vessel inspections and quality control procedures, and development and implementation of alternative remedial actions to address any technical problems that may arise in connection with the foregoing. In return for their services, as approved by the Board, a total of 500,000 shares of the Company’s common stock were issued to the three consultants. The management consulting and advisory services agreements were for a period of 18 months, effective May 2015 through November 2016. The value of their consulting services was determined using the fair value of the Company’s common stock of $1.50 per share when the shares were issued to the consultants.

The Company entered into another management consulting services agreement with a consulting company on November 12, 2015, pursuant to which the consulting company shall assist the Company with its regulatory filings during the period from July 1, 2016 to June 30, 2018. In return for its services, as approved by the Board, a total of RMB 2,100,000 ($316,298) was paid to the consulting company.

On December 9, 2015, the Company entered into a consulting and advisory services agreement, pursuant to which a consultant was to assist the Company in corporate restructuring, business evaluation and capitalization during the period from November 20, 2015 to November 19, 2016. In return for such services, the Company issued 250,000 shares of the Company’s common stock for services to be rendered during the first six months of the service period. Such shares were issued as restricted shares at $1.02 per share on December 9, 2015. On May 23, 2016, the Company issued an additional 250,000 shares of common stock at $0.72 per share to cover the services from the seventh month to November 19, 2016.

The above-mentioned consulting fees have been and will be ratably charged to expense over the terms of the above-mentioned agreements.