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SUBSEQUENT EVENTS
12 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

On July 15, 2014, the Company received an additional $50,000 tranche on an existing convertible promissory note entitling them to draw up to the amount of $650,000. As of the date of these financial statements, the Company has only drawn $250,000 against this note. This portion of the note is due on December 15, 2015 and bears interest at 8% per annum. The loan is secured by shares of the Company’s common stock. The loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of the lesser of a 50% discount of the lowest reported sale price of the common stock for the 20 trading business days immediately prior to (i) the date of the Purchase Agreement, or (ii) the Voluntary Conversion Date. As of the date of these financial statements the Company has not converted any portion of this note into shares of common stock.

 

On July 15, 2014 the Company granted stock warrants for 291,494 shares of common stock in association with a long-term loan at no cost to the lender. These warrants had an expiration date of July 15, 2019, and were valued using the Black Scholes Valuation Model, the stock price at the grant date was $0.2446/share, the exercise price is $0.1425/share, the value of the issuance is $71,297.

 

On August 25, 2014, the Company issued 2,586,206 common shares of stock when a parent company shareholder converted their holdings into Vantage Health common stock in a cashless transaction.

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2014 through the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements other than the events described above.