Convertible Notes Payable

12 Months Ended

Jun. 30, 2016

Notes Payable and Convertible Notes Payable [Abstract]

CONVERTIBLE NOTES PAYABLE

NOTE 9—CONVERTIBLE NOTES PAYABLE

During February 2014 the holder of the $200,000 convertible note agreed to convert the note into 200,000 shares of the Company’s Common Stock. This note holder also purchased an additional 100,000 shares of the Company’s Common Stock for $100,000 in cash. The Company also granted the note holder warrants to purchase 200,000 common shares at $1.50 per share and 200,000 shares at $2.00 per share for a three year period. On April 6, 2015, the holder of the $50,000 convertible note agreed to convert the note and its interest into the 110,000 shares of the Company’s Common Stock (See Note 11). The loss on extinguishment of the above debt was $139,230 and there was $41,722 decrease to additional paid-in capital for the value allocated to the beneficial conversion feature of the debt.