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Commitments and Related Party Transactions
12 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Commitments and Related Party Transactions

Note 5. Commitments and Related Party Transactions

 

Office Space

 

The Company utilizes the office space and equipment of its management at no cost. 

 

Note Payable - Stockholder

 

On May 31, 2017, the Company issued a promissory note to a stockholder of the Company pursuant to which the Company agreed to repay the sum of any and all amounts advanced to the Company, on or before the date that the Company consummates a business combination with a private company or reverse takeover transaction or other transaction after which the Company would cease to be a shell company. Although there is no obligation to advance funds to the Company under the terms of the note, it is anticipated that the stockholder may advance funds to the Company as fees and expenses are incurred in the future. As a result, the Company issued the note in anticipation of such advances. Interest shall accrue on the outstanding principal amount of the note on the basis of a 360-day year from the date of borrowing until paid in full at the rate of six percent (6%) per annum.

 

As of June 30, 2018 and 2017, the amount due under this promissory note was $61,565 and $26,750, respectively, including accrued interest of $2,455 and $125, respectively, which is reported as accounts payable and accrued expenses.