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Commitments and Related Party Transactions
12 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Commitments and Related Party Transactions

Note 5. Commitments and Related Party Transactions

 

Office Space

 

As of June 30, 2019 and 2018, the Company’s office facilities were located in Boca Raton, Florida. Such facilities are leased by the sole officer and a stockholder of the Company and used by the Company at no charge.

 

Note Payable - Stockholder

  

On May 31, 2017, the Company issued a promissory note (the “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, 2019 and 2018, the amounts due under this promissory note were $106,843 and $61,565, respectively, including accrued interest of $6,733 and $2,455, respectively, which is reported as accounts payable and accrued expenses on the accompanying balance sheets.