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Subsequent Events
12 Months Ended
Jun. 30, 2012
Subsequent Events:  
Subsequent Events

 

Note 11- Subsequent Events

 

On August 16, 2012, the Company issued 1,500,000 shares of restricted common stock to Directors and Officers of the Company for services rendered:  Eric J. Cooper 500,000, Jean Rice 500,000, Eric Click 500,000.

 

On August 23, 2012, the Company issued 20,000 shares of restricted shares common stock to Joshua Buckheister for services fully performed and completed.

 

On September 3, 2012, we effectuated the closing of the Asset Purchase Agreement (the “Agreement”) with One Health Urgent Care, Inc., an Arizona corporation, and our wholly owned subsidiary, (“One Health”) (the “Buyers”) and MCS Ventures I through VII, PC. Dba Alliance Urgent Car, LLC (the “Sellers”).  Pursuant to the Agreement, One Health has agreed to purchase the assets and certain liabilities of the Sellers for a purchase price of 5,000,000 restricted shares of our common stock.  We are obligated to issue additional shares of our common stock to the Sellers if certain conditions are not met over the first three years following the Closing.  The Company is obligated to issue additional shares not to exceed an approximate total valuation of $15,000,000 if certain stock price guarantees are not met over the first three years following the Closing.

 

On September 17, 2012, a new lease for the headquarters facility was executed for a period of five and one half years with the lease ending March 31, 2018 after which time the lease will be month to month.  The rent during the first six months is abated, rent is $4,811 per month for months 7-24, for months 25-36 rent is $4,956, for months 37-48 rent is $5,103, for months 49-66 rent is $5,256, with a security deposit of $15,000.  Under the terms of the lease agreement, the Company is responsible for its share of normal operating costs, including maintenance expenses, property taxes and insurance.