Long-Term Liabilities

9 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Long-Term Liabilities

NOTE 8 – LONG-TERM LIABILITIES

Long-term liabilities of the Company consisted of the followings as of March 31, 2019 and June 30, 2018:

	March 31, 2019		June 30, 2018
Demand promissory note – American Pacific Resources, Inc.		24,048,500		24,048,500
Accrued Expenses		1,181,731		1,063,481
Accrued Interest		2,111,212		2,005,815
Advances from Customers		288,219		288,219
Liabilities from Discontinued Operations (including		1,255,037		1,255,037
Preferred Stock Liabilities)
Total Long-term Liabilities:	$	28,884,700	$	28,661,052

DUE TO PREFERRED STOCKHOLDERS OF DISCONTINUED SUBSIDIARY

As of March 31, 2019, the Company recognized $215,000 Long-term Liabilities payable to holders of preferred stock of Providential Securities, Inc., a previous subsidiary of the Company that was discontinued in the year 2000. In the early 2000’s, the Company had made an offer for these preferred stockholders to receive shares of common stock in the Company in exchange for the preferred shares in the discontinued subsidiary but only a small number of the preferred shareholders responded and accepted the offer. In more recent years, the Company has also attempted to contact these preferred shareholders from time to time but have not received further response from them. The Company has continued to accrue imputed interest expenses at 12% per annum on the balance of $215,000 on a quarterly basis.

ADVANCES FROM CUSTOMERS

As of September 30, 2012, the Company reclassified the previously recorded Unearned Revenues as Advances from Customers because the Company was not able to complete the consulting services for the related client due to its inability to provide GAAP-compliant audited financial statements in order to file a registration statement with the Securities and Exchange Commission. As of March 31, 2019, the Company recorded $288,219 of Advances from Customers as a Long-term Liability.

In September 2017, the Company signed a Settlement Agreement and agreed to pay Thinh Hung Investment Co. a total amount of $381,000 which includes the outstanding balance of $288,219 mentioned above and $92,781 in accrued interest that is recorded as Other Current Liability in the balance sheets of the Company as of March 31, 2019.