Common Stock Purchase Agreement and Settlement Agreement

6 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Common Stock Purchase Agreement and Settlement Agreement

6.   Common Stock Purchase Agreement and Settlement Agreement

On December 8, 2017, the Company entered into a Common Stock Purchase Agreement (the "Purchase Agreement") with Maurice Parham.  Under said Purchase Agreement, the Parties agreed that Joseph Passalaqua would resign from the Board of Directors of the Company and was replaced by Maurice Parham.  Maurice Parham was to immediately transfer to the Company the rights to the Universal Nation business plan.  Friction & Heat shall cancel its Reduced Control Stock and the Company shall issue the same amount of newly issued shares in exchange of the outstanding debt owed by the Company to Friction as of the date of execution of the Purchase Agreement.

On July 2, 2018, the Company entered into a Settlement Agreement (the Settlement Agreement"), whereby the parties terminated their Purchase Agreement dated December 8, 2017 with Maurice Parham in accordance with the termination provisions in said Purchase Agreement, and return the parties to their pre-Purchase Agreement status. Thereby Maurice Pelham resigned from the Company and Joseph Passalaqua was reinstated to the Board of Directors of the Company. Maurice Parham will not transfer to the Company the rights to the Universal Nation business plan.