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Due from Related Party
3 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
DUE FROM RELATED PARTY

(5)       DUE FROM RELATED PARTY

 

On March 22, 2018, the Board of Directors approved the execution of two agreements with Xi’an IDI Laser Image Ltd. (“Xi’an”) of China, an affiliated Company of IDSI. The agreements are a Know How Transfer Contract and a CTLM Know How Confidentiality Agreement. The contract, having a term of 20 years, stipulates that Xi’an will pay IDSI a know how transfer fee of 25% of revenue for CTLM product sales in their territory. The Company also sells inventory parts or acquires parts from third parties on behalf of Xi’an. For the three months ended September 30, 2018 and 2017, such sales totaled $137,787 and $15,158, respectively. As of September 30, 2018 and June 30, 2018, the Company has receivables from related parties of $152,945 and $34,853, respectively as a result of sales of inventory parts or acquisition of parts from third parties on behalf of Xi’an. On October 26, 2018, the Company received a payment of $30,206 which settled all invoices prior to June 30, 2018. Xi’an and Viable have common ownership hence these transactions are considered related party transactions.