Promissory Notes - Related Party

6 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

PROMISSORY NOTES - RELATED PARTY

(11) PROMISSORY NOTES – RELATED PARTY

The following table is a summary of the outstanding note balances as of December 31, 2019 and June 30, 2019.

Noteholder	Interest Rate			Maturity Date	December 31, 2019		June 30, 2019
Related Party Notes:
Erhfort, LLC		15	%	4/30/20	$	100,000	$	100,000
Erhfort, LLC		15	%	4/30/20		100,000		100,000
JM One Holdings, LLC		15	%	8/31/20		20,000		-
Erhfort, LLC		15	%	4/30/20		100,000		-
Erhfort, LLC		15	%	4/30/20		100,000
Total Related Party Notes					$	420,000	$	200,000

Each of Erhfort, LLC and JM One Holdings, LLC owns Company common stock directly or indirectly. Hence these debts are considered related party debt.

During the six months ended December 31, 2019, the Company received loan proceeds of $200,000 from Erhfort, LLC and $20,000 from JM One Holdings, LLC, both of which are related parties. The loans from Erhfort have an annual interest rate of 15% and interest is being accrued and paid monthly. The loan from JM One Holdings, LLC will accrue interest monthly at an annual rate of 15%, but interest will not be paid until maturity. The maturity dates for all loans with original maturity dates prior to April 30, 2020 from Erhfort were extended to April 30, 2020.