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15. RELATED PARTY TRANSACTIONS
12 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
15. RELATED PARTY TRANSACTIONS

Various term notes with total face value of $3,925,000 issued from February 2010 to April 2013, interest rates range from 10% to 15%, net of unamortized discount of $0 as of June 30, 2018, of which $3,925,000 was extinguished.

 

On August 8, 2016, the Company issued a convertible note to a daughter of a director of the Company, for $30,000 as of June 30, 2019 and 2018. The note bears an interest rate of 0% per annum and is convertible into shares of the Company’s Common Stock at $0.40 per share.

 

From September 2017 to June 2019, the Company issued convertible notes to a director and officer of the Company for $89,500 as of June 30, 2019 and 2018. The notes bear an average interest rate of 0% per annum and is convertible into shares of the Company’s Common Stock at $0.10 per share.

 

On November 15, 2016, the Company issued notes to a director and officer of the Company, for $5,000. The note bears an average interest rate of 0% per annum.

From February 2017 to June 2019, the Company issued notes to a director and officer of the Company for $225,000 and $71,000 as of June 30, 2019 and 2018, respectively. The notes bear an average interest rate of 0% per annum.

 

As share-based compensation to employees and non-employees, the Company issued 19,851,843 and 4,501,592 shares of common stock valued at $397,386 and $353,949 for years ended June 30, 2019 and 2018, respectively, based on the market price of the stock on the date of issuance.

 

The company has accrued consulting services in the amount of $306,124 and $130,621 payable to directors for services rendered for the years ended June 30, 2019 and 2018, respectively.