Note 4 - Loans Payable - Affiliates

9 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Loans Payable to Affiliates

4.

     LOANS PAYABLE - AFFILIATES:

During the

nine

months ended

March 31, 2020,

Dominic Bassani (“Bassani”), the Company’s Chief Executive Officer, and Mark A. Smith (“Smith”), the Company’s President, loaned the Company

$20,000

and

$15,000,

respectively, for working capital needs. The loans were non-interest bearing and Bassani’s loan was repaid in cash, while Smith’s loan was converted into units of the Company at

$0.50

per unit, with each unit consisting of

one

share of the Company’s restricted common stock and

one

warrant to purchase

one

share of the Company’s restricted common stock for

$0.75

per share until

December 31, 2020.