Related Party Transactions

9 Months Ended

Mar. 31, 2017

Related Party Transactions [Abstract]

Related Party Transactions

10. Related Party Transactions

Applied BioSurgical, a company owned by the brother of the Company’s Chief Executive Officer, Stavros G. Vizirgianakis, is an independent distributor for the Company outside of the United States.

Set forth below is a table showing the Company’s net sales for the nine months ended March 31 and accounts receivable at March 31 for the indicated time periods below with Applied BioSurgical:

	2017		2016
Sales	$	367,592	$	349,490
Accounts receivable	$	104,678	$	212,981

On October 25, 2016, the Company sold 761,469 shares of Common Stock in a private placement to Stavros G. Vizirgianakis, the Company’s current Chief Executive Officer, at a price per share of $5.253, representing total cash proceeds to the Company of approximately $4.0 million.