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11. Related Party Transactions
6 Months Ended
Dec. 31, 2014
Related Party Transactions [Abstract]  
Related Party Transactions

At December 31, 2014 and June 30, 2014 the Company held a note due from American Citizenship Center, LLC (“ACC”), a related party, with balances of $373,000 and $409,000, respectively. Refer to Note D – Note Receivable for further discussion. During the six months ended December 31, 2014 the Company billed ACC a total of approximately $19,400, which includes amounts for legal services related to note modifications and interest on the note. At December 31, 2014, the Company had unpaid receivables from ACC in the amount of $3,000 which represents one quarter of interest. All required payments have been subsequently paid.

 

During the six months ended December 31, 2014, the Company issued each of the Company’s three independent members of the Board of Directors 25,000 stock grants for a total of 75,000 shares valued at $31,500. The Company recorded $16,500 of expense related to the stock grants during the current fiscal year and had accrued $15,000 at June 30, 2014.

 

In November 2014, the Company’s Board of Directors approved a change to the independent director compensation. Effective January 1, 2015, the three independent directors will be paid cash compensation of $1,000 each per month.