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16. SUBSEQUENT EVENTS
12 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

Subsequent to June 30, 2016, ACC and the Company amended the loan agreement by requiring minimum monthly payments of $10,000 per month starting 60 days following implementation of an immigration reform program which allows DAPA or a similar program to be implemented in the United States. In addition, the maturity date was extended to August 31, 2018. All other terms of the note remained the same and all amounts payable were current. The ACC note receivable is fully reserved for as of June 30, 2016.

 

Subsequent to June 30, 2016, the Company formed Alanco Behavioral Health, Inc. (“ABH”), a wholly-owned subsidiary incorporated in the State of Arizona. The venture will be led by David C. Johnson, President. The Company launched ABH to pursue its business plan to consolidate small cap private behavioral health companies through acquisition. The Company’s objective is to create a market leader in behavioral health treatment services helping people and their families while adding value to the Company’s shareholders through strong revenue growth and cash flow. On September 23, 2016 the Company executed a Letter of Intent to purchase the operations of Bella Monte Recovery, LLC, its first acquisition in the behavioral health market.

 

Subsequent to June 30, 2016, the Company received a board resignation notice from Joshua Silverman, effective immediately on the date thereof, September 6, 2016. Mr. Silverman noted the need to fulfill other professional obligations and confirmed there are no disagreements with the Company.

 

Subsequent to June 30, 2016, the Company drew an additional $200,000 from its line of credit with the Anderson Family Trust resulting in a current balance of $400,000 with $100,000 of remaining available credit.