L. Related Party Transactions

6 Months Ended

Dec. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

At December 31, 2016 and June 30, 2016, the Company had a note due from American Citizenship Center, LLC (“ACC”), a related party, with a gross balance of $295,400 which has been fully reserved. During the six months ended December 31, 2016, the Company billed ACC a total of approximately $14,200 for interest of which $9,400 is unpaid and fully reserved at December 31, 2016.

At December 31, 2016 and June 30, 2016, the Company had accrued board fees in the total amount of $41,000 and $14,000, respectively.

Effective as of December 15, 2016, the Board of Directors accepted the resignation of John Carlson, Chief Executive Officer and a Director of the Company. Mr. Carlson will remain on the Company’s Board of Directors. At December 31, 2016 and June 30, 2016, the Company had accrued deferred compensation of $69,100 and $58,400, respectively, payable to John Carlson, the Company’s former Chief Executive Officer and a current Director of the Company. The Company’s compensation committee approved a Severance and Employment Agreement with Mr. Carlson whereby he will provide ongoing services to the Company and the deferred compensation will be repaid in addition to other incentive based compensation related to the potential sale of the Company’s AES Indian Mesa and Deer Creek sites.

Also effective as of December 15, 2016, the Company’s Board of Directors elected Steven Oman to serve as the interim President and Chief Executive Officer of the Company. In addition, the Board of Directors accepted the resignation of Harold Carpenter from the board and elected Steven Oman, Donald Anderson and Rebecca Anderson to the Board of Directors.