Quarterly report pursuant to Section 13 or 15(d)

Commitments

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Commitments
9 Months Ended
Mar. 31, 2017
Commitments [Abstract]  
COMMITMENTS
NOTE 11   COMMITMENTS

 

Lease Agreement - The Company leases its office space under a month-to-month lease. Rent expense was $25,030 and $18,456 and $73,129 and $55,368 for the three and nine months ended March 31, 2017 and 2016, respectively. On March 2, 2016, the Company entered into an Amendment to Lease in order to extend the current lease through March 31, 2019. The lease calls for monthly rent of $6,719 per month for the period of April 1, 2016 through March 31, 2017. The monthly rent increases 4% for each of the next two years.

 

The future minimum payments under this lease are as follows:

 

Fiscal year ending, June 30:      
2017 – remaining three months   $ 20,964  
2018     84,696  
2019     65,412  
         
Total   $ 171,072  

 

The Company is delinquent in remitting its payroll taxes to the applicable governmental authorities. Total due, including estimated penalties and interest is $622,909 and $590,799 at March 31, 2017 and June 30, 2016, respectively.