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13. SUBSEQUENT EVENTS
12 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

On July 26, 2014 our director and Chairman Allen E. Kahn died. As of September 30, 2014 the disposition of his holdings in the Company, listed as 14,766,902 shares of common stock is unclear. David Neibert, our chief executive officer and a director, was appointed by the board members to serve as Chairman. Matt Gonzalez, a director, was appointed by the board members to serve as Chief Financial Officer. The vacancy left by Mr. Kahn’s death remains vacant as of September 29, 2014.

 

On August 27, 2014 Nelson Choi and Peter Park resigned as directors on the board of directors of Concierge Technologies due to personal conflicts with another director that could not be reasonably resolved. Mr. Choi and Mr. Park continue to serve as directors and officers of Wireless Village. The vacancies created by their resignations have not been filled as of September 29, 2014.

 

On August 19, 2014 the holder of a convertible debenture in the amount of $53,000 elected to convert a portion of the note to equity. The amount converted was $15,000 and resulted in 2,142,857 shares of our common stock being issued. On September 22, 2014 the holder elected to convert an additional $13,000 to equity and, as a result, 2,203,390 additional shares of our common stock were issued. As of September 30, 2014 a balance of $25,000 plus accrued interest remains due and payable on November 19, 2014 subject to any further conversions of the balance due to equity by the noteholder. The Company identified embedded derivatives related to the convertible debenture. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of the convertible debenture and fair value as of each subsequent balance sheet date. However, as the debenture holder had no right to convert their debt to equity prior to August 19, 2014, the Company did not account for the embedded derivative as of June 30, 2014 but will do so in subsequent balance sheet dates.