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14. SUBSEQUENT EVENTS
12 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

The Sale and Purchase Agreement referenced in Note 11 above provided for a due diligence period for the Company to inspect relevant aspects of the business (the “Due Diligence Period”). During the Due Diligence Period, the Company and Gourmet Foods decided to restructure their Purchase and Sale Agreement as a stock purchase to facilitate a more efficient transfer of Gourmet Foods to the control of the Company.

 

Accordingly, on July 29, 2015, the Company, Gourmet Foods and the shareholders of Gourmet Foods Ltd. (the “Gourmet Foods Shareholders”) entered into an Agreement for Sale and Purchase of Shares (the “Share Purchase Agreement”) whereby the Company agreed to purchase 100% of the shares of Gourmet Foods from the Gourmet Foods Shareholders in exchange for the original Purchase Price of $2,511,050 NZD.  In connection with the execution of the Share Purchase Agreement, the parties agreed to terminate the Sale and Purchase Agreement. The Share Purchase Agreement closed on August 11, 2015 and Gourmet Foods, Ltd became a wholly owned subsidiary of the Company.

 

The terms of the Share Purchase Agreement are subject to post-closing adjustments based on accounting and inventory audits of the Businesses as set forth in the Share Purchase Agreement.

 

The Company is in the process of having the financial statement of Gourmet Foods, Ltd audited.