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RELATED PARTY TRANSACTIONS
6 Months Ended
Dec. 31, 2014
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

Services Agreement with Fields Management, Inc.

 

During the year ended June 30, 2014, the Company entered into to a five-year Service Agreement with Fields Management, Inc. (“FMI”), pursuant to which FMI provided certain executive management services to the Company, including designating Mr. Randall K. Fields to perform the functions of President and Chief Executive Officer for the Company. Randall K. Fields, FMI’s designated executive who also serves as the Company’s Chairman of the Board of Directors, controls FMI. Pursuant to this Services Agreement, FMI is paid an annual base fee of $500,000, subject to annual increases equal to 75% of the Company’s percentage annual revenue growth beginning in the 2014 fiscal year. FMI may also be eligible for an annual incentive bonus, awarded at the discretion of the Company’s Board of Directors.

 

 The Company did not have any other related party transactions as of December 31, 2014. See Note 1 above and Note 10 below, each of which describe transactions that occurred subsequent to December 31, 2014 that involved related parties.