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Related Parties
12 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Parties

10.     RELATED PARTIES

On January 12, 2016, the Company borrowed $100,000 from Bountiful Capital, LLC to cover operating costs. The loan was offered interest free on a short term basis, and was due February 12, 2016. As of the date of this filing, the loan has not been repaid, nor has the lender demanded payment. The Company is currently discussing options to either extend the maturity date or refinance the balance due. The Chief Financial Officer of the Company, Greg Boden, is also the President of Bountiful Capital, LLC. Therefore, this loan transaction was with a related party.

On April 18, 2016, the Company issued a promissory note in the amount of $500,000 to Bountiful Capital, LLC, the details of which are included in footnote 7 “Notes Payable”. The Company’s Chief Financial Officer, Greg Boden, is also the president of Bountiful Capital, LLC.

On October 3, 2016, the Company issued a promissory note (the “October 2016 Note”) in the amount of up to $500,000 to Bountiful Capital, LLC, the details of which are included in footnote 7 “Notes Payable”. The Company’s Chief Financial Officer, Greg Boden, is also the president of Bountiful Capital, LLC.

On October 7, 2016, Indaba borrowed $40,000 from Jack Gindi to cover operating expenses. Jack is the father of Indaba’s Chief Technology Officer, Blake Gindi, and a former owner of Indaba. The loan was repaid in four installments of $10,000 each, on February 8, 2017, February 21, 2017, March 16, 2017 and April 7, 2017.

On May 25, 2017, Indaba borrowed $40,000 from Jack Gindi to cover operating expenses. The loan was paid in full on June 23, 2017.

Bountiful Capital, LLC, loaned the Company $38,000 on May 16, 2017, $46,000 on May 30, 2017, $26,000 on June 14, 2017, and $23,500 on June 29, 2017, as unsecured promissory notes. The terms of the notes include interest of 5% and are due and payable upon demand, but in no case later than 36 months after the effective date.