Lease Commitments

12 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Note 4 - Lease Commitments

During the year ended June 30, 2015, the Company entered into a lease for office space with an original lease term of 5 years. Monthly payments due on the new lease range from $6,203 per month at inception and increase to $6,174 per month on the last year of the lease. Minimum future lease payments under this lease were as follows:

Year ended June 30, 2016	$	71,823
Year ended June 30, 2017		72,557
Year ended June 30, 2018		73,290
Year ended June 30, 2019		74,024
Year ended June 30, 2020		6,174
Total obligation under operating lease	$	297,868

During the years ended June 30, 2015 and 2014, the Company incurred net rental expense of $55,205 and $57,600, respectively.

Subsequent to the year ended June 30, 2015, the Company has terminated the lease and has vacated the lease space. A formal release of future obligations under this lease has been requested but has not been received as of the date of these financial statements.