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Note 8 - Subscription Receivable - Affiliates
 6 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Subscription Receivable [Text Block]
8.
     SUBSCRIPTION RECEIVABLE - AFFILIATES:
 
As of
December 31, 2020,
the Company has
three
interest bearing, secured promissory notes with an aggregate principal amount of
$428,250
(
$474,892,
including interest), from Bassani as consideration to purchase warrants to purchase
5,565,000
shares of the Company's restricted common stock, which warrants have exercise prices ranging from
$0.60
to
$1.00
and have expiry dates ranging from
December 31, 2020
to
December 31, 2025.
The promissory notes bear interest at
4%
per annum, and are secured by portions of Bassani's
2020
Convertible Obligation and Bassani's
September 2015
Convertible Notes. The secured promissory notes were payable
July 1, 2020
but were extended to
July 1, 2024
during the year ended
June 30, 2020.
Also, during the year ended
June 30, 2020,
warrants with exercise prices greater than
$0.75
were reduced to
$0.75
and warrants with expiry dates prior to
December 31, 2024
were extended to
December 31, 2024.
 
As of
December 31, 2020,
the Company has
two
interest bearing, secured promissory notes with an aggregate principal amount of
$46,400
(
$52,238
including interest) from
two
former employees as consideration to purchase warrants to purchase
928,000
shares of the Company's restricted common stock, which warrants are exercisable at
$0.75
and have expiry dates of
December 31, 2020.
During the year ended
June 30, 2020,
the expiry dates of the warrants were extended to
December 31, 2024.
These warrants have a
90%
exercise bonus. The promissory notes bear interest at
4%
per annum, are secured by a perfected security interest in the warrants, and were payable on
July 1, 2020
but were extended to
July 1, 2024
during the year ended
June 30, 2020.
 
As of
December 31, 2020,
the Company has an interest bearing, secured promissory note for
$30,000
(
$32,896
including interest) from Smith as consideration to purchase warrants to purchase
300,000
shares of the Company's restricted common stock, which warrants are exercisable at
$0.60
and have expiry dates of
December 31, 2023.
During the year ended
June 30, 2020,
the expiry dates of the warrants were extended to
December 31, 2024.
The warrants have a
75%
exercise bonus and the promissory note bears interest at
4%
per annum, and is secured by
$30,000
of Smith's
2020
Convertible Obligations. The secured promissory note was payable on
July 1, 2020
but was extended to
July 1, 2024
during the year ended
June 30, 2020.