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Cancellation of Common Shares
9 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Cancellation of Common Shares

16. Cancellation of Common Shares

 

On March 15, 2017, 2,000,000 common shares were surrendered to the Company for cancellation as a result of a litigation matter in which the Company and former CEO, Scott Lantz were named defendants. As part of the agreement with Mr. Lantz, the surrendered shares were used to fund and retain defense counsel on Mr. Lantz behalf. 7,003,000 common shares were also surrendered for cancellation by its previous management and consultant due to non-fulfillment of its contractual duties.