Loan Receivables

9 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Loan Receivables

11. Loan Receivables

On August 1, 2019, the Company loaned in total amount of $196,000 to Hempistry Inc. The borrower promises to repay this principal amount to the lender in the form of a 12% stake of borrower's hemp crop located at Madisonville, KY, during borrower's 2019 crop harvest. If 12% of borrower's 2019 crop does not result in a yield of 13,800 pounds of dry hemp biomass, borrower shall provide additional dry biomass above and beyond the 12% lender is entitled to, to assure lender receives at least 13,800 pounds of dry biomass as payment to this loan.

As of March 31, 2020 and June 30, 2019, the loan receivables were $206,500 and 85,533, respectively.