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12. Subsequent Events
3 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events

In October 2014, ACC and the Company amended the loan agreement increasing the loan amount to $388,000 by adding $9,000 of accounting fees for July through September 2014 and a $10,000 loan fee. In addition, minimum monthly payments for September through December 2014 were reduced to $5,000. The minimum payment required starting in January 2015 returns to $25,000 and the entire loan balance is payable in full by the maturity date of August 31, 2015. Subsequent to September 30, 2014 and through the date of this report, ACC paid $10,000 on its loan and brought all fee amounts due current.

 

In November 2014, the Company’s Board of Directors approved the Alanco Technologies, Inc. 2014 Stock Incentive Plan (“2014 Plan”) authorizing 500,000 shares of common stock available for issuance under the 2014 Plan. The Company issued 390,000 stock options at a strike price of $0.50 per share, which was above market price on the date of grant. 115,000 of these stock options were issued under the 2014 Plan and 275,000 options were issued under existing plans which were previously approved.

 

In November 2014, the Company issued each of the Company’s three independent members of the Board of Directors 25,000 stock grants for a total of 75,000 shares. The Company has accrued $30,000 of expense associated with the grants as of the quarter ended September 30, 2014 which is also discussed in Note K – Related Party Transactions.