Related Party Transactions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions |
Fiscal 2024 Transactions
During the year ended June 30, 2024, the Company received cash funding or expenses paid on behalf of the Company from related parties totaling $2,923,418. The expenses paid on their behalf primarily relate to operational expenditure and payroll. In most cases, promissory notes were created on a quarterly basis totaling the amounts referenced above. The remaining amounts are included within accounts payable – related parties for which the related parties expect repayment. The above-referenced expenses relate to three corporations that the Company has classified as related parties. These corporations are all owned and/or operated by an individual who has a familial relationship with the Company’s CEO.
As of June 30, 2024, amounts included within accounts payable and accrued liabilities – related parties for related party expenses were $136,976.
Fiscal 2023 Transactions
During the year ended June 30, 2023, the Company received cash funding or expenses paid on its behalf from related parties totaling $5,439,249. The expenses paid on their behalf primarily relate to operational expenditure and payroll. In most cases, promissory notes were created on a quarterly basis totaling the amounts referenced above. The remaining amounts are included within accounts payable – related parties on the Company’s Consolidated Balance Sheet for which the related parties expect repayment. The above-referenced expenses relate to three corporations that the Company has classified as related parties. These corporations are all owned and/or operated by an individual who has a familial relationship with the Company’s CEO.
During the year ended June 30, 2023, the Company incurred expenses for services provided by related parties totaling $5,312,020. Services provided to the Company include management services, payroll processing services, rent and chartered flight services. The corporations are either owned and/or operated by a relative of the Company’s CEO, is a corporation in which the Company’s CEO can exercise control or is an individual who has a familial relationship with the Company’s CEO.
During the year ended June 30, 2023, the Company’s Bothof Brothers subsidiary recognized revenue for construction services totaling $2,134,470 from corporations owned and/or operated by a related party who has a familial relationship with the Company’s CEO.
During the year ended June 30, 2023, the Company’s DES subsidiary recognized monthly interest income and royalty revenue totaling $45,968 from corporations owned and/or operated by a related party who has a familial relationship with the Company’s CEO.
During the year ended June 30, 2023, the Company incurred $1,669,788 in services performed by non-employee board members.
As of June 30, 2023, amounts included within accounts payable and accrued liabilities – related parties on the Company’s Consolidated Balance Sheet for related party expenses were $500,288.
The following is a summary of revenues recorded by the Company’s to related parties with common ownership:
See Notes 7, 8, 9, 10, and 14 for additional related party transactions.
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