RELATED PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Jun. 30, 2026 | |
| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS | 8. RELATED PARTY TRANSACTIONS
We have one executive officer, Steve Rubakh, who is currently the sole member of our Board of Directors. The Board of Directors establishes Mr. Rubakh’s annual salary, cash bonuses, and the number of Series B preferred stock to issue Mr. Rubakh as additional compensation. Effective January 1, 2024, the Board of Directors approved Mr. Rubakh’s annual salary at $250,000, quarterly cash bonus to be $100,000, and canceled the quarterly Preferred B shares issuances.
During the years ended June 30, 2026 and 2025, Mr. Rubakh’s annual salary was $250,000 ($62,500 quarterly). In addition, $400,000 of bonuses ($100,000 quarterly) were approved by the Board of Directors.
Total compensation expense included in general and administrative expenses was $650,000 and $650,000 for the years ended June 30, 2026 and 2025, respectively. Amounts due to related party, consisting of accrued salary to Mr. Rubakh, totaled $711,115 and $209,419 as of June 30, 2026 and June 30, 2025, respectively. |