Related Party Transactions |
3 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Related Party Transactions | |
| Related Party Transactions | Note 10. Related Party Transactions
In March 2025, Allan Marshall purchased 125,000 shares of Series A preferred shares from the Company at a per share price of $2.60 per preferred share. This purchase was settled through the cancellation of a $400,000 related party advance. There are no advances due to Allan Marshall as of September 30, 2026 and June 30, 2026.
On April 1, 2024, the Company entered into a lease agreement with MFA 2510 Merchant LLC, which is owned by our CEO, Allan Marshall. The lease was for approximately 10,000 square feet of warehouse and office space, located in Odessa, Florida for $20,060 per month. During the three months ended September 30, 2025, the Company recognized lease expense related to this lease of $79,944. No such lease expense was recognized during the three months ended September 30, 2026. As a result of the Company’s course of action to terminate the CBD gummy and other operations, the Company ceased leasing the facility and had no obligations related to this facility as of September 30, 2026 and June 30, 2026.
On June 13, 2024, the Company entered into a stock purchase agreement pursuant to which the Company sold one hundred percent (100%) of the issued and outstanding equity of its wholly owned subsidiary VitaMedica, Inc. to three investors (the “Buyers”). One of the minority interest Buyers is Allan Marshall, the Company’s CEO. Amounts due from VitaMedica were $43,586 and $10,766 as of September 30, 2026 and June 30, 2026, respectively.
The above related party transactions are not necessarily indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent parties. |