Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

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Commitments and Contingencies
12 Months Ended
Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
12. Commitments and Contingencies

 

Employment Agreements

 

In March 2017, the Company entered into employment agreements with two executive officers for a term of 3 years. The agreements have contingencies for termination to pay severance up to twenty four months and health care. The agreements provide for additional bonus payments that are defined in the agreement.

 

Other

 

On November 16, 2015, SiberLaw LLP filed for a default judgment against VRE, Inc. for a liquidated amount of $146,736. The Duval county Florida court ruled in SiberLaw’s favor, and the amount is recorded as a liability on the balance sheet. SiberLaw registered a lien at the US Patent Trademark Office for all patents owned by the Company’s subsidiary Visual Real Estate Inc. These patents relate to Video Drive By family of patents including US Patent 7389181, 7929800, 8078396, 8090633, 8207964, 8213743, 8558848 and 8554015.

 

The Company is involved in various legal proceedings and litigation arising in the ordinary course of business. In the opinion of management and legal counsel, the outcome of such proceedings and litigation will not have a material adverse effect on the Company’s consolidated financial statements.