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Re: None

Friday, 10/16/2015 11:33:55 AM

Friday, October 16, 2015 11:33:55 AM

Post# of 17454
hmmmmmm..... ) :<

In May 2015, the Company sold 2,000 Pandaho themed products to an unrelated party, Beijing Rui He Jia Ye International for $100,000, and purchased the 2,000 Pandaho themed products from Beijing Yishengyuankai Culture Co., a company wholly owned by Li Lui, at a cost of $50,000. The Company determined that it was an agent and not the primary obligor in the arrangement and recorded the transaction as a net commission revenue of $50,000. There were no such transactions for the fiscal year ended June 30, 2014.

OPERATING COSTS

Administrative expenses were $393,195 for the fiscal year ended June 30, 2015, compared to $48,208 for the fiscal year ended June 30, 2014. The increase in total administration costs is due to accounting, audit, legal and transfer agent costs related to SEC compliance, compensation, and investor relation expenses.

Stock-based compensation was $4,375,000 for the fiscal year ended June 30, 2015, compared to $0 for the fiscal year ended June 30, 2014. During the year ended June 30, 2015, the Company issued 4,200,000 shares of common stock valued at $1,290,000 for consulting services, 650,000 shares of common stock valued at $195,000 to three executives as signing bonuses, and accrued the cost of 3,000,000 shares of common stock valued at $1,890,000 for merger related costs. The Company also recorded $1,000,000 expense related to the difference between the total fair value of the 20,000,000 shares of common stock issued and the face amount of a note receivable received in consideration for the shares of $5,000,000. There were no such transactions for the fiscal year ended June 30, 2014




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