Convertible Notes Receivable - Related Party
|9 Months Ended|
Mar. 31, 2021
|Convertible Notes Receivable - Related Party||
NOTE 7 – CONVERTIBLE NOTES RECEIVABLE – RELATED PARTY
The Company has entered into multiple convertible note receivable agreements with WRLD3D. The convertible notes bear interest ranging from 5% to 10% with various maturity dates. The convertible notes have conversion features which allow the Company to convert the notes into shares of WRLD3D stock upon the occurrence of certain events. The Company has a security interest in all of WRLD3D’s personal property, inventory, equipment, general intangibles, financial assets, investment property, securities, deposit accounts and the proceeds thereof.
The following table summarizes the convertible notes receivable from WRLD3D.
The Company has an accrued interest balance of $701,062 at March 31, 2021 and June 30, 2020, respectively, which is included in “Other current assets”. Starting July 1, 2020, the Company is not accruing interest.
The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef