Quarterly report pursuant to Section 13 or 15(d)

Financing Arrangements (Tables)

v3.10.0.1
Financing Arrangements (Tables)
6 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of participants in credit facility
The following table shows the directors, executive officer and principal stockholder that participated in the Goldline Credit Facility transaction, and provides related information:
Goldline Lenders
 
Position/Relationship
 
Amount of Company Indebtedness Acquired (1)
 
 
 
 
 
 
 
Gregory N. Roberts
 
Chief Executive Officer, Director and principal stockholder
(2) 
$
587,500

(2) 
William A. Richardson
 
Principal stockholder
(3) 
587,500

(3) 
Jeffrey D. Benjamin
 
Chairman of the Board and Director
 
1,000,000

 
Ellis Landau
 
Director
 
375,000

 
William Montgomery
 
Director
 
1,500,000

 
Jess Ravich
 
Director
 
500,000

(4) 
 
 
 
 
4,550,000

 
7 other persons
 
Non-affiliated members
 
2,950,000

 
 
 
 
 
$
7,500,000

 
 
 
 
 
 
 
_________________________________
 
 
 
 
(1)
 
The amount shown was expected to remain outstanding throughout the term of the Goldline Credit Facility, with repayment due in August 2020. However, in December 2018, the Company prepaid the principal, accrued interest and a 2% premium to the lenders.
 
 
 
 
 
(2)
 
Silver Bow Ventures LLC (“Silver Bow”) is the Lender. Mr. Roberts holds 50% of the ownership interests in and controls Silver Bow. Accordingly, the amount of indebtedness shown, and the interest amounts potentially payable on such indebtedness shown, represent 50% of the aggregate amounts of indebtedness held by and potential interest payable to Silver Bow.
 
 
 
 
 
(3)
 
Silver Bow is the Lender. Mr. Richardson holds 50% of the ownership interests in and controls Silver Bow. Accordingly, the amount of indebtedness shown, and the interest amounts potentially payable on such indebtedness shown, represent 50% of the aggregate amounts of indebtedness held by and potential interest payable to Silver Bow.
 
 
 
 
 
(4)
 
Libra Securities Holdings, LLC is the Lender. Mr. Ravich and a trust for his family members holds 100% of the ownership interests and controls Libra Securities Holdings, LLC.