Related Party Transactions

3 Months Ended

Sep. 30, 2015

8.	Related Party transactions

At September 30, 2015 and June 30, 2015, $249,717 and $256,340 respectively, is due Colin Taylor, the managing director of the Oxford City Football Club (Trading) Limited, a subsidiary of the Company. The advances are non-interest bearing, unsecured and due on demand.

On September 25, 2015, the Company recorded $2,000,000 in stock-based fees for services provided by Colin Taylor in exchange for a common stock payable of 2,000,000 shares of common stock valued at $2,000,000 ($1.00 per share).

On September 30, 2015, the Company issued 801,990 shares of common stock to Thomas Guerriero our Chief Executive Officer and sole director for anti-dilution protection due to Series B Convertible Stock holders.

Employment – On December 1, 2012, the Company executed a consulting agreement (the “Agreement”) with GCE Wealth, Inc. (“GCE”), a company controlled by our CEO, Mr. Thomas Guerriero. Pursuant to the terms and conditions of the Agreement, among other things GCE will act as our consultant through December 2015 and GCE will receive $950 per hour for services rendered. The total expense related to this agreement was $1,100,000 and $1,511,500 for the three months ended September 30, 2015 and 2014, respectively.

On September 23, 2015, the Agreement was amended to cancel and remove from the accounting records of the Company all accruing compensation, including officer compensation payable of $8,132,337 recorded in the consolidated balance sheet at June 30, 2015, and to provide for an annual compensation of $500,000 per annum payable in monthly installments. The total expenses of $9,589 was recorded for the three months ended September 30, 2015 related to the amended agreement. At September 23, 2015, additional paid-in capital was increased by $9,132,337 for cancellation of officer compensation payable.

As of September 30, 2015 and June 30, 2015, $3,815 and $8,132,337 of total officer compensation was unpaid and recorded as payable, respectively.

On December 1, 2013 and 2014, the Company executed consulting agreements (the “Agreement”) with Dorset Solutions Inc., and its representative Philip Clark. Pursuant to the terms and conditions of the Agreement, among other things Philip Clark will act as a Chief Financial Officer through November 30, 2015 and will receive $3,000 per month for services rendered. The total expense related to this Agreement was $9,000 for the three months ended September 30, 2015 and 2014, respectively. As of September 30, 2015 and June 30, 2015, $3,000 of total compensation was unpaid and recorded as payable.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Oxford City Football Club, Inc. 10-Q