Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2022 | May 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 000-31705 | |
Entity Registrant Name | GHST World Inc | |
Entity Central Index Key | 0001121795 | |
Entity Tax Identification Number | 91-2007477 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 667 Madison Avenue | |
Entity Address, Address Line Two | 5th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10065 | |
City Area Code | 212 | |
Local Phone Number | 634-6860 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 124,202,624 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Current Assets | ||
Cash | $ 362 | $ 7,350 |
Total Current Assets | 362 | 7,350 |
Other assets | 115,000 | 115,000 |
Patent costs | 39,181 | 39,181 |
Total Assets | 154,543 | 161,531 |
Current Liabilities | ||
Accounts payable and accrued expenses | 15,742 | 14,528 |
Advances from related parties | 77,095 | 16,241 |
Common stock payable | 9,559 | 217,784 |
Total Current Liabilities | 102,396 | 248,553 |
Stockholders’ Deficit | ||
Common stock, $0.001 par value, 300,000,000 shares authorized; 124,039,609 and 5,239,832 shares issued at March 31, 2022 and June 30 2021 | 124,040 | 5,240 |
Additional paid-in-capital | 9,311,776 | 9,174,792 |
Accumulated deficit | (9,383,677) | (9,267,062) |
Total Stockholders’ Deficit | 52,147 | (87,022) |
Total Liabilities and Stockholders' Deficit | 154,543 | 161,531 |
Series A Preferred Stock [Member] | ||
Stockholders’ Deficit | ||
Preferred stock value | 6 | 6 |
Series B Preferred Stock [Member] | ||
Stockholders’ Deficit | ||
Preferred stock value | $ 2 | $ 2 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Jun. 30, 2021 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Par value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 124,039,609 | 5,239,832 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued | 6,000 | 6,000 |
Preferred stock, shares outstanding | 6,000 | 6,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares issued | 2,200 | 2,200 |
Preferred stock, shares outstanding | 2,200 | 2,200 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses: | ||||
General and administrative expenses | 23,948 | 46,777 | 104,196 | 77,393 |
Product development costs | 10,569 | 16,022 | ||
Total operating expenses | 23,948 | 46,777 | 114,765 | 93,415 |
Foreign exchange loss | ||||
Interest expense | (150) | |||
Loss on change in fair value of debts | (1,700) | |||
Total Other Income(expense) | (1,850) | |||
Net loss | $ (23,948) | $ (46,777) | $ (116,615) | $ (93,415) |
Net loss per common share | ||||
Basic | $ 0 | $ (0.01) | $ 0 | $ (0.02) |
Diluted | $ 0 | $ (0.01) | $ 0 | $ (0.02) |
Weighted average number of common shares outstanding | ||||
Basic | 82,423,684 | 5,143,802 | 30,717,015 | 4,447,341 |
Diluted | 82,423,684 | 5,143,802 | 30,717,015 | 4,447,341 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit (Unaudited) - USD ($) | Preferred Stock Series A [Member] | Preferred Stock Series B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2020 | $ 6 | $ 2 | $ 3,980 | $ 9,002,643 | $ (9,115,696) | $ (109,065) |
Beginning balance, shares at Jun. 30, 2020 | 6,000 | 2,200 | 3,980,176 | |||
Issuance of common stock for cash | $ 1,010 | 147,468 | 148,478 | |||
Issuance of common stock for cash, shares | 1,009,656 | |||||
Issuance of common stock in exchange for debt | $ 250 | 24,681 | 24,931 | |||
Issuance of shares in exchange of debt, shares | 250,000 | |||||
Net loss | (151,366) | (151,366) | ||||
Ending balance, value at Jun. 30, 2021 | $ 6 | $ 2 | $ 5,240 | 9,174,792 | (9,267,062) | (87,022) |
Ending balance, shares at Jun. 30, 2021 | 6,000 | 2,200 | 5,239,832 | |||
Issuance of common stock for cash | $ 136 | 30,389 | 30,525 | |||
Issuance of common stock for cash, shares | 136,016 | |||||
Issuance of common stock in exchange for debt | $ 118,664 | 106,595 | 225,259 | |||
Issuance of shares in exchange of debt, shares | 118,663,761 | |||||
Net loss | (116,615) | (116,615) | ||||
Ending balance, value at Mar. 31, 2022 | $ 6 | $ 2 | $ 124,040 | $ 9,311,776 | $ (9,383,677) | $ 52,147 |
Ending balance, shares at Mar. 31, 2022 | 6,000 | 2,200 | 124,039,609 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net loss | $ (23,948) | $ (46,777) | $ (116,615) | $ (93,415) | $ (151,366) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Loss on change in fair value of debt | 1,700 | ||||
Changes in operating assets and liabilities: | |||||
Accounts payable and accrued expenses | 1,214 | 2,894 | |||
Net Cash Used In Operating Activities | (113,701) | (90,521) | 143,930 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Patent costs | 0 | (8,025) | |||
Net Cash Used In Investing Activities | (8,025) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Advances from related parties | 60,854 | 5,351 | |||
Increase in common stock payable | 15,334 | ||||
Issuance of common stock for cash | 30,525 | 148,479 | |||
Net Cash Provided By Financing Activities | 106,713 | 153,830 | |||
Net increase (decrease) in cash | (6,988) | 55,284 | |||
Cash - beginning of period | 7,350 | 292 | 292 | ||
Cash - end of period | $ 362 | $ 55,576 | 362 | 55,576 | $ 7,350 |
Cash paid during the year/period for: | |||||
Interest | |||||
Taxes | |||||
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||
Issuance of common stock in exchange for debt | $ 225,259 | $ 24,931 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1- ORGANIZATION AND DESCRIPTION OF BUSINESS Background GHST World Inc. (“the Company”), is a Delaware corporation that was incorporated on November 12, 1999. The Company is a holding company for various technology and other activities. The Company has acquired and is developing several patents in the technology sector. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Liquidity and Going Concern The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company had a net loss of $ 151,366 9,267,062 87,022 143,930 116,615 Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the date these financial statements were issued. The ability to continue as a going concern is dependent upon profitable future operations, positive cash flows, and additional financing. Management intends to raise money through investors as needed to support its working capital needs. Currently the Company intends to raise capital from its existing shareholders and from the possible sale of a minority interest in its subsidiaries. Management cannot provide any assurances that the Company will be successful in completing these undertakings and accomplishing any of its plans. Presentation The accompanying unaudited interim consolidated financial statements and information have been prepared in accordance with accounting principles generally accepted in the United States and in accordance with the SEC’s regulations for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, these financial statements contain all normal and recurring adjustments considered necessary to present fairly the Company’s financial position, results of operations, cash flows, and stockholders’ equity for the periods presented. The results for the three and nine months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021 filed with the SEC. Principles of Consolidation The consolidated financial statements include the accounts of the following wholly owned subsidiaries: · GHST Art World, Inc · GHST Sport Inc. · IoTT World Inc. All intercompany balances and transactions have been eliminated in consolidation. Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash. The Company places its cash with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it is a credit counterparty, and as such, it believes that any associated credit risk exposures are limited. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions impact, among others, the following: the fair value of share-based payments and deferred taxes. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. Cash Cash are amounts held at local banks in Italy. The Company had no Risks and Uncertainties The Company is undertaking a new business venture that is inherently subject to significant risks and uncertainties, including financial, operational, technological and other risks that could potentially have a risk of business failure. Impairment of Long-Lived Assets The Company accounts for impairment of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment, (“ASC 360”). Long-lived assets consist primarily of property, plant and equipment. In accordance with ASC 360, the Company periodically evaluates long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When triggering event indicators are present, the Company obtains appraisals on an asset by asset basis and will recognize an impairment loss when the sum of the appraised values is less than the carrying amounts of such assets. The appraised values, based on reasonable and supportable assumptions and projections, require subjective judgments. Depending on the assumptions and estimates used, the appraised values projected in the evaluation of long-lived assets can vary within a range of outcomes. The appraisals consider the likelihood of possible outcomes in determining the best estimate for the value of the assets. As of March 31, 2022 and June 30, 2021, the Company did no Intangible Assets The Company capitalizes external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights. The Company expenses costs associated with maintaining and defending patents subsequent to their issuance in the period incurred. The Company will amortize capitalized patent costs for internally generated patents on a straight-line basis over ten years, which represents the estimated useful lives of the patents. The ten-year estimated useful life for internally generated patents is based on management’s assessment of such factors as the integrated nature of the portfolios being licensed, the overall makeup of the portfolio over time, and the length of license agreements for such patents. The Company assesses the potential impairment to all capitalized net patent cost when events or changes in circumstances indicate that the carrying amount of its patent portfolio may not be recoverable. For the nine months ended March 31, 2022 and 2021 the Company has capitalized $ 0 8,025 39,181 Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect of income tax positions is recognized only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company measures and recognizes the tax implications of positions taken or expected to be taken in its tax returns on an ongoing basis. The Company’s tax returns are subject to examination by federal and state taxing authorities for the years ended June 30, 2007 through 2021. However, the Company's federal net operating losses for tax years ending June 30, 2020 and 2021 will remain subject to examination until the losses are utilized or expire. Under the Tax Cuts and Jobs Act (“TCJA”), which was enacted on December 22, 2017, Net Operating Losses (“NOLs”) incurred for tax years beginning before January 1, 2018, will be able to be carried forward for 20 years. For NOLs incurred in tax years beginning after December 31, 2017, these NOLs will be subject to the new limitations imposed by TCJA. Under the new law, an NOL can offset only 80% of taxable income in any given tax year. Furthermore, NOLs can no longer be carried back, they must be carried forward. The 20-year carryforward period has been replaced with an indefinite carryforward period for NOLs incurred for tax years beginning after December 31, 2017. The Company’s NOL for the year ended June 30, 2021 will be subject to the 20-year carryforward period and would be utilized before any NOLs incurred for tax years beginning after December 31, 2017. The Company’s NOL incurred for the year ended June 30, 2019 and 2020 are subject to the new rules of TCJA. The NOL carryforwards for the periods ended June 30, 2021 and 2020 are approximately $ 151,000 38,000 Stock Based Compensation The Company applies the fair value method of ASC 718, Share Based Payment, formerly Statement of Financial Accounting Standards (“SFAS”) No. l23R "Accounting for Stock Based Compensation", in accounting for its stock-based compensation. This accounting standard states that compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period, if any. As the Company does not have sufficient, reliable, and readily determinable values relating to its common stock, the Company has used the stock value pursuant to its most recent sale of stock for purposes of valuing stock-based compensation. Recent Accounting Pronouncements There are no other recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. |
PATENTS
PATENTS | 9 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
PATENTS | NOTE 3 – PATENTS The Company obtained a patent dated June 30, 2020, which is a protection device used in sporting activity with the capability to monitor data from the device. The Company has capitalized the patent costs totaling $ 39,181 No |
COMMON STOCK PAYABLE
COMMON STOCK PAYABLE | 9 Months Ended |
Mar. 31, 2022 | |
Common Stock Payable | |
COMMON STOCK PAYABLE | NOTE 4 – COMMON STOCK PAYABLE The Company has an agreement with certain investors to convert their investment into common stock of the Company at a price equal to the average value of the stock over the previous six months. The conversion is contingent on the Company effectuating a 1-for-100 reverse stock split 9,559 217,784 118,663,761 0.0019 225,259 The Company recorded a common stock payable in 2018 for an agreement in which the Company agreed to issue 2,000,000 0.001 2,000 0.00185 3,700 1,700 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS At March 31, 2022 and June 30, 2021, the Company owed related parties a total of $ 77,095 16,241 As shown in Note 4, the Company has committed to converting certain debts to equity. Included in the debts is $ 9,559 These transactions were in the normal course of operations and were measured at a value that represents the amount of consideration established and agreed to by the related parties. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 6 – STOCKHOLDERS’ EQUITY On August 7, 2021, the board approved amending its articles of incorporation to reduced the number of authorized shares from 700,000,000 to 310,000,000 300,000,000 10,000,000 100-1 reverse stock split Common Stock Issuances During the nine months ended March 31, 2022 the Company issued a total of 118,663,761 0.00189 225,259 136,016 30,525 0.22 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7 – INCOME TAXES The Company has accumulated losses of approximately 9,383,677 the Company has operating loss carryforwards of approximately $ 2.7 700,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the consolidated financial statements were issued for potential recognition or disclosure. On April 12, 2022, the Company sold 163,015 0.13 21,192 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern | Liquidity and Going Concern The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company had a net loss of $ 151,366 9,267,062 87,022 143,930 116,615 Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the date these financial statements were issued. The ability to continue as a going concern is dependent upon profitable future operations, positive cash flows, and additional financing. Management intends to raise money through investors as needed to support its working capital needs. Currently the Company intends to raise capital from its existing shareholders and from the possible sale of a minority interest in its subsidiaries. Management cannot provide any assurances that the Company will be successful in completing these undertakings and accomplishing any of its plans. |
Presentation | Presentation The accompanying unaudited interim consolidated financial statements and information have been prepared in accordance with accounting principles generally accepted in the United States and in accordance with the SEC’s regulations for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, these financial statements contain all normal and recurring adjustments considered necessary to present fairly the Company’s financial position, results of operations, cash flows, and stockholders’ equity for the periods presented. The results for the three and nine months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021 filed with the SEC. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the following wholly owned subsidiaries: · GHST Art World, Inc · GHST Sport Inc. · IoTT World Inc. All intercompany balances and transactions have been eliminated in consolidation. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash. The Company places its cash with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it is a credit counterparty, and as such, it believes that any associated credit risk exposures are limited. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions impact, among others, the following: the fair value of share-based payments and deferred taxes. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. |
Cash | Cash Cash are amounts held at local banks in Italy. The Company had no |
Risks and Uncertainties | Risks and Uncertainties The Company is undertaking a new business venture that is inherently subject to significant risks and uncertainties, including financial, operational, technological and other risks that could potentially have a risk of business failure. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company accounts for impairment of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment, (“ASC 360”). Long-lived assets consist primarily of property, plant and equipment. In accordance with ASC 360, the Company periodically evaluates long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When triggering event indicators are present, the Company obtains appraisals on an asset by asset basis and will recognize an impairment loss when the sum of the appraised values is less than the carrying amounts of such assets. The appraised values, based on reasonable and supportable assumptions and projections, require subjective judgments. Depending on the assumptions and estimates used, the appraised values projected in the evaluation of long-lived assets can vary within a range of outcomes. The appraisals consider the likelihood of possible outcomes in determining the best estimate for the value of the assets. As of March 31, 2022 and June 30, 2021, the Company did no |
Intangible Assets | Intangible Assets The Company capitalizes external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights. The Company expenses costs associated with maintaining and defending patents subsequent to their issuance in the period incurred. The Company will amortize capitalized patent costs for internally generated patents on a straight-line basis over ten years, which represents the estimated useful lives of the patents. The ten-year estimated useful life for internally generated patents is based on management’s assessment of such factors as the integrated nature of the portfolios being licensed, the overall makeup of the portfolio over time, and the length of license agreements for such patents. The Company assesses the potential impairment to all capitalized net patent cost when events or changes in circumstances indicate that the carrying amount of its patent portfolio may not be recoverable. For the nine months ended March 31, 2022 and 2021 the Company has capitalized $ 0 8,025 39,181 |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect of income tax positions is recognized only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company measures and recognizes the tax implications of positions taken or expected to be taken in its tax returns on an ongoing basis. The Company’s tax returns are subject to examination by federal and state taxing authorities for the years ended June 30, 2007 through 2021. However, the Company's federal net operating losses for tax years ending June 30, 2020 and 2021 will remain subject to examination until the losses are utilized or expire. Under the Tax Cuts and Jobs Act (“TCJA”), which was enacted on December 22, 2017, Net Operating Losses (“NOLs”) incurred for tax years beginning before January 1, 2018, will be able to be carried forward for 20 years. For NOLs incurred in tax years beginning after December 31, 2017, these NOLs will be subject to the new limitations imposed by TCJA. Under the new law, an NOL can offset only 80% of taxable income in any given tax year. Furthermore, NOLs can no longer be carried back, they must be carried forward. The 20-year carryforward period has been replaced with an indefinite carryforward period for NOLs incurred for tax years beginning after December 31, 2017. The Company’s NOL for the year ended June 30, 2021 will be subject to the 20-year carryforward period and would be utilized before any NOLs incurred for tax years beginning after December 31, 2017. The Company’s NOL incurred for the year ended June 30, 2019 and 2020 are subject to the new rules of TCJA. The NOL carryforwards for the periods ended June 30, 2021 and 2020 are approximately $ 151,000 38,000 |
Stock Based Compensation | Stock Based Compensation The Company applies the fair value method of ASC 718, Share Based Payment, formerly Statement of Financial Accounting Standards (“SFAS”) No. l23R "Accounting for Stock Based Compensation", in accounting for its stock-based compensation. This accounting standard states that compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period, if any. As the Company does not have sufficient, reliable, and readily determinable values relating to its common stock, the Company has used the stock value pursuant to its most recent sale of stock for purposes of valuing stock-based compensation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There are no other recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||||
Net loss | $ 23,948 | $ 46,777 | $ 116,615 | $ 93,415 | $ 151,366 | |
Accumulated deficit | 9,383,677 | 9,383,677 | 9,267,062 | |||
Stockholders' Deficit | (52,147) | (52,147) | 87,022 | $ 109,065 | ||
Cash Used In Operating Activities | (113,701) | (90,521) | 143,930 | |||
Cash equivalents | 0 | $ 0 | 0 | 0 | ||
Impairment losses | 0 | 0 | ||||
Patent costs | 0 | $ 8,025 | ||||
Total Patent costs | $ 39,181 | $ 39,181 | 39,181 | |||
Net loss carryforwards | $ 151,000 | $ 38,000 |
PATENTS (Details Narrative)
PATENTS (Details Narrative) - USD ($) | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Patent costs | $ 39,181 | $ 39,181 | |
Amortization of intangible assets | $ 0 | $ 0 |
COMMON STOCK PAYABLE (Details N
COMMON STOCK PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2019 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Reverse stock split | 1-for-100 reverse stock split | ||||||
Common stock received | $ 9,559 | $ 9,559 | $ 217,784 | ||||
Share price | $ 0.00189 | $ 0.00189 | |||||
Issuance of shares in exchange of debt | $ 225,259 | $ 24,931 | |||||
Arreegate of issued shares | 2,000,000 | ||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 1,700 | ||||||
Minimum [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Common stock issued of per value | $ 0.001 | ||||||
Common stock payable | $ 2,000 | ||||||
Maximum [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Common stock issued of per value | $ 0.00185 | ||||||
Common stock payable | $ 3,700 | ||||||
Investor [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Issuance of shares in exchange of debt, shares | 118,663,761 | ||||||
Share price | $ 0.0019 | $ 0.0019 | |||||
Issuance of shares in exchange of debt | $ 225,259 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Related Party Transactions [Abstract] | ||
Advances from related parties | $ 77,095 | $ 16,241 |
Common stock payable - related parties | $ 9,559 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 9 Months Ended | ||
Mar. 31, 2022 | Aug. 07, 2021 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common Stock, Shares Authorized | 300,000,000 | 310,000,000 | 300,000,000 |
Common stock reserve | 300,000,000 | ||
Preferred stock reserve | 10,000,000 | ||
Revese stock split | 100-1 reverse stock split | ||
Issuance of shares | 118,663,761 | ||
Price per share | $ 0.00189 | ||
Exchange of debt | $ 225,259 | ||
Sale of stock | 136,016 | ||
Exchange value | $ 30,525 | ||
Common Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Price per share | $ 0.22 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 9 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Accumulated losses | $ 9,383,677 | $ 9,267,062 |
Operating loss Description | the Company has operating loss carryforwards of approximately $2.7 million from tax years beginning before January 1, 2021, that begin to expire in 2027. These operating losses are subject to the limitations which were enacted in the Tax Cuts and Jobs Act (“TCJA”). | |
Operating loss carryforwards | $ 2,700,000,000 | |
Operating loss carryforwards valuation allowance | $ 700,000,000,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] | Apr. 12, 2022USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Stock Issued During Period, Shares, New Issues | shares | 163,015 |
Sale of Stock, Price Per Share | $ / shares | $ 0.13 |
Proceeds from Issuance or Sale of Equity | $ | $ 21,192 |