Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Oct. 02, 2018 | Dec. 31, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | SmartMetric, Inc. | ||
Entity Central Index Key | 1,301,991 | ||
Document Type | 10-K | ||
Trading Symbol | SMME | ||
Document Period End Date | Jun. 30, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 9,598,786 | ||
Entity Common Stock, Shares Outstanding | 254,650,085 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Current assets: | ||
Cash | $ 4,427 | $ 51,695 |
Receivables | 10,400 | 10,400 |
Prepaid expenses and other current assets | 8,767 | 59,327 |
Total current assets | 23,594 | 121,422 |
Total assets | 23,594 | 121,422 |
Current liabilities: | ||
Accounts payable and accrued expenses | 730,794 | 616,897 |
Liability for stock to be issued | 103,718 | 319,118 |
Deferred Officer salary | 663,348 | 520,848 |
Related party interest payable | 40,055 | 971 |
Preferred shares issuable | ||
Shareholder loan | 15,000 | 4,800 |
Total current liabilities | 1,552,915 | 1,462,634 |
Stockholders' deficit: | ||
Preferred stock, $.001 par value; 5,000,000 shares authorized, 610,000 and 410,000 shares issued and outstanding | 610 | 410 |
Common stock, $.001 par value; 300,000,000 shares authorized, 249,147,547 and 226,172,799 shares issued and outstanding, respectively | 249,148 | 226,173 |
Additional paid-in capital | 24,217,831 | 22,778,252 |
Accumulated deficit | (25,996,910) | (24,346,047) |
Total stockholders' deficit | (1,529,321) | (1,341,212) |
Total liabilities and stockholders' deficit | $ 23,594 | $ 121,422 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 610,000 | 410,000 |
Preferred stock, outstanding | 610,000 | 410,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 249,147,547 | 226,172,799 |
Common stock, outstanding | 249,147,547 | 226,172,799 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses: | ||
Officer's salary | 190,000 | 190,000 |
Other general and administrative | 683,329 | 772,962 |
Research and development | 129,375 | 196,454 |
Total operating expenses | 1,002,704 | 1,159,416 |
Loss from operations before income taxes | (1,002,704) | (1,159,416) |
Gain on accounts payable settlement | 74,296 | |
Loss on patent impairment | (600,000) | |
Interest expense | (39,084) | (971) |
Income taxes | ||
Net loss | $ (1,641,788) | $ (1,086,091) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.01) | $ 0 |
Weighted average number of common shares outstanding, basic and diluted (in shares) | 240,133,406 | 217,274,788 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,641,788) | $ (1,086,091) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock and warrants issued and issuable for services | 66,825 | 185,525 |
Asset impairment | 600,000 | |
Changes in assets and liabilities | ||
Decrease in prepaid expenses and other current assets | 50,560 | (55,310) |
(Decrease) increase in accounts payable and accrued expenses | 104,822 | (39,690) |
Increase in deferred officer's salary | 142,500 | 126,667 |
Increase in accrued interest payable | 39,084 | 972 |
Net cash used in operating activities | (637,997) | (867,927) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Loans from related parties | 10,200 | (17,500) |
Proceeds from sale of common stock | 580,529 | 798,299 |
Net cash provided by financing activities | 590,729 | 780,799 |
NET (DECREASE) IN CASH | (47,268) | (87,128) |
CASH END OF PERIOD | 4,427 | 51,695 |
CASH PAID DURING THE PERIOD FOR: | ||
Income taxes | ||
Interest | ||
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Issuance of preferred stock and reduction of additional paid in capital for patent | ||
Conversion of Series B Convertible Preferred Stock to Common Stock |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member] | Class A Common Stock | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Jun. 30, 2016 | $ 410 | $ 203,735 | $ 20,924,635 | $ (23,254,876) | $ (2,126,096) | |
Balance, (in Shares) at Jun. 30, 2016 | 410,000 | 203,735,166 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued of common stock and warrants for services rendered | $ 9,352 | 1,200,802 | 1,210,154 | |||
Shares issued of common stock and warrants for services rendered (in shares) | 9,352,633 | |||||
Shares issued of common stock and warrants for cash | $ 13,085 | 652,815 | 665,900 | |||
Shares issued of common stock and warrants for cash (in shares) | 13,085,000 | |||||
To adjust for prior year expense | 6,245 | |||||
Net loss for the period | (1,086,091) | (1,086,091) | ||||
Balance at Jun. 30, 2017 | $ 410 | $ 226,173 | 22,778,252 | (24,346,047) | (1,341,212) | |
Balance, (in Shares) at Jun. 30, 2017 | 410,000 | 226,172,799 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Series B Preferred | $ 200 | 599,800 | 600,000 | |||
Series B Preferred, (in Shares) | 200,000 | |||||
Shares issued of common stock and warrants for services rendered | $ 1,083 | 65,742 | 66,825 | |||
Shares issued of common stock and warrants for services rendered (in shares) | 1,083,648 | |||||
Shares issued of common stock and warrants for cash | $ 21,892 | 774,037 | 795,929 | |||
Shares issued of common stock and warrants for cash (in shares) | 21,891,100 | |||||
To adjust for prior year expense | (9,075) | (9,075) | ||||
Net loss for the period | (1,641,788) | (1,641,788) | ||||
Balance at Jun. 30, 2018 | $ 610 | $ 249,148 | $ 24,217,831 | $ (25,996,910) | $ (1,529,321) |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION SmartMetric, Inc. (the “Company” or “SmartMetric”) was incorporated in the State of Nevada on December 18, 2002. SmartMetric’s main product is a fingerprint sensor-activated card with a finger sensor onboard the card and a built-in rechargeable battery for portable biometric identification. This card may be referred to as a biometric card or the SmartMetric Biometric Datacard. SmartMetric has completed development of its card along with pre-mass manufacturing cards but has not yet begun to mass manufacture the biometric fingerprint activated cards. Going Concern As shown in the accompanying consolidated financial statements the Company has incurred recurring losses of $1,641,788 and $1,086,091 for the years ended June 30, 2018 and 2017, respectively, and has incurred a cumulative loss of $25,396,910 since inception (December 18, 2002). The Company is currently in the development stage and has spent a substantial portion of its time in the development of its technology. There is no guarantee that the Company will be able to raise enough capital or generate revenues to sustain its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management believes that the Company’s capital requirements will depend on many factors. These factors include the final phase of development and mass production being successful as well as product implementation and distribution. The consolidated financial statements do not include any adjustments relating to the carrying amounts of recorded assets or the carrying amounts and classification of recorded liabilities that may be required should the Company be unable to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, SmartMetric Australia Pty. Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation. 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. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to income taxes and contingencies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid debt instruments and other short-term investments with an initial maturity of three months or less to be cash equivalents. Any amounts of cash in financial institutions which exceed FDIC insured limits exposes the Company to cash concentration risk. The Company had no cash equivalents at June 30, 2018 and 2017. Research and Development The Company annually incurs costs on activities that relate to research and development of new technology and products. Research and development costs are expensed as incurred. Revenue Recognition The Company has not recognized revenues to date. The Company anticipates recognizing revenue in accordance with the contracts it enters into for the sale and distribution of its products. Accounts Receivable The Company will extend credit based on its evaluation of the customers’ financial condition, generally without requiring collateral. Exposure to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company will monitor exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The Company has not recorded any receivables, and therefore no allowance for doubtful accounts. Uncertainty in Income Taxes GAAP requires the recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. Management evaluates Company tax positions on an annual basis and has determined that as of June 30, 2018 no accrual for uncertain income tax positions is necessary. Advertising Costs The Company expenses advertising costs as incurred. Loss Per Share of Common Stock Basic net loss per common share is computed using the weighted average number of common shares outstanding. The calculation of diluted earnings per share (“EPS”) includes consideration of dilution arising from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. Common stock equivalents were not included in the computation of diluted earnings per share on the consolidated statement of operations due to the fact that the Company reported a net loss and to do so would be anti-dilutive for the periods presented. Stock-Based Compensation The Company measures expense for issuances of stock-based compensation to employees and others at fair value of the stock and warrants issued, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance obligation is complete. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital. Patent Impairment When the carrying balance of the Company’s patent is more than what it could be sold for on the open market and is not recoverable, the Company decreases its value. In determining whether the loss is not recoverable, the Company estimates the sum of the expected cash flows from the use of the patent or its possible sale. If the results in an amount less that the patent’s value on the financial statements, the Company will deem the patent’s carrying value on the balance sheet to be impaired by the amount that the carrying value exceeds the fair market value of the asset. The decrease in the patent’s value will then be included as a loss in the Company’s profit and loss statement. Expensing Legal Fees In Lieu Of Capitalization The Company has decided to expense certain legal fees that are related to patents rather than capitalizing these expenses due to negative cash flows, recurring losses from operations and the unpredictability of the Company’s outlook. Stock Based Compensation Plan The Company maintains a stock-based compensation plan to attract and retain the best available personnel to fill positions of need, to provide additional incentives to employees and to promote the success of the Company’s business. The plan permits the grant of incentive stock options, non-statutory stock options, restricted stock, stock appreciation rights, restricted stock units, performance units, performance shares and other stock-based awards. |
PREPAID EXPENSES
PREPAID EXPENSES | 12 Months Ended |
Jun. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES | NOTE 3 - PREPAID EXPENSES Prepaid expenses represent the unexpired terms of various consulting agreements and expire through March 2018, as well as advance rental payments. These consulting agreements were entered into for the issuance of common stock and warrants and were valued based on the stock price or computed warrant value at the time of the respective agreement. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 4 - COMMITMENTS Lease Agreement The Company utilizes office in Las Vegas, NV on a short-term lease basis. The Company’s main office is located in Las Vegas, NV. Rent expense for the years ended June 30, 2018 and 2017 was $30,947 and $35,880, respectively. Related Party Transactions The Company’s Chief Executive Officer has made cash advances to the Company with an aggregate amount due of $15,000 and $4,800 as of June 30, 2018 and 2017, respectively. These advances bear interest at 5.00% per annum. As of June 30, 2018 and June 30, 2017, the Company has accrued the amounts of $663,348 and $520,848, respectively, as deferred Officer’s salary for the difference between the president’s annual salary and the amounts paid. |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY (DEFICIT) | NOTE 5 - STOCKHOLDERS’ EQUITY (DEFICIT) Preferred Stock As of June 30, 2018, the Company has 5,000,000 shares of preferred stock, par value $0.001, authorized and 610,000 shares issued and outstanding. On December 11, 2009, the Company filed a Certificate of Designation with the State of Nevada, to designate 500,000 shares of the preferred stock to be designated as Series B Convertible Preferred Stock (“Series B Convertible Preferred Stock”). Each share of Series B Convertible Preferred Stock has a par value of $0.001, and a stated value equal to $5.00 (“Stated Value”). Holders of the Series B Convertible Preferred Stock are entitled to receive dividends or other distributions with the holders of the common stock of the Company on an as converted basis when, as, and if declared by the directors of the Company. Holders of the Series B Convertible Preferred Stock are entitled to convert all or any one (1) share of the Series B Convertible Preferred Stock into fifty (50) shares of common stock. Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary (“liquidation”), holders of the Series B Convertible Preferred Stock are entitled to receive out of the assets, whether capital or surplus, of the Company an amount equal to the Stated Value, pro rata with the holders of the common stock. On December 11, 2009, the Company entered into an Assignment and Assumption Agreement with ACI (the “assignment and Assumption Agreement”). In accordance with the Assignment and Assumption Agreement, ACI conveyed, assigned and transferred to the Company all of ACI’s rights, title and interest in and to the Patent and delegated to the Company all of its duties and obligations to be performed under the Patent; and the Company hereby accepts the assignment of all of ACI’s rights, title and interest to the Patent and the rights and delegation of duties and obligations and agrees to be bound by and to assume such duties and obligations. In consideration for the assignment of the Patent, the Company issued 200,000 shares of Series B Convertible Preferred Stock. ACI may only convert these shares into common shares (in accordance with the conversion terms noted herein) upon delivering to the Company. On November 12, 2012, the Company issued 200,000 shares of its Series B Convertible Preferred Stock to ACI in consideration for ACI’s patent relating to the Medical Keyring Device. In July 2013, ACI elected to convert 190,000 shares of Series B Convertible Preferred Stock, issued in 2012, into 9,500,000 shares of the Company’s common stock. During September 2013, the Company acquired license rights to ACI’s BioCentric Cloud Device technology in consideration of the Company’s issuance to ACI of 200,000 shares of its Series B Convertible Preferred Stock. Effective November 5, 2014, the Company increased the number of preferred shares designated as Series B, and accordingly, the shares were issued to ACI on November 10, 2014. In accordance with Staff Accounting Bulletin (“SAB”) topic 5G “Transfers of Non-Monetary Assets by Promoters and Shareholders” the Company recorded these transactions at ACI’s carrying basis of the Patents, which was $0. During the three months that ended September 30, 2017, the Company issued 200,000 shares of Series B preferred shares to its CEO, Chaya Hendrick, in consideration for grant of exclusive rights to the licensed patent. Class A Common Stock As of June 30, 2018, the Company has 50,000,000 shares of Class A common stock, par value $0.001, authorized and no shares issued and outstanding. In October 2003, the Company issued 50,000,000 shares of Class A common stock at par value ($50,000). These shares were converted into 50,000,000 shares of common stock in 2006. Common Stock and Warrants The Company was incorporated on December 18, 2002, with 45,000,000 authorized shares of Common Stock, par value $0.001. The articles of incorporation were amended in 2006 to increase the number of authorized shares to 100,000,000 common shares, again in 2009 to increase the number of authorized shares to 200,000,000 common shares, and again on June 8, 2016 to increase the number of authorized common shares to 300,000,000. As of June 30, 2018, the Company had 249,147,547 shares of common stock issued and outstanding. During the three months ended September 30, 2016, the Company sold, for net proceeds of $155,991, units consisting of an aggregate of (i) 3,130,000 shares, (ii) warrants to purchase 1,956,250 shares at $0.70 per share, and (iii) warrants to purchase 985,950 shares at $1.00 per share. The warrants expire at various times through January 15, 2018. During the three months ended September 30, 2016, the Company issued an aggregate of 1,669,633 shares for consulting services valued at $84,400, based on the stock price at the time of the respective agreements underlying the services provided. During the three months ended December 31, 2016, the Company sold, for net proceeds of $272,904, units consisting of an aggregate of (i) 5,470,000 shares, (ii) warrants to purchase 3,418,750 shares at $0.70 per share, and (iii) warrants to purchase 1,723,050 shares at $1.00 per share. The warrants expire at various times through January 31, 2018. During the three months ended December 31, 2016, the Company issued an aggregate of 5,000,000 shares for consulting services valued at $550,000 based on the stock price at the time of the respective agreements underlying the services provided. During the three months ended March 31, 2017, the Company sold, for net proceeds of $127,247.50, units consisting of an aggregate of (i) 2,550,000 shares, (ii) warrants to purchase 1,593,750 shares at $0.70 per share, and (iii) warrants to purchase 803,250 shares at $1.00 per share. The warrants expire at various times through September 27, 2018. During the three months ended March 31, 2017, the Company issued an aggregate of 2,423,000 shares of common stock for consulting services valued at $283,955, based on the stock price at the time of the respective agreements underlying the services provided. During the three months ended June 30, 2017, the Company sold, for net proceeds of $242,157, units consisting of an aggregate of (i) 7,450,000 shares, (ii) warrants to purchase 3,031,250 shares at $0.70 per share, and (iii) warrants to purchase 1,527,750 shares at $1.00 per share. The warrants expire at various times through October 20, 2018. During the three months ended September 30, 2017, the Company sold for cash 2,500,000 shares of common stock and warrants to purchase (i) 1,437,500 shares at $0.70 and $0.20 per share and (ii) 724,500 shares at $1.00 and $0.50 per share, for net proceeds of $114,625. During the three months ended September 30, 2017, the Company issued 362,864 shares of common stock for consulting services valued at $21,825, based on the stock price at the time of the respective agreements underlying the services provided. During the three months ended December 31, 2017, the Company sold for cash 8,319,000 shares of common stock and warrants to purchase: (i) 3,250,000 shares at $0.20 per share and (ii) 1,638,000 shares at $0.50 per share, for net proceeds of $259,362. The The warrants expire at various times through December 29, 2019. During the three months ended December 31, 2017, the Company issued 212,164 shares of common stock for consulting services valued at $15,000 based on the stock price at the time of the respective agreements underlying the services provided. During the three months ended March 31, 2018, the Company sold for cash 2,850,000 shares of common stock and warrants to purchase: (i) 2,051,250 shares at $0.70 per share and (ii) 929,250 shares at $1.00 per share, for net proceeds of $142,305. The warrants expire at various times through February 21, 2020. During the three months ended March 31, 2018, the Company issued 508,620 shares of common stock for consulting services valued at $30,000, based on the stock price at the time of the respective agreements underlying the services provided. During the three months ended June 30, 2018, the Company sold for cash 2,646,100 shares of common stock and warrants to purchase: (i) 1,536,625 shares at $0.70 per share and (ii) 774,459 shares at $1.00 per share, for net proceeds of $119,738. The warrants expire at various times through June 15, 2020. During the three months ended June 30, 2018, the Company issued zero shares of common stock for consulting services. In July 2015, as consideration for a consulting agreement, the Company issued warrants to purchase 300,000 shares of its common stock at an exercise price of $0.01 per share. The warrants are fully vested and exercisable for five-years. The Company valued the warrants using the Black-Sholes option pricing model with the following criteria: stock price of $0.14; volatility 150%, term 5 years; and risk-free rate of 1.71%. The criteria yielded a per-warrant value of $0.14, resulting in a total value of $42,000 for the 300,000 warrants. The expense has been included in other general and administrative expenses in the consolidated statement of operations. In April 2016, as partial consideration for consulting services rendered, the Company authorized to be issued warrants to purchase 1 million shares of its common stock at an exercise price of $0.03 per share (“$0.03 warrants”), and 2 million warrants to purchase shares of its common stock at an exercise price of $0.08 per share (“$0.08 warrants”). The warrants are fully vested and exercisable for three-years. The Company valued the warrants using the Black-Sholes option pricing model with the following criteria: stock price of $0.11; volatility 136%, term 3 years; and risk-free rate of 0.92%. The criteria yielded a per-warrant value of $0.10 for the $0.03 warrants, and a per-warrant value of $0.09 for the $0.08 warrants, resulting in a total value of $280,000 for the 3 million warrants. The expense has been included in other general and administrative expenses in the consolidated statement of operations. Warrant Activity: As of June 30, 2018 and 2017, the following is a breakdown of the activity: June 30, 2018: Outstanding - beginning of year 20,276,399 Issued 12,341,584 Exercised — Expired (17,775,400 ) Outstanding - end of year 14,842,583 June 30, 2017: Outstanding - beginning of year 12,540,199 Issued 15,040,000 Exercised — Expired (7,303,800 ) Outstanding - end of year 20,276,399 At June 30, 2018, all of the 14,842,583 warrants are vested, 11,542,583 warrants expire at various times through July 2020, 3,000,000 warrants expire in September 2019, and 300,000 warrants expire in July 2020. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 6 - INCOME TAXES Deferred income taxes are determined using the liability method for the temporary differences between the financial reporting basis and income tax basis of the Company’s assets and liabilities. Deferred income taxes are measured based on the tax rates expected to be in effect when the temporary differences are included in the Company’s tax return. Deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. At June 30, 2018 and 2017, deferred tax assets consist of the following: 2018 2017 Net operating loss carryforward $ 6,958,336 $ 6,779,967 Warrant issuances — — Deferred officer compensation 225,538 177,088 Other 644 1,281 Valuation allowance (7,184,518 ) (6,958,336 ) $ — $ — A reconciliation of the activity related to the liability for gross unrecognized tax benefits related to uncertain tax positions during fiscal 2018 and 2017 is as follows: Year ended June 30, 2018 2017 Balance as of beginning of fiscal year $ 0 $ 192,990 Increases (decreases) related to current and prior year positions (0 ) (192,990 ) Balance as of June 30, $ 0 $ 0 At June 30, 2018, the Company had a net operating loss carry-forwards in the amount of approximately $21.0 million available to offset future taxable income through 2037, which will begin to expire in 2022. The Company established valuation allowances equal to the full amount of the deferred tax assets due to the uncertainty of the utilization of the operating losses in future periods. A reconciliation of the Company’s effective tax rate as a percentage of income before taxes and federal statutory rate for the period ended June 30, 2018 and 2017 is summarized as follows: 2018 2017 Tax on income before income tax 34.00 % 34.00 % Effect of non-temporary differences (0.07 )% (0.04 )% Effect of prior year items — % — % Effect of temporary differences — % — % Change in valuation allowance (33.90 )% (33.96 )% 0.00 % 0.00 % The total amount of unrecognized tax benefits can change due to tax examination activities, lapse of applicable statutes of limitations and the recognition and measurement criteria under the guidance related to accounting for uncertainty in income taxes. The Company does not believe any significant increases or decreases will occur within the next twelve months. The Company files income tax returns in the United States (“U.S.”) federal jurisdiction. Generally, the Company is no longer subject to U.S. federal examinations by tax authorities for fiscal years prior to 2014. The Company does not file in any other jurisdiction and remains open for audit for all tax years as the statute of limitations does not begin until the returns are filed. |
LITIGATION
LITIGATION | 12 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | NOTE 7 - LITIGATION From time to time we may be a defendant or plaintiff in various legal proceedings arising in the normal course of our business. We know of no material, active, pending or threatened proceeding against us or our subsidiaries, nor are we, or any subsidiary, involved as a plaintiff or defendant in any material proceeding or pending litigation. |
PATENT IMPAIRMENT
PATENT IMPAIRMENT | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
PATENT IMPAIRMENT | NOTE 8 - PATENT IMPAIRMENT When the carrying balance of the Company’s patent is more than what it could be sold for on the open market and is not recoverable, the Company decreases its value. In determining whether the loss is not recoverable, the Company estimates the sum of the expected cash flows from the use of the patent or its possible sale. If the results in an amount less that the patent’s value on the financial statements, the Company will deem the patent’s carrying value on the balance sheet to be impaired by the amount that the carrying value exceeds the fair market value of the asset. The decrease in the patent’s value will then be included as a loss in the Company’s profit and loss statement. Using this guideline, the Company recorded a loss from patent impairment during the period ended June 30, 2018 of $600,000. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 - SUBSEQUENT EVENTS On July 18, 2018, the Company filed form S-8 with the Securities and Exchange Commission registering an additional 20,000,000 shares of common stock with a par value of $.001, and a proposed maximum offering price per share of $0.06. On July 19, 2018, the Company entered into a non-exclusive agreement with JH Darbie & Co. on a “best efforts” basis to review the business and financial position of the Company with a view towards possibly participating as a sales agent for the Company in private placement stock sales. On August 14, 2018 the Company entered into a distribution agreement with General Plastic Corp, S.A. (Argentina), in order to enhance the development of the market and increase sales in the territory. During the three months ended September 30, 2018, the Company sold for cash 4,624,153 shares of common stock for net proceeds of $145,770 and warrants to purchase (i) 3,699,988 shares at $0.25, (ii) 60,000 shares at $0.30, (iii) 30,000 shares at $0.50, (iv) 301,875 shares at $0.70 and (v) 151,970 shares at $1.00. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, SmartMetric Australia Pty. Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation. |
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. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to income taxes and contingencies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid debt instruments and other short-term investments with an initial maturity of three months or less to be cash equivalents. Any amounts of cash in financial institutions which exceed FDIC insured limits exposes the Company to cash concentration risk. The Company had no cash equivalents at June 30, 2018 and 2017. |
Research and Development | Research and Development The Company annually incurs costs on activities that relate to research and development of new technology and products. Research and development costs are expensed as incurred. |
Revenue Recognition | Revenue Recognition The Company has not recognized revenues to date. The Company anticipates recognizing revenue in accordance with the contracts it enters into for the sale and distribution of its products. |
Accounts Receivable | Accounts Receivable The Company will extend credit based on its evaluation of the customers’ financial condition, generally without requiring collateral. Exposure to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company will monitor exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The Company has not recorded any receivables, and therefore no allowance for doubtful accounts. |
Uncertainty in Income Taxes | Uncertainty in Income Taxes GAAP requires the recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. Management evaluates Company tax positions on an annual basis and has determined that as of June 30, 2018 no accrual for uncertain income tax positions is necessary. |
Advertising Costs | Advertising Costs The Company expenses advertising costs as incurred. |
Loss Per Share of Common Stock | Loss Per Share of Common Stock Basic net loss per common share is computed using the weighted average number of common shares outstanding. The calculation of diluted earnings per share (“EPS”) includes consideration of dilution arising from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. Common stock equivalents were not included in the computation of diluted earnings per share on the consolidated statement of operations due to the fact that the Company reported a net loss and to do so would be anti-dilutive for the periods presented. |
Stock-Based Compensation | Stock-Based Compensation The Company measures expense for issuances of stock-based compensation to employees and others at fair value of the stock and warrants issued, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance obligation is complete. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital. |
Patent Impairment | Patent Impairment When the carrying balance of the Company’s patent is more than what it could be sold for on the open market and is not recoverable, the Company decreases its value. In determining whether the loss is not recoverable, the Company estimates the sum of the expected cash flows from the use of the patent or its possible sale. If the results in an amount less that the patent’s value on the financial statements, the Company will deem the patent’s carrying value on the balance sheet to be impaired by the amount that the carrying value exceeds the fair market value of the asset. The decrease in the patent’s value will then be included as a loss in the Company’s profit and loss statement. |
Expensing Legal Fees In Lieu Of Capitalization | Expensing Legal Fees In Lieu Of Capitalization The Company has decided to expense certain legal fees that are related to patents rather than capitalizing these expenses due to negative cash flows, recurring losses from operations and the unpredictability of the Company’s outlook. |
Stock Based Compensation Plan | Stock Based Compensation Plan The Company maintains a stock-based compensation plan to attract and retain the best available personnel to fill positions of need, to provide additional incentives to employees and to promote the success of the Company’s business. The plan permits the grant of incentive stock options, non-statutory stock options, restricted stock, stock appreciation rights, restricted stock units, performance units, performance shares and other stock-based awards. |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of share based compensation warrant activity | As of June 30, 2018 and 2017, the following is a breakdown of the activity: June 30, 2018: Outstanding - beginning of year 20,276,399 Issued 12,341,584 Exercised — Expired (17,775,400 ) Outstanding - end of year 14,842,583 June 30, 2017: Outstanding - beginning of year 12,540,199 Issued 15,040,000 Exercised — Expired (7,303,800 ) Outstanding - end of year 20,276,399 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | At June 30, 2018 and 2017, deferred tax assets consist of the following: 2018 2017 Net operating loss carryforward $ 6,958,336 $ 6,779,967 Warrant issuances — — Deferred officer compensation 225,538 177,088 Other 644 1,281 Valuation allowance (7,184,518 ) (6,958,336 ) $ — $ — |
Schedule of unrecognized tax benefits roll forward | A reconciliation of the activity related to the liability for gross unrecognized tax benefits related to uncertain tax positions during fiscal 2018 and 2017 is as follows: Year ended June 30, 2018 2017 Balance as of beginning of fiscal year $ 0 $ 192,990 Increases (decreases) related to current and prior year positions (0 ) (192,990 ) Balance as of June 30, $ 0 $ 0 |
Schedule of effective income tax rate reconciliation | A reconciliation of the Company’s effective tax rate as a percentage of income before taxes and federal statutory rate for the period ended June 30, 2018 and 2017 is summarized as follows: 2018 2017 Tax on income before income tax 34.00 % 34.00 % Effect of non-temporary differences (0.07 )% (0.04 )% Effect of prior year items — % — % Effect of temporary differences — % — % Change in valuation allowance (33.90 )% (33.96 )% 0.00 % 0.00 % |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ (1,641,788) | $ (1,086,091) |
Accumulated deficit | $ 25,996,910 | $ 24,346,047 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Deferred compensation liability | $ 663,348 | $ 520,848 |
Lease Agreement [Member] | ||
Rent expense | 30,947 | 35,880 |
Chaya Hendrick [Member] | ||
Cash advances from related party | $ 15,000 | $ 4,800 |
Interest rate | 5.00% |
STOCKHOLDERS' EQUITY (DEFICIT_2
STOCKHOLDERS' EQUITY (DEFICIT) (Details) - Warrant [Member] - shares | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Outstanding - beginning of year | 20,276,399 | 12,540,199 |
Issued | 12,341,584 | 15,040,000 |
Exercised | ||
Expired | (17,775,400) | (7,303,800) |
Outstanding - end of year | 14,842,583 | 20,276,399 |
STOCKHOLDERS' EQUITY (DEFICIT_3
STOCKHOLDERS' EQUITY (DEFICIT) (Details Narrative) - USD ($) | Nov. 05, 2014 | Nov. 12, 2012 | Dec. 11, 2009 | Oct. 31, 2003 | Apr. 30, 2016 | Jul. 31, 2015 | Sep. 30, 2013 | Jul. 31, 2013 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 08, 2016 | Dec. 31, 2009 | Dec. 31, 2006 | Dec. 18, 2002 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||
Preferred stock, shares issued | 610,000 | 410,000 | 610,000 | 410,000 | |||||||||||||||||||
Preferred stock, outstanding | 610,000 | 410,000 | 610,000 | 410,000 | |||||||||||||||||||
Number of shares issued | 2,646,100 | 2,850,000 | 8,319,000 | 2,500,000 | 7,450,000 | 2,550,000 | 5,470,000 | 3,130,000 | |||||||||||||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | |||||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||
Common stock, shares issued | 249,147,547 | 226,172,799 | 249,147,547 | 226,172,799 | |||||||||||||||||||
Common stock, shares outstanding | 249,147,547 | 226,172,799 | 249,147,547 | 226,172,799 | |||||||||||||||||||
Proceeds from sale of common stock | $ 119,738 | $ 142,305 | $ 259,362 | $ 114,625 | $ 242,157 | $ 127,248 | $ 272,904 | $ 155,991 | $ 580,529 | $ 798,299 | |||||||||||||
Warrant expiration date | Feb. 21, 2020 | Dec. 29, 2019 | Oct. 28, 2018 | Sep. 27, 2018 | Jan. 31, 2018 | Jan. 15, 2018 | |||||||||||||||||
Consultant [Member] | |||||||||||||||||||||||
Number of shares issued for services | 0 | 508,620 | 212,164 | 362,864 | 2,423,000 | 5,000,000 | 1,669,633 | ||||||||||||||||
Common stock issued for services | $ 0 | $ 30,000 | $ 15,000 | $ 21,825 | $ 283,955 | $ 550,000 | $ 84,400 | ||||||||||||||||
Warrant One [Member] | |||||||||||||||||||||||
Number of securities | 1,000,000 | 1,536,625 | 2,051,250 | 3,250,000 | 1,437,500 | 3,031,250 | 1,593,750 | 3,418,750 | 1,956,250 | 1,536,625 | 3,031,250 | ||||||||||||
Exercise price of warrants | $ 0.03 | $ 0.70 | $ 0.70 | $ 0.20 | $ 0.70 | $ 0.70 | $ 0.70 | $ 0.70 | $ 0.70 | $ 0.70 | |||||||||||||
Warrant One [Member] | Minimum [Member] | |||||||||||||||||||||||
Exercise price of warrants | $ 0.20 | ||||||||||||||||||||||
Warrant One [Member] | Maximum [Member] | |||||||||||||||||||||||
Exercise price of warrants | $ 0.70 | ||||||||||||||||||||||
Warrant Two [Member] | |||||||||||||||||||||||
Number of securities | 774,459 | 929,250 | 1,638,000 | 724,500 | 1,527,750 | 803,250 | 1,723,050 | 985,950 | 774,459 | 1,527,750 | |||||||||||||
Exercise price of warrants | $ 1 | $ 1 | $ 0.50 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | ||||||||||||||
Warrant Two [Member] | Minimum [Member] | |||||||||||||||||||||||
Exercise price of warrants | $ 0.50 | ||||||||||||||||||||||
Warrant Two [Member] | Maximum [Member] | |||||||||||||||||||||||
Exercise price of warrants | $ 1 | ||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||
Number of securities | 3,000,000 | 300,000 | |||||||||||||||||||||
Exercise price of warrants | $ 0.01 | ||||||||||||||||||||||
Number of warrant vested | 14,842,583 | 20,276,399 | 14,842,583 | 20,276,399 | 12,540,199 | ||||||||||||||||||
Stock price per share | $ 0.11 | $ 0.14 | |||||||||||||||||||||
Expected volatility rate | 136.00% | 150.00% | |||||||||||||||||||||
Risk free interest rate | 0.92% | 1.71% | |||||||||||||||||||||
Warrants and rights outstanding | $ 280,000 | $ 42,000 | |||||||||||||||||||||
Expected term | 3 years | 5 years | |||||||||||||||||||||
Warrant Expired Through October 2018 [Member] | |||||||||||||||||||||||
Number of warrants expired | 11,542,583 | ||||||||||||||||||||||
Warrant Expired On September 2019 [Member] | |||||||||||||||||||||||
Number of warrants expired | 3,000,000 | ||||||||||||||||||||||
Warrant Expired On July 2020 [Member] | |||||||||||||||||||||||
Number of warrants expired | 300,000 | ||||||||||||||||||||||
Warrant Three [Member] | |||||||||||||||||||||||
Number of securities | 2,000,000 | ||||||||||||||||||||||
Exercise price of warrants | $ 0.08 | ||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | |||||||||||||||||||||||
Preferred stock, shares authorized | 500,000 | ||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||||||||||||||||||||
Preferred stock, Stated Value Per Share | $ 5 | $ 5 | |||||||||||||||||||||
Description of conversion of stock | Holders of the Series B Convertible Preferred Stock are entitled to convert all or any one (1) share of the Series B Convertible Preferred Stock into fifty (50) shares of common stock.</font></p>" id="sjs-B52"><p><font style="font: 10pt Times New Roman, Times, Serif">Holders of the Series B Convertible Preferred Stock are entitled to convert all or any one (1) share of the Series B Convertible Preferred Stock into fifty (50) shares of common stock.</font></p> | ||||||||||||||||||||||
Number of shares issued | 200,000 | ||||||||||||||||||||||
Conversion of preferred stock into common stock | 190,000 | ||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | Chaya Hendrick [Member] | |||||||||||||||||||||||
Number of shares issued | 200,000 | ||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | Applied Cryptography, Inc [Member] | |||||||||||||||||||||||
Number of shares issued | 200,000 | ||||||||||||||||||||||
Number of shares issued for services | 200,000 | ||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||
Common stock, shares authorized | 300,000,000 | 200,000,000 | 100,000,000 | 45,000,000 | |||||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | ||||||||||||||||||||||
Conversion of preferred stock into common stock | 9,500,000 | ||||||||||||||||||||||
Common Class [Member] | |||||||||||||||||||||||
Description of conversion of stock | <font style="font: 10pt Times New Roman, Times, Serif">These shares were converted into 50,000,000 shares of common stock in 2006.</font></p>" id="sjs-E65"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">These shares were converted into 50,000,000 shares of common stock in 2006.</font></p> | ||||||||||||||||||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||||||||||||
Common stock, par value (in dollars per share) | $ 50,000 | $ 0.001 | $ 0.001 | ||||||||||||||||||||
Common stock, shares issued | 50,000,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 6,958,336 | $ 6,779,967 |
Warrant issuances | ||
Deferred officer compensation | 225,538 | 177,088 |
Other | 644 | 1,281 |
Valuation allowance | (7,184,518) | (6,958,336) |
Deferred Tax Assets, Net |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Balance as of beginning of fiscal year | $ 0 | $ 192,990 |
Increases (decreases) related to current and prior year positions | 0 | (192,990) |
Balance as of June 30, | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Tax on income before income tax | 34.00% | 34.00% |
Effect of non-temporary differences | (0.07%) | (0.04%) |
Effect of prior year items | 0.00% | 0.00% |
Effect of temporary differences | 0.00% | 0.00% |
Change in valuation allowance | (33.90%) | (33.96%) |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
Operating loss carryforwards | $ 21,000,000 |
Operating loss carryforwards, limitations on use | The Company had a net operating loss carry-forwards in the amount of approximately $21.0 million available to offset future taxable income through 2037, which will begin to expire in 2022. |
PATENT IMPAIRMENT (Details Narr
PATENT IMPAIRMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Loss from patent impairment | $ (600,000) |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Oct. 18, 2018 | Apr. 30, 2016 | Jul. 31, 2015 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Number of shares issued for cash | 2,646,100 | 2,850,000 | 8,319,000 | 2,500,000 | 7,450,000 | 2,550,000 | 5,470,000 | 3,130,000 | ||||||
Proceeds from sale of common stock | $ 119,738 | $ 142,305 | $ 259,362 | $ 114,625 | $ 242,157 | $ 127,248 | $ 272,904 | $ 155,991 | $ 580,529 | $ 798,299 | ||||
Warrant [Member] | ||||||||||||||
Number of securities | 3,000,000 | 300,000 | ||||||||||||
Exercise price of warrants | $ 0.01 | |||||||||||||
Warrant One [Member] | ||||||||||||||
Number of securities | 1,536,625 | 2,051,250 | 3,250,000 | 1,437,500 | 3,031,250 | 1,593,750 | 3,418,750 | 1,956,250 | 1,536,625 | 3,031,250 | 1,000,000 | |||
Exercise price of warrants | $ 0.70 | $ 0.70 | $ 0.20 | $ 0.70 | $ 0.70 | $ 0.70 | $ 0.70 | $ 0.70 | $ 0.70 | $ 0.03 | ||||
Warrant Two [Member] | ||||||||||||||
Number of securities | 774,459 | 929,250 | 1,638,000 | 724,500 | 1,527,750 | 803,250 | 1,723,050 | 985,950 | 774,459 | 1,527,750 | ||||
Exercise price of warrants | $ 1 | $ 1 | $ 0.50 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | |||||
Warrant Three [Member] | ||||||||||||||
Number of securities | 2,000,000 | |||||||||||||
Exercise price of warrants | $ 0.08 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Additional common stock issued | 20,000,000 | |||||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||||
Maximum offering price per share | $ 0.06 | |||||||||||||
Number of shares issued for cash | 4,624,153 | |||||||||||||
Proceeds from sale of common stock | $ 145,770 | |||||||||||||
Subsequent Event [Member] | Warrant [Member] | ||||||||||||||
Number of securities | 3,699,988 | |||||||||||||
Exercise price of warrants | $ 0.25 | |||||||||||||
Subsequent Event [Member] | Warrant One [Member] | ||||||||||||||
Number of securities | 60,000 | |||||||||||||
Exercise price of warrants | $ 0.30 | |||||||||||||
Subsequent Event [Member] | Warrant Two [Member] | ||||||||||||||
Number of securities | 30,000 | |||||||||||||
Exercise price of warrants | $ 0.50 | |||||||||||||
Subsequent Event [Member] | Warrant Three [Member] | ||||||||||||||
Number of securities | 301,875 | |||||||||||||
Exercise price of warrants | $ 0.70 | |||||||||||||
Subsequent Event [Member] | Warrant Four [Member] | ||||||||||||||
Number of securities | 151,970 | |||||||||||||
Exercise price of warrants | $ 1 |