Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Sep. 28, 2021 | Dec. 31, 2020 | |
InvestorAgreesToInvestAmount | |||
Entity Registrant Name | SmartMetric, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --06-30 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001301991 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Period End Date | Jun. 30, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity File Number | 000-54853 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Common Stock, Shares Outstanding | 472,859,208 | ||
Entity Public Float | $ 8,331,803 | ||
Entity Interactive Data Current | Yes | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Current assets: | ||
Cash | $ 10,325 | $ 71,377 |
Prepaid expenses and other current assets | 5,000 | 7,020 |
Total current assets | 15,325 | 78,397 |
Non-current assets | ||
Deferred financing costs | 35,000 | 35,000 |
Total assets | 50,325 | 113,397 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,073,786 | 916,728 |
Liability for stock to be issued | 127,321 | 50,000 |
Deferred Officer's salary | 737,642 | 759,948 |
Related party interest payable | 201,846 | 149,481 |
Dividends payable | 2,442 | 2,945 |
Due to shareholders | 41,343 | 41,343 |
Covid19 SBA loan | 41,664 | 20,832 |
Convertible note payable, net of discount | 35,000 | 32,127 |
Derivative liability | 45,524 | |
Convertible interest payable | 3,801 | |
Interest payable | 875 | |
Shareholder loan | ||
Total current liabilities | 2,331,244 | 1,973,404 |
Series C mandatory redeemable convertible preferred stock, net of discount, authorized 1000,000 shares, 239,025 and 117,200 shares issued and outstanding, respectively | 196,083 | 101,661 |
Stockholders' deficit: | ||
Preferred stock, $.001 par value; 5,000,000 shares authorized, 610,000 and 610,000 shares issued and outstanding | 610 | 610 |
Common stock, $.001 par value; 600,000,000 shares authorized, 446,385,628 and 379,523,000 shares issued and outstanding, respectively | 446,386 | 379,524 |
Additional paid-in capital | 25,955,367 | 25,429,261 |
Accumulated deficit | (28,859,365) | (27,771,062) |
Total stockholders' deficit | (2,457,002) | (1,961,668) |
Total liabilities and stockholders' deficit | 50,325 | 113,397 |
Preferred Class A [Member] | ||
Stockholders' deficit: | ||
Preferred stock, $.001 par value; 5,000,000 shares authorized, 610,000 and 610,000 shares issued and outstanding | $ 0 | $ 0 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Jun. 30, 2021 | Jun. 30, 2020 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 610,000 | 610,000 |
Preferred stock, outstanding | 610,000 | 610,000 |
Common stock, par value (in Dollars per share) | $ .001 | $ .001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, issued | 446,385,628 | 379,523,000 |
Common stock, outstanding | 446,385,628 | 379,523,000 |
Preferred Class A [Member] | ||
Preferred stock, par value (in Dollars per share) | $ .001 | $ .001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Series C Mandatory Redeemable Convertible Preferred Stocks [Member] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 239,025 | 117,200 |
Preferred stock, outstanding | 239,025 | 117,200 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses: | ||
Officer's salary | 190,000 | 190,000 |
Other general and administrative | 555,480 | 468,238 |
Research and development | 76,344 | 89,240 |
Total operating expenses | 821,824 | 747,478 |
Loss from operations before income taxes | (821,824) | (747,478) |
Interest & Financing Expense | (59,914) | (58,099) |
Gain (loss) on change in derivatives | (42,990) | |
Net loss | (924,728) | (805,577) |
Preferred stock dividends | (163,575) | (32,024) |
Net loss available for common stockholders | $ (1,088,303) | $ (837,601) |
Net loss per share, basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 413,974,288 | 299,094,207 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity (Deficit) - USD ($) | Preferred Series C Stock | Class A Preferred Stock | Common Stock [Member] | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2019 | $ 610 | $ 264,649 | $ 24,663,528 | $ (26,933,461) | $ (2,004,674) | |
Balance (in Shares) at Jun. 30, 2019 | 610,000 | 264,648,821 | ||||
Shares issued of common stock and warrants for cash | $ 97,584 | 576,703 | 674,287 | |||
Shares issued of common stock and warrants for cash (in Shares) | 97,584,162 | |||||
Preferred C shares Converted to Common | $ 17,240 | 182,580 | 199,820 | |||
Preferred C shares Converted to Common (in Shares) | 17,240,017 | |||||
Beneficial conversion feature related to convertible debt | 5,000 | 5,000 | ||||
Series C dividends | (32,024) | (32,024) | ||||
Shares of Common Stock issued for services | $ 50 | 1,450 | 1,500 | |||
Shares of Common Stock issued for services (in Shares) | 50,000 | |||||
Net loss for the period | (805,577) | (805,577) | ||||
Balance at Jun. 30, 2020 | $ 610 | $ 379,523 | 25,429,261 | (27,771,062) | (1,961,668) | |
Balance (in Shares) at Jun. 30, 2020 | 610,000 | 379,523,000 | ||||
Shares issued of common stock and warrants for cash | $ 32,500 | 130,000 | 162,500 | |||
Shares issued of common stock and warrants for cash (in Shares) | 32,500,000 | |||||
Common shares issued for services | $ 3,145 | 15,780 | 18,925 | |||
Common shares issued for services (in Shares) | 3,145,440 | |||||
Shares converted from Preferred C shares to common | $ 31,218 | 172,149 | 203,367 | |||
Shares converted from Preferred C shares to common (in Shares) | 31,217,188 | |||||
Valuation of Preferred C and Derivative Liability | 208,177 | 208,177 | ||||
Preferred C dividends | (163,575) | (163,575) | ||||
Net loss for the period | (924,728) | (924,728) | ||||
Balance at Jun. 30, 2021 | $ 610 | $ 446,386 | $ 25,955,367 | $ (28,859,365) | $ (2,457,002) | |
Balance (in Shares) at Jun. 30, 2021 | 610,000 | 446,385,628 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (924,728) | $ (805,577) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued and issuable for services | 18,926 | 1,500 |
Non cash financing expense | 49,322 | |
Gain (loss) on fair value of derivative liability | 112,565 | |
Amortization of debt discount | 2,873 | 2,127 |
Changes in assets and liabilities | ||
Increase (Decrease) in prepaid expenses and other current assets | 2,017 | (567) |
Increase in accounts payable and accrued expenses | 157,058 | 32,588 |
(Decrease) in deferred officer salary | (22,306) | (30,067) |
Increase in Convertible interest payable | 3,801 | |
Increase in accrued interest payable | 52,365 | 55,993 |
Net cash used in operating activities | (567,582) | (744,003) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Loans from related parties | (3,759) | |
Proceeds from notes payable | 35,000 | |
Deferred financing costs | (35,000) | |
Proceeds from sale of common stock | 240,698 | 576,803 |
Proceeds from CARES Act PPP loan | 20,832 | 20,832 |
Due to shareholder | 41,343 | |
Proceeds from sale of Series C Preferred stock | 245,000 | 170,000 |
Net cash provided by financing activities | 506,530 | 805,219 |
NET INCREASE (DECREASE) IN CASH | (61,052) | 61,216 |
CASH BEGINNING OF PERIOD | 71,377 | 10,161 |
END OF PERIOD | 10,325 | 71,377 |
Non-cash investing and financing activities | ||
Conversion of 72,600 & 104,000 Preferred C Shares into 21,482,136 & 5,595,339 shares of common stock | 66,000 | 191,636 |
CASH PAID DURING THE PERIOD FOR: | ||
Income taxes | ||
Interest |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - shares | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Common Stock [Member] | ||
Number of shares issued | 21,482,136 | 5,595,339 |
Series C Preferred Stock [Member] | ||
Conversion of shares | 72,600 | 104,000 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [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. Basis of Presentation The financial statements present the balance sheets, statements of operations, stockholder’s equity (deficit) and cash flows of the Company. The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company has adopted June 30 as its fiscal year end. Going Concern As shown in the accompanying condensed consolidated financial statements the Company has sustained recurring losses of $924,728 and $805,577 for the period ended June 30, 2021 and 2020, respectively, and has an accumulated deficit of $28,859,365 at June 30, 2021. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date of this filing. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The COVID-19 has had an impact on SmartMetric’s final card production. While the delays are due to supply line disruption, the Company is confident that these delays will be short-lived based on advice from our manufacturing partners, manufacturing alternatives and alternative supply lines that are being put into place by the Company. Management believes that the Company’s capital requirements will depend on many factors. These factors include product marketing and distribution. The management plans include equity sales and borrowing in order to fund the operations. The Company plans to continue its relationship with Geneva Roth Remark in order to raise capital through means other than private placement stock sales. There are no assurances that the Company will be able to achieve the level of revenues adequate to generate sufficient cash flow from operations to support the Company’s working capital requirements. To the extent that funds generated are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may not continue its operations. On March 5, 2020, the Company entered into an agreement with GHS Investments, LLC whereas the investor agrees to invest up to four million dollar ($4,000,000) over the 36 months immediately subsequent to the effective date of the agreement. In December 2019, an outbreak of a novel strain of coronavirus originated in Wuhan, China (“COVID-19”) and has since spread worldwide, including to the Unites States, posing public health risks that have reached pandemic proportions (the “COVID-19 Pandemic”). The COVID-19 Pandemic poses a threat to the health and economic wellbeing of our employees, customers and vendors. Like most businesses world-wide, the COVID-19 Pandemic has impacted the Company financially; delaying the beginning of production. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow except as noted below. In February 2016, the FASB issued authoritative guidance ASC 842, “Leases.” This guidance requires lessees to recognize most leases on the balance sheet by recording a right-of-use asset and a lease liability. The Company has made the decision to adopt this guidance early, and it was adopted by the Company as of March 1, 2019. Based on the completed analysis, the Company has determined that the adjustment did not have a material impact on the financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity—Equity-Based Payments to Non-Employees. This guidance was adopted by the Company as of March 1, 2019. Based on the completed analysis, the Company has determined the adjustment did not have a material impact on the financial statements. 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. Fair Value of Financial Instruments The carrying amounts reflected in the balance sheets for cash, accounts payable and related party payables approximate the respective fair values due to the short maturities of these items. As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The Company at present does not have any Level 2 or Level 3 fair value instruments. 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 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, 2021 and 2020. Research and Development Research and development costs are charged to expense as incurred. Our research and development expenses consist primarily of expenditures for electronics design and engineering, software design and engineering, component sourcing, component engineering, manufacturing, product trials, compensation and consulting costs. Revenue Recognition The Company has not recognized revenues to date. Therefore, the Company has not yet adopted a revenue recognition policy. Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. 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, 2021 and 2020, no accrual for uncertain income tax positions is necessary. Loss Per Share of Common Stock In accordance with FASB ASC 260, “Earnings Per Share,” the basic loss per share is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Basic net loss per share excludes the dilutive effect of stock options or warrants and convertible notes. Diluted net earnings (loss) per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be issued upon exercise of common stock options and warrants. In periods where losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. As of June 30, 2021 and 2020, 124,888,519 and 53,280,406 dilutive shares were excluded from the calculation of diluted loss per common share, with all dilutive shares being Common stock warrants at June 30, 2021 and 2020. |
Prepaid Expenses
Prepaid Expenses | 12 Months Ended |
Jun. 30, 2021 | |
Prepaid Expenses [Abstract] | |
PREPAID EXPENSES | NOTE 3 - PREPAID EXPENSES Prepaid expenses were $5,000 at June 30, 2021. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 4 - COMMITMENTS Lease Agreement The Company’s main office is in Las Vegas, Nevada. Rent expense under all leases for the years ended June 30, 2021 and 2020 was $5,238 and $5,133 respectively. The Company maintains only one office. This office is in Las Vegas, NV and is a month-to-month lease. Related Party Transactions The Company’s Chief Executive Officer has made cash advances to the Company with an aggregate amount due of $0 and $0 as of June 30, 2021 and 2020, respectively. These advances bear interest at 7.00% per annum. As of June 30, 2021 and June 30, 2020, the Company has accrued the amounts of $737,642 and $759,948, respectively, as deferred Officer’s salary for the difference between the president’s annual salary and the amounts paid. As a result of these shareholder loans and deferred officer salary, the Company has accrued a balance of $201,846 and $149,481 as interest payable as of June 30, 2021 and 2020. On September 11, 2017, we received a license to certain patents from Chaya Hendrick, our founder and CEO, related to our technologies until the expiration of the patents. As consideration, we issued Chaya Hendrick, or her assigns, (i) 200,000 shares of Series B Convertible Preferred Stock, (ii) a royalty equal to 5% of gross revenues derived from products sold related to the patents, and (iii) certain minimum required payments beginning at $50,000 and doubling each year thereafter. The Series B Preferred Shares may be converted at the election of holder on a basis for 50 common shares for each preferred share at any time or an aggregate of 10,000,000 common shares in exchange for all 200,000 preferred shares. Our CEO maintains an employment agreement that stipulates a $190,000 annual salary. This agreement is in effect until mutual agreement between its CEO and the Company to terminate. |
Debt
Debt | 12 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 5 - DEBT In March of 2020, the Company applied for the SBA PPP government loan and was approved. On April 17,2020, the Company received $20,832 as proceeds from this loan. The Company successfully applied to have this loan forgiven. In March of 2021, the Company applied for the SBA PPP government loan and was approved. On March 29, 2021, the Company received $20,832 as proceeds from this loan. On March 5, 2020, the Company issued a $35,000 10% convertible note. The note was due on December 5, 2020 and is convertible at a rate of $0.0175 per share which resulted in a discount from the beneficial conversion feature totalling $5,000. During the year ended June 30, 2020, $2,127 of the debt discount was amortized. During the year ended June 30, 2021, the remaining $2,873 of the debt discount was amortized As of June 30, 2021, the note was shown net of unamortized discount of $35,000. The 10% convertible note is currently in default. Upon default, the fixed conversion price became a Variable Conversion Price, which is 70% multiplied by the lowest trading price for the Company’s common stock during the 20 trading day period ending on the latest complete trading day prior to the conversion date. The Company analyzed the conversion option for derivative accounting consideration under ASC 815, “ Derivatives and Hedging,” Level 1 Level 2 Level 3 Total Derivative liability $ - $ - $ 45,524 $ 45,524 |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' DEFICIT | NOTE 6 - STOCKHOLDERS’ DEFICIT Preferred Stock As of June 30, 2021, the Company has 5,000,000 shares of Series B preferred stock, par value $0.001, authorized and 610,000 shares issued and outstanding. 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. The Company issued 200,000 Series B preferred shares upon its inception in 2004. In October 2015, the Company issued 200,000 Series B preferred shares. On September 11, 2017, the Company issued an additional 210,000 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, 2021, the Company has 50,000,000 shares of Class A common stock, par value $0.001, authorized and no shares issued and outstanding. During the three month period ending December 31, 2019, the Company increased its total number of shares of authorized capital stock to 600,000,000 shares, par value $0.001 per share. Common Stock and Warrants ● During the three months ended September 30, 2019, the Company sold for cash 6,337,500 shares of common stock and warrants to purchase: (i) 6,337,500 shares at prices ranging from $0.10 per share to $0.25 per share for net proceeds of $133,495. The warrants expire at various times through September 17, 2021. None of these shares were issued during the quarter ended September 30, 2019, with all 6,337,500 shares being recorded as stock payable. ● During the three months ended December 31, 2019, the Company sold for cash 40,675,000 shares of common stock and warrants to purchase: (i) 825,000 shares at prices ranging from $0.20 per share to $0.25 per share for net proceeds of $214,510. The warrants expire at various times through November 1, 2021. None of these shares were issued during the quarter ended December 31, 2019, with all 40,675,000 shares being recorded as stock payable. There were 36,300 Preferred C shares converted to 2,370,696 Common shares for the three month period ending December 31, 2019, see Note 6. ● During the three months ended March 31, 2020, the Company sold for cash 9,550,000 shares of common stock and warrants to purchase: (i) 3,500,000 shares at prices ranging from $0.05 per share to $1.00 per share for net proceeds of $66,500. The warrants expire at various times through March 12, 2022. None of these shares were issued during the quarter ended March 31, 2020, with all 9,550,000 shares being recorded as stock payable. ● During the three months ended June 30, 2020, the Company sold for cash 40,000,000 shares of common stock and warrants to purchase: (i) 12,000,000 shares at prices ranging from $0.10 per share to $0.20 per share for net proceeds of $200,905. The warrants expire at various times through June 12, 2021. 31,000,000 of these shares were issued during the quarter ended June 30, 2020, with 9,000,000 shares being recorded as stock payable. ● During the three months ended September 30, 2020, the Company sold for cash 17,500,000 shares of common stock and warrants to purchase: (i) 17,500,000 shares at prices ranging from $0.05 per share to $0.10 per share and (ii) 14,500,000 shares at prices ranging from $0.10 to $0.20 for net proceeds of $77,409. The warrants expire at various times through September 21, 2022. All 17,500,000 of these shares were issued during the quarter ended December 31, 2020, with all 17,500,000 shares being recorded as stock payable. The Company issued 6,032,260 shares. Of these shares, 585,000 were issues for consulting services and 5,447,260 were converted from Preferred shares. ● During the three months ended December 31, 2020, the Company sold 16,500,000 shares of common stock for net proceeds of $82,455. With these issuances the company also issued warrants to purchase: (i) 16,500,000 shares at prices ranging from $0.05 to $0.10 per share and (ii) 16,500,000 shares at prices ranging from $0.10 to $0.20 and (iii) 1,500,000 at a price of $0.30. The warrants expire at various times through December 21, 2022. None of the 16,500,000 shares were issued during the quarter ended December 31, 2020, and were recognized as stock payable. ● During the three months ended December 31, 2020, the Company issued 32,034,876 shares for $75,000, of which 15,000,000 were issued from stock payable and 16,034,876 were converted from 78,100 Preferred shares. ● During the three months ended March 31, 2021, the Company sold 11,000,000 shares of common stock for net proceeds of $59,957. With these issuances the company also issued warrants to purchase: (i) 12,000,000 shares at a price of $0.10 per share and (ii) 12,000,000 shares at a price of $0.20. The warrants expire at various times through February 4, 2022. None of the 12,000,000 shares were issued during the quarter ended March 31, 2021, and were recognized as stock payable. ● During the three months ended March 31, 2021, the Company issued 26,769,540 shares, of which 17,000,000 were issued from stock payable, 6,709,100 were converted from 72,600 Preferred shares and 2,560,440 shares were issued for legal services. ● During the three months ended June 30, 2021, the Company sold 3,333,333 shares of common stock for net proceeds of $20,000. With these issuances the company also issued warrants to purchase: (i) 3,333,333 shares at a price of $0.10 per share and (ii) 3,333,333 shares at a price of $0.20. The warrants expire at various times through June 8, 2022. None of the 3,333,333 shares were issued during the quarter ended June 30, 2021, and were recognized as stock payable. ● During the three months ended June 30, 2021, the Company issued 3,025,952 shares, all of which were converted from 36,300 Preferred C shares. The following information summarizes the warrants outstanding and exercisable. Warrants Outstanding and Exercisable at June 30, 2021: Range of Exercise Prices Number of Warrants Outstanding Weighted- Average Contractual Life Remining in Years Weighted- Average Exercise Price Number Exercisable Weighted- Average Exercise Price Warrants Outstanding and Exercisable at June 30, 2020: $0.05 - $1.00 53,280,406 1.120 $ 0.33 53,280,406 $ 0.33 Warrants Outstanding and Exercisable at June 30, 2021: $0.10 - $0.20 124,888,519 0.623 $ 0.18 124,888,519 $ 0.623 Warrant Activity: As of June 30, 2021 and 2020, the following is a breakdown of the activity: June 30, 2021: Outstanding - beginning of year 53,280,406 Issued 98,500,000 Exercised — Expired (26,891,887 ) Outstanding - end of year 124,888,519 June 30, 2020: Outstanding - beginning of year 26,526,234 Issued 34,662,500 Exercised — Expired (7,908,328 ) Outstanding - end of year 53,280,406 At June 30, 2021, all of the 124,888,519 warrants are vested, all 124,888,519 warrants expire at various times through June 2022. Equity Financing On March 5, 2020, the Company entered into an equity financing agreement with GHS Investments, LLC, a Nevada limited liability company (“Investor”). Pursuant to the agreement, the Company agrees the sell to the investor an indeterminate amount of shares of the Company’s common stock, par value $0.001 per share, up to an aggregate price of four million dollars ($4,000,000). Pursuant to the agreement, the Company is required, to within sixty (60) calendar days upon the date of execution of this agreement, use its best efforts to file with the SEC a registration statement or registration statements (as is necessary) on Form S-1, covering the resale of all of the registrable securities, which registration statement(s) shall state that, in accordance with Rule 416 promulgated under the 1933 Act, such registration statement also covers such indeterminate number of additional shares of Common Stock as may become issuable upon stock splits, stock dividends or similar transactions. Pursuant to this equity financing agreement, the Company filed the Registration S-1 on August 6, 2020. Following effectiveness of the Registration Statement, the Company shall have the discretion to deliver puts to GHS and GHS will be obligated to purchase shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) based on the investment amount specified in each put notice. The maximum amount that the Company shall be entitled to put to GHS in each put notice shall not exceed two hundred percent (200%) of the average daily trading dollar volume of the Company’s Common Stock during the ten (10) trading days preceding the put, so long as such dollar amount does not exceed $500,000. Pursuant to the Equity Financing Agreement, GHS and its affiliates will not be permitted to purchase and the Company may not put shares of the Company’s Common Stock to GHS that would result in GHS’s beneficial ownership, equaling more than 4.99% of the Company’s outstanding Common Stock. The price of each put share shall be equal to eighty percent (80%) of the Market Price (as defined in the Equity Financing Agreement). Puts may be delivered by the Company to GHS until the earlier of thirty-six (36) months after the effectiveness of the Registration Statement. The Registration Statement has not been deemed effective as of the date of this filing. Concurrently with the execution of the equity financing agreement, the company entered into a convertible promissory note, for the principal balance of $35,000. Per the terms of the convertible note agreement, the Company agrees to pay the investor interest at the rate of ten percent (10%) until it is due on December 5, 2020. The holder shall have the right at any time to convert all or any part of the outstanding and unpaid principal and interest at a fixed conversion price of $0.0175. See note 5. The $35,000 has been recognized as deferred financing costs in current assets on the accompanying Consolidated Balance Sheet, and will be charged against the gross proceeds of each put when received. Although the Company has not as of yet put to GHS, the agreement is in effect for three years, through March, 2023, and as the Company does plan to put to GHS, the Company has determined it is proper for the deferred costs to remain for the length of the agreement. |
Mandatory Redeemable Convertibl
Mandatory Redeemable Convertible Preferred Stock | 12 Months Ended |
Jun. 30, 2021 | |
Mandatory Redeemable Convertible Preferred Stock [Abstract] | |
MANDATORY REDEEMABLE CONVERTIBLE PREFERRED STOCK | NOTE 7 MANDATORY REDEEMABLE CONVERTIBLE PREFERRED STOCK Issuances of Series C Mandatory Redeemable Convertible Preferred Stock On January 10, 2019, the Board of Directors of the Company adopted a resolution pursuant to the Company’s Certificate of Incorporation, as amended, providing for the designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions, of the Series C Convertible Preferred Stock. On January 14, 2019, the Company filed a Certificate of Designations for a Series C Convertible Preferred Stock. The authorized number of Series C Convertible Preferred Stock is 1,000,000 shares, par value 0.001. The Series C Preferred Stock will, with respect to dividend rights and rights upon liquidation, winding-up or dissolution, rank: (a) senior with respect to dividends and right of liquidation with the Company’s common stock, (b) junior with respect to dividends and right of liquidation with respect to the Company’s Series B Preferred Stock; and (c) junior with respect to dividends and right of liquidation to all existing indebtedness of the Company. Series C Preferred Stock will carry an annual ten percent (10%) cumulative dividend, compounded daily, payable solely upon redemption, liquidation or conversion. The Company will have a right, at any time in the period of 180 days from the date of the issuance, at the Company’s option, to redeem all or any portion of the Series C Preferred Stock at prices ranging from 105% to 130%, based on the passage of time. The number of Series C, mandatory redeemable convertible preferred stock shares issued and outstanding were 239,025 and 117,200, respectively, for June 30, 2021 and June 30, 2020. The Holder shall have the right at any time during the period beginning on the date which is six (6) months following the Issuance Date, to convert all or any part of the outstanding Series C Preferred Stock into fully paid and non-assessable shares of Common Stock at the Variable Conversion Price. The “Variable Conversion Price” shall mean 71% multiplied by the Market Price (representing a discount rate of 29%). “Market Price” means the average of the two (2) lowest Trading Prices (as defined here) for the Common Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. On the date which is eighteen (18) months following the Issuance Date or upon the occurrence of an Event of Default (the “Mandatory Redemption Date”), the Company shall redeem all of the shares of Series C Preferred Stock of the Holder (which have not been previously redeemed or converted). With five (5) days of the Mandatory Redemption Date, the Company shall make payment to each Holder of an amount in cash equal to the total number of shares of Series C Preferred Stock held by such Holder multiplied by the then current Stated Value. All shares of mandatorily redeemable convertible preferred stock have been presented outside of permanent equity in accordance with ASC 480, Classification and Measurement of Redeemable Securities The carrying value of the Series C mandatory redeemable convertible preferred stock at June 30, 2021 and 2020 was $196,083 and $101,661, respectively. The estimated fair value of the Series C, mandatory redeemable convertible preferred stock at June 30, 2021 and 2020 was $196,083 and $101,661 respectively. The Company recorded preferred stock dividends of $163,575 and $32,024 and accrued dividends payable of $2,442 and $2,945 during fiscal year end 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8 - 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, 2021 and 2020, deferred tax assets consist of the following: 2021 2020 Net operating loss carryforward $ 9,789,107 $ 8,983,161 Warrant issuances — — Deferred officer compensation 737,642 805,848 Other -0- 98 Valuation allowance (10,526,749 ) (9,789,107 ) $ — $ — At June 30, 2021, the Company had a net operating loss carry-forwards in the amount of approximately $28.9 million available to offset future taxable income through 2038. These amounts may be carried forward indefinitely, subject to the 80% of taxable income limitation rule. 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, 2021 and 2020 is summarized as follows: 2021 2020 Tax on income before income tax 21.00 % 21.00 % Effect of non-temporary differences (0.01 )% (0.01 )% Effect of prior year items — % — % Effect of temporary differences — % — % Change in valuation allowance (20.99 )% (20.99 )% 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 2017. 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. The Company remains subject to U.S. federal examination for tax years ended 2017, 2018, 2019, 2020 and 2021. |
Litigation
Litigation | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Litigation | NOTE 9 - 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 - SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has reviewed its operations subsequent to June 30, 2021 to the date these financial statements were issued. Subsequent to June 30, 2021, the Company issued 48,125 Preferred C shares for $43,745 cash and 26,473,580 common shares. The Company converted 51,850 preferred shares into 5,940,247 common shares. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow except as noted below. In February 2016, the FASB issued authoritative guidance ASC 842, “Leases.” This guidance requires lessees to recognize most leases on the balance sheet by recording a right-of-use asset and a lease liability. The Company has made the decision to adopt this guidance early, and it was adopted by the Company as of March 1, 2019. Based on the completed analysis, the Company has determined that the adjustment did not have a material impact on the financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity—Equity-Based Payments to Non-Employees. This guidance was adopted by the Company as of March 1, 2019. Based on the completed analysis, the Company has determined the adjustment did not have a material impact on the financial statements. |
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. |
Fair value of financial instruments | Fair Value of Financial Instruments The carrying amounts reflected in the balance sheets for cash, accounts payable and related party payables approximate the respective fair values due to the short maturities of these items. As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The Company at present does not have any Level 2 or Level 3 fair value instruments. |
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 | Cash 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, 2021 and 2020. |
Research and Development | Research and Development Research and development costs are charged to expense as incurred. Our research and development expenses consist primarily of expenditures for electronics design and engineering, software design and engineering, component sourcing, component engineering, manufacturing, product trials, compensation and consulting costs. |
Revenue Recognition | Revenue Recognition The Company has not recognized revenues to date. Therefore, the Company has not yet adopted a revenue recognition policy. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. |
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, 2021 and 2020, no accrual for uncertain income tax positions is necessary. |
Loss Per Share of Common Stock | Loss Per Share of Common Stock In accordance with FASB ASC 260, “Earnings Per Share,” the basic loss per share is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Basic net loss per share excludes the dilutive effect of stock options or warrants and convertible notes. Diluted net earnings (loss) per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be issued upon exercise of common stock options and warrants. In periods where losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. As of June 30, 2021 and 2020, 124,888,519 and 53,280,406 dilutive shares were excluded from the calculation of diluted loss per common share, with all dilutive shares being Common stock warrants at June 30, 2021 and 2020. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Derivative Liabilities | The Company has recorded the embedded derivative liability at its’ fair value utilizing the Black-Scholes Merton option pricing model, as follows: Level 1 Level 2 Level 3 Total Derivative liability $ - $ - $ 45,524 $ 45,524 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of share based compensation warrant activity | Warrants Outstanding and Exercisable at June 30, 2021: Range of Exercise Prices Number of Warrants Outstanding Weighted- Average Contractual Life Remining in Years Weighted- Average Exercise Price Number Exercisable Weighted- Average Exercise Price Warrants Outstanding and Exercisable at June 30, 2020: $0.05 - $1.00 53,280,406 1.120 $ 0.33 53,280,406 $ 0.33 Warrants Outstanding and Exercisable at June 30, 2021: $0.10 - $0.20 124,888,519 0.623 $ 0.18 124,888,519 $ 0.623 |
Schedule of warrant activity | As of June 30, 2021 and 2020, the following is a breakdown of the activity: June 30, 2021: Outstanding - beginning of year 53,280,406 Issued 98,500,000 Exercised — Expired (26,891,887 ) Outstanding - end of year 124,888,519 June 30, 2020: Outstanding - beginning of year 26,526,234 Issued 34,662,500 Exercised — Expired (7,908,328 ) Outstanding - end of year 53,280,406 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | At June 30, 2021 and 2020, deferred tax assets consist of the following: 2021 2020 Net operating loss carryforward $ 9,789,107 $ 8,983,161 Warrant issuances — — Deferred officer compensation 737,642 805,848 Other -0- 98 Valuation allowance (10,526,749 ) (9,789,107 ) $ — $ — |
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, 2021 and 2020 is summarized as follows: 2021 2020 Tax on income before income tax 21.00 % 21.00 % Effect of non-temporary differences (0.01 )% (0.01 )% Effect of prior year items — % — % Effect of temporary differences — % — % Change in valuation allowance (20.99 )% (20.99 )% 0.00 % 0.00 % |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details Narrative) - USD ($) | Mar. 05, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Organization and Basis of Presentation (Details) [Line Items] | |||
Recurring losses | $ (924,728) | $ (805,577) | |
Accumulated deficit | $ (28,859,365) | $ (27,771,062) | |
GHS Investments LLC [Member] | |||
Organization and Basis of Presentation (Details) [Line Items] | |||
Investor agrees to invest amount | $ (4,000,000) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||
Dilutive shares were excluded from diluted loss per common share | 124,888,519 | 53,280,406 |
Cash equivalents | $ 0 | $ 0 |
Prepaid Expenses (Details Narra
Prepaid Expenses (Details Narrative) | Jun. 30, 2021USD ($) |
Prepaid Expenses [Abstract] | |
Prepaid expenses | $ 5,000 |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) | Sep. 11, 2017 | Jun. 30, 2021 | Jun. 30, 2020 |
Commitments and Contingencies (Details) [Line Items] | |||
Rent expense | $ 5,238 | $ 5,133 | |
Accrued the amounts | 737,642 | 759,948 | |
Accrued balance of interest payable | 201,846 | 149,481 | |
Annual salary | 190,000 | ||
Chief Executive Officer [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Aggregate amount due | $ 0 | $ 0 | |
Interest rate | 7.00% | ||
Related party transactions, description | (i) 200,000 shares of Series B Convertible Preferred Stock, (ii) a royalty equal to 5% of gross revenues derived from products sold related to the patents, and (iii) certain minimum required payments beginning at $50,000 and doubling each year thereafter. The Series B Preferred Shares may be converted at the election of holder on a basis for 50 common shares for each preferred share at any time or an aggregate of 10,000,000 common shares in exchange for all 200,000 preferred shares. |
Debt (Details)
Debt (Details) | Jun. 30, 2021USD ($) |
Debt (Details) [Line Items] | |
Derivative liability | $ 45,524 |
Fair Value, Inputs, Level 1 [Member] | |
Debt (Details) [Line Items] | |
Derivative liability | |
Fair Value, Inputs, Level 2 [Member] | |
Debt (Details) [Line Items] | |
Derivative liability | |
Fair Value, Inputs, Level 3 [Member] | |
Debt (Details) [Line Items] | |
Derivative liability | $ 45,524 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | Mar. 05, 2020 | Mar. 29, 2021 | Apr. 17, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Debt (Details) [Line Items] | |||||
Proceeds from loan | $ 20,832 | $ 20,832 | |||
Maturity date | Dec. 5, 2020 | ||||
Convertible note | $ 35,000 | 35,000 | 32,127 | ||
Convertible note, percentage | 10.00% | ||||
Beneficial conversion feature | $ 5,000 | 5,000 | |||
Amortization of debt discount | 2,873 | $ 2,127 | |||
Unamortized discount | $ 35,000 | ||||
Convertible Promissory Note [Member] | |||||
Debt (Details) [Line Items] | |||||
Conversion price per share (in Dollars per share) | $ 0.0175 | ||||
PPP Loan [Member] | |||||
Debt (Details) [Line Items] | |||||
Proceeds from loan | $ 20,832 | $ 20,832 |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of share based compensation warrant activity [Abstract] | ||
Exercise Price Range, Lower Range Limit | $ 0.10 | $ 0.05 |
Exercise Price Range, Upper Range Limit | $ 0.20 | $ 1 |
Number of Warrants Outstanding (in Shares) | 124,888,519 | 53,280,406 |
Weighted-Average Contractual Life Remaining in Years | 74 months 23 days | 1 year 14 months 12 days |
Weighted- Average Exercise Price | $ 0.18 | $ 0.33 |
Number Exercisable (in Shares) | 124,888,519 | 53,280,406 |
Weighted- Average Exercise Price | $ 0.623 | $ 0.33 |
Stockholders' Deficit (Details
Stockholders' Deficit (Details 1) - shares | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of warrant activity [Abstract] | ||
Outstanding - beginning of year | 53,280,406 | 26,526,234 |
Issued | 98,500,000 | 34,662,500 |
Exercised | ||
Expired | (26,891,887) | (7,908,328) |
Outstanding - end of year | 124,888,519 | 53,280,406 |
Stockholders' Deficit (Detail_2
Stockholders' Deficit (Details Narrative) - USD ($) | Mar. 05, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 11, 2017 | Oct. 31, 2015 |
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
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 | 610,000 | 610,000 | 610,000 | 200,000 | ||||||||
Preferred stock, share outstanding | 610,000 | 610,000 | 610,000 | 610,000 | |||||||||
Preferred stock shares increased | 0.001 | ||||||||||||
Shares issued | 200,000 | ||||||||||||
Capital stock, authorized | 600,000,000 | ||||||||||||
Common stock, shares authorized | 600,000,000 | 600,000,000 | 600,000,000 | 600,000,000 | |||||||||
Common stock, par value | $ .001 | $ .001 | $ .001 | $ .001 | |||||||||
Common stock, issued | 446,385,628 | 379,523,000 | 316,875,686 | 446,385,628 | 379,523,000 | ||||||||
Common stock, outstanding | 446,385,628 | 379,523,000 | 316,875,686 | 446,385,628 | 379,523,000 | ||||||||
Number of common stock sold | 3,333,333 | 11,000,000 | 16,500,000 | 17,500,000 | 40,000,000 | 9,550,000 | 40,675,000 | 6,337,500 | |||||
Warrants to purchase shares, description | (i) 3,333,333 shares at a price of $0.10 per share and (ii) 3,333,333 shares at a price of $0.20. | (i) 12,000,000 shares at a price of $0.10 per share and (ii) 12,000,000 shares at a price of $0.20. | (i) 16,500,000 shares at prices ranging from $0.05 to $0.10 per share and (ii) 16,500,000 shares at prices ranging from $0.10 to $0.20 and (iii) 1,500,000 at a price of $0.30. | (i) 17,500,000 shares at prices ranging from $0.05 per share to $0.10 per share and (ii) 14,500,000 shares at prices ranging from $0.10 to $0.20 for net proceeds of $77,409. The warrants expire at various times through September 21, 2022. | |||||||||
Number of shares issued | 3,333,333 | 16,500,000 | 17,500,000 | 12,000,000 | 3,500,000 | 825,000 | 6,337,500 | ||||||
Proceeds from sale of stock | $ 59,957 | $ 82,455 | $ 200,905 | $ 66,500 | $ 214,510 | $ 133,495 | $ 240,698 | $ 576,803 | |||||
Warrants expire | Jun. 8, 2022 | Feb. 4, 2022 | Dec. 21, 2022 | Jun. 12, 2021 | Mar. 12, 2022 | Nov. 1, 2021 | Sep. 17, 2021 | ||||||
Stock issued for stock payable | 3,333,333 | 16,500,000 | 17,500,000 | 9,000,000 | 9,550,000 | 40,675,000 | 6,337,500 | ||||||
Shares issued for services | 585,000 | ||||||||||||
Registration Statement, description | the Company shall have the discretion to deliver puts to GHS and GHS will be obligated to purchase shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) based on the investment amount specified in each put notice. The maximum amount that the Company shall be entitled to put to GHS in each put notice shall not exceed two hundred percent (200%) of the average daily trading dollar volume of the Company’s Common Stock during the ten (10) trading days preceding the put, so long as such dollar amount does not exceed $500,000. Pursuant to the Equity Financing Agreement, GHS and its affiliates will not be permitted to purchase and the Company may not put shares of the Company’s Common Stock to GHS that would result in GHS’s beneficial ownership, equaling more than 4.99% of the Company’s outstanding Common Stock. The price of each put share shall be equal to eighty percent (80%) of the Market Price (as defined in the Equity Financing Agreement). Puts may be delivered by the Company to GHS until the earlier of thirty-six (36) months after the effectiveness of the Registration Statement. | ||||||||||||
Class of warrants expire | 124,888,519 | ||||||||||||
Warrants are vested | 124,888,519 | 124,888,519 | |||||||||||
Convertible Promissory Note [Member] | |||||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
Principal balance (in Dollars) | $ 35,000 | ||||||||||||
Interest rate, percentage | 10.00% | ||||||||||||
Fixed conversion price (in Dollars per share) | $ 0.0175 | ||||||||||||
Deferred financing costs (in Dollars) | $ 35,000 | ||||||||||||
Common Stock [Member] | |||||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
Number of shares issued | 2,370,696 | 26,473,580 | |||||||||||
Shares issued for services | 3,145,440 | ||||||||||||
Minimum [Member] | |||||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
Share price | $ 0.10 | $ 0.05 | $ 0.20 | $ 0.10 | $ 0.10 | ||||||||
Maximum [Member] | |||||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
Share price | $ 0.20 | $ 1 | $ 0.25 | $ 0.25 | $ 0.20 | ||||||||
Common Class A [Member] [Member] | |||||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||||||||
Common stock, issued | 0 | 0 | |||||||||||
Common stock, outstanding | 0 | 0 | |||||||||||
Series C Preferred Stock [Member] | |||||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
Number of stock converted | 36,300 | 36,300 | 72,600 | 104,000 | |||||||||
Preferred Stock [Member] | |||||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
Number of shares issued | 78,100 | 6,032,260 | |||||||||||
Number of stock converted | 72,600 | 5,447,260 | |||||||||||
Common Stock [Member] | |||||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
Number of shares issued | 3,025,952 | 26,769,540 | 32,034,876 | ||||||||||
Proceeds from sale of stock | $ 75,000 | ||||||||||||
Stock issued for stock payable | 17,000,000 | 15,000,000 | |||||||||||
Number of stock converted | 6,709,100 | 16,034,876 | |||||||||||
Shares issued for services | 2,560,440 | ||||||||||||
Series B Preferred Stock [Member] | |||||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||||||||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |||||||||||
Preferred stock, shares issued | 610,000 | 610,000 | 210,000 | ||||||||||
Preferred stock, share outstanding | 610,000 | 610,000 | |||||||||||
SeriesBConvertiblePreferredStockMember | |||||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||||
Preferred stock, stated value per share (in Dollars per share) | $ 5 | $ 5 |
Mandatory Redeemable Converti_2
Mandatory Redeemable Convertible Preferred Stock (Details Narrative) - USD ($) | Jan. 14, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Oct. 31, 2015 |
Mandatory Redeemable Convertible Preferred Stock (Details) [Line Items] | ||||
Preferred stock, authorized (in Shares) | 5,000,000 | 5,000,000 | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | ||
Preferred stock shares issued (in Shares) | 610,000 | 610,000 | 200,000 | |
Preferred stock shares outstanding (in Shares) | 610,000 | 610,000 | ||
Preferred shares convertible average market price rate | 71.00% | |||
Preferred stock dividends | $ 163,575 | $ 32,024 | ||
Accrued dividends payable | $ 2,442 | $ 2,945 | ||
Series C Convertible Preferred Stock [Member] | ||||
Mandatory Redeemable Convertible Preferred Stock (Details) [Line Items] | ||||
Preferred stock, authorized (in Shares) | 1,000,000 | |||
Preferred stock, par value (in Dollars per share) | $ 0.001 | |||
Series C Mandatory Redeemable Convertible Preferred Stocks [Member] | ||||
Mandatory Redeemable Convertible Preferred Stock (Details) [Line Items] | ||||
Preferred stock, authorized (in Shares) | 1,000,000 | 1,000,000 | ||
Dividend percent | 10.00% | |||
Preferred stock shares issued (in Shares) | 239,025 | 117,200 | ||
Preferred stock shares outstanding (in Shares) | 239,025 | 117,200 | ||
Description of conversion of stock | The Holder shall have the right at any time during the period beginning on the date which is six (6) months following the Issuance Date, to convert all or any part of the outstanding Series C Preferred Stock into fully paid and non-assessable shares of Common Stock at the Variable Conversion Price. The “Variable Conversion Price” shall mean 71% multiplied by the Market Price (representing a discount rate of 29%). “Market Price” means the average of the two (2) lowest Trading Prices (as defined here) for the Common Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. | |||
Fair value of convertible preferred stock (in Dollars) | $ 196,083 | $ 101,661 | ||
Estimated fair value of convertible preferred stock | $ 196,083 | $ 101,661 | ||
Series C Mandatory Redeemable Convertible Preferred Stocks [Member] | Minimum [Member] | ||||
Mandatory Redeemable Convertible Preferred Stock (Details) [Line Items] | ||||
Dividend percent | 105.00% | |||
Series C Mandatory Redeemable Convertible Preferred Stocks [Member] | Maximum [Member] | ||||
Mandatory Redeemable Convertible Preferred Stock (Details) [Line Items] | ||||
Dividend percent | 130.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Schedule of deferred tax assets and liabilities [Abstract] | ||
Net operating loss carryforward | $ 9,789,107 | $ 8,983,161 |
Warrant issuances | ||
Deferred officer compensation | 737,642 | 805,848 |
Other | 98 | |
Valuation allowance | (10,526,749) | (9,789,107) |
Deferred Tax Assets, Net |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of effective income tax rate reconciliation [Abstract] | ||
Tax on income before income tax | 21.00% | 21.00% |
Effect of non-temporary differences | (0.01%) | (0.01%) |
Effect of prior year items | ||
Effect of temporary differences | ||
Change in valuation allowance | (20.99%) | (20.99%) |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Operating loss carryforwards, limitations on use | Company had a net operating loss carry-forwards in the amount of approximately $28.9 million available to offset future taxable income through 2038. |
Operating loss carryforwards | $ 28,900,000 |
Taxable income, percentage | 80.00% |
Income tax examination, description | The Company remains subject to U.S. federal examination for tax years ended 2017, 2018, 2019, 2020 and 2021. |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | |
Subsequent Events (Details) [Line Items] | ||||||||
Issue of common shares | 3,333,333 | 16,500,000 | 17,500,000 | 12,000,000 | 3,500,000 | 825,000 | 6,337,500 | |
Preferred shares converted | 51,850 | 51,850 | ||||||
Common stock converted | 5,940,247 | |||||||
Common Stock [Member] | ||||||||
Subsequent Events (Details) [Line Items] | ||||||||
Issue of common shares | 2,370,696 | 26,473,580 | ||||||
Preferred Stock [Member] | ||||||||
Subsequent Events (Details) [Line Items] | ||||||||
Preferred shares issued | 48,125 | 48,125 | ||||||
Cash received (in Dollars) | $ 43,745 |