Cover
Cover | 9 Months Ended |
Mar. 31, 2022 | |
Cover [Abstract] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 2 |
Entity Registrant Name | SmartMetric, inc. |
Entity Central Index Key | 0001301991 |
Entity Tax Identification Number | 05-0543557 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 3960 Howard Hughes Parkway |
Entity Address, Address Line Two | Suite 500 |
Entity Address, City or Town | Las Vegas |
Entity Address, State or Province | NV |
Entity Address, Postal Zip Code | 89169 |
City Area Code | 702 |
Local Phone Number | 990-3687 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
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 |
Class A Preferred stock, $.001 par value; 50,000,000 shares authorized 0 and 0 shares issued and outstanding 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 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Jun. 30, 2021 | Jun. 30, 2020 |
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 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,200,000,000 | 600,000,000 |
Common stock, issued | 446,385,628 | 379,523,000 |
Common stock, outstanding | 446,385,628 | 379,523,000 |
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 |
Preferred Class A [Member] | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||||
Revenues | ||||||
Expenses: | ||||||
Officer’s salary | 47,500 | 47,500 | 142,500 | 142,500 | 190,000 | 190,000 |
Other general and administrative | 192,151 | 134,903 | 951,636 | 421,606 | 555,480 | 468,238 |
Research and development | 44,551 | 16,822 | 113,446 | 60,761 | 76,344 | 89,240 |
Total operating expenses | 284,202 | 199,225 | 1,207,582 | 624,867 | 821,824 | 747,478 |
Loss from operations before income taxes | (284,202) | (199,225) | (1,207,582) | (624,867) | (821,824) | (747,478) |
Interest & Financing Expense | (22,673) | (13,897) | (102,300) | (45,879) | (59,914) | (58,099) |
Gain (loss) on change in derivatives | 326,919 | (110,449) | (62,465) | (42,990) | ||
Net loss | 20,044 | (213,122) | (1,399,499) | (733,211) | (924,728) | (805,577) |
Preferred stock dividends | (5,787) | (10,589) | (163,575) | (163,575) | (32,024) | |
Net loss available for common stockholders | $ 14,257 | $ (213,122) | $ (1,410,088) | $ (896,786) | $ (1,088,303) | $ (837,601) |
Net loss per share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 561,587,017 | 426,484,097 | 523,201,661 | 403,759,231 | 413,974,288 | 299,094,207 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity (Deficit) - USD ($) | Preferred Series C Stock [Member] | Class A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value 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 period | (805,577) | (805,577) | ||||
Ending balance, value at Jun. 30, 2020 | $ 610 | $ 379,523 | 25,429,261 | (27,771,062) | (1,966,668) | |
Balance (in Shares) at Jun. 30, 2020 | 610,000 | 379,523,000 | ||||
Preferred C shares Converted to Common | $ 5,447 | 31,921 | 37,368 | |||
Beneficial conversion feature related to convertible debt | ||||||
Series C dividends | (4,029) | (4,029) | ||||
Shares of Common Stock issued for services | 585 | 2,340 | 2,925 | |||
Net loss for period | (221,907) | $ (221,907) | ||||
Common shares issued for services (in Shares) | 585,000 | |||||
Balance (in Shares) at Sep. 30, 2020 | 610,000 | 385,555,260 | ||||
Beginning balance, value at Jun. 30, 2020 | $ 610 | $ 379,523 | 25,429,261 | (27,771,062) | $ (1,966,668) | |
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 | |||||
Net loss for period | (924,728) | (924,728) | ||||
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 & derivative liability | 208,177 | 208,177 | ||||
Preferred C dividends | (163,575) | (163,575) | ||||
Ending balance, value 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 | ||||
Balance (in Shares) at Sep. 30, 2020 | 610,000 | 385,555,260 | ||||
Preferred C shares Converted to Common | $ 16,035 | 54,965 | 71,000 | |||
Net loss for period | (345,183) | (345,183) | ||||
Valuation of Preferred C & derivative liability | 208,177 | 208,177 | ||||
Balance (in Shares) at Dec. 31, 2020 | 610,000 | 416,590,136 | ||||
Preferred C shares Converted to Common | $ 6,709 | 58,291 | 65,000 | |||
Net loss for period | (213,122) | (213,122) | ||||
Valuation of Preferred C & derivative liability | ||||||
Balance (in Shares) at Mar. 31, 2021 | 610,000 | 443,359,676 | ||||
Balance (in Shares) at Jun. 30, 2021 | 610,000 | 446,385,628 | ||||
Net loss for period | (1,100,661) | (1,100,661) | ||||
Common shares issued for services | $ 4,095 | 31,905 | 36,000 | |||
Common shares issued for services (in Shares) | 4,095,238 | |||||
Shares converted from Preferred C shares to common | $ 17,535 | 89,466 | 107,001 | |||
Preferred C dividends | (1,423) | (1,423) | ||||
Balance (in Shares) at Sep. 30, 2021 | 610,000 | 488,648,586 | ||||
Net loss for period | (318,882) | (318,882) | ||||
Common shares issued for services | $ 7,981 | 16,327 | 24,308 | |||
Common shares issued for services (in Shares) | 7,981,455 | |||||
Shares converted from Preferred C shares to common | $ 19,148 | 87,852 | 107,000 | |||
Preferred C dividends | (3,379) | (3,379) | ||||
Balance (in Shares) at Dec. 31, 2021 | 610,000 | 539,310,756 | ||||
Net loss for period | 20,044 | 20,044 | ||||
Common shares issued for services | $ 3,714 | 21,286 | 25,000 | |||
Common shares issued for services (in Shares) | 3,714,286 | |||||
Shares converted from Preferred C shares to common | $ 15,827 | 66,673 | 82,500 | |||
Preferred C dividends | $ (5,787) | (5,787) | ||||
Ending balance, value at Mar. 31, 2022 | $ (2,191,456) | |||||
Balance (in Shares) at Mar. 31, 2022 | 610,000 | 616,351,592 |
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 |
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 | 66,000 | 191,636 |
Conversion of 72,600 & 104,000 Preferred C Shares into 21,482,136 & 5,595,339 shares of common stock | ||
CASH PAID DURING THE PERIOD FOR: | ||
Income taxes | ||
Interest |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Conversion of shares | 90,750 | 19,148,052 | 17,534,387 | ||||||
Common Stock [Member] | |||||||||
Number of shares issued | 34,974,602 | 21,482,136 | 21,482,136 | 5,595,339 | |||||
Series C Preferred Stock [Member] | |||||||||
Conversion of shares | 36,300 | 36,300 | 216,425 | 72,600 | 72,600 | 104,000 |
Condensed Consoldated Balance S
Condensed Consoldated Balance Sheet (Unaudited) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Current assets: | ||
Cash | $ 306,730 | $ 10,325 |
Prepaid expenses and other current assets | 20,470 | 5,000 |
Total current assets | 327,200 | 15,325 |
Non-current assets | ||
Deferred financing costs | 35,000 | 35,000 |
Total assets | 362,200 | 50,325 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,047,196 | 1,073,786 |
Liability for stock to be issued | 127,665 | 127,321 |
Deferred Officer’s salary | 753,475 | 737,642 |
Related party interest payable | 240,712 | 201,846 |
Dividends payable | 10,589 | 2,442 |
Due to shareholders | 49,630 | 41,343 |
Covid19 SBA loan | 20,832 | 41,664 |
Convertible note payable, net of discount | 35,000 | 35,000 |
Derivative liability | 155,973 | 45,524 |
Convertible interest payable | 7,249 | 3,801 |
Interest payable | 1,750 | 875 |
Total current liabilities | 2,450,072 | 2,311,244 |
Series C mandatory redeemable convertible preferred stock, net of discount, authorized 1000,000 shares, 146,084 and 239,025 shares issued and outstanding, respectively | 103,584 | 196,083 |
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; 1,200,000,000 shares authorized, 616,351,592 and 446,385,628 shares issued and outstanding, respectively | 616,352 | 446,386 |
Additional paid-in capital | 27,461,035 | 25,955,367 |
Accumulated deficit | (30,269,453) | (28,859,365) |
Total stockholders’ deficit | (2,191,456) | (2,457,002) |
Total liabilities and stockholders’ deficit | $ 362,200 | $ 50,325 |
Condensed Consoldated Balance_2
Condensed Consoldated Balance Sheet (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Jun. 30, 2021 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 610,000 | 610,000 |
Preferred stock, shares outstanding | 610,000 | 610,000 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued | 616,351,592 | 446,385,628 |
Common stock, shares outstanding | 616,351,592 | 446,385,628 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 146,084 | 239,025 |
Preferred stock, shares outstanding | 146,084 | 239,025 |
Class A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Condensed Consoldated Statement
Condensed Consoldated Statements Of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Expenses: | ||||
Officer’s salary | 47,500 | 47,500 | 142,500 | 142,500 |
Other general and administrative | 192,151 | 134,903 | 951,636 | 421,606 |
Research and development | 44,551 | 16,822 | 113,446 | 60,761 |
Total operating expenses | 284,202 | 199,225 | 1,207,582 | 624,867 |
Loss from operations before income taxes | (284,202) | (199,225) | (1,207,582) | (624,867) |
Interest & Financing Expense | (22,673) | (13,897) | (102,300) | (45,879) |
Gain on PPP loan forgiveness | 20,832 | |||
Gain (loss) on change in derivatives | 326,919 | (110,449) | (62,465) | |
Total other income (expenses) | 304,246 | (13,897) | (191,917) | (108,344) |
Net loss | 20,044 | (213,122) | (1,399,499) | (733,211) |
Preferred stock dividends | (5,787) | (10,589) | (163,575) | |
Net loss available for common stockholders | $ 14,257 | $ (213,122) | $ (1,410,088) | $ (896,786) |
Net loss per share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 561,587,017 | 426,484,097 | 523,201,661 | 403,759,231 |
Consoldated Statements of Chang
Consoldated Statements of Changes In Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Series C Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in Shares) at Jun. 30, 2019 | 610,000 | 264,648,821 | |||
Preferred C shares Converted to Common | $ 17,240 | $ 182,580 | $ 199,820 | ||
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 | ||
Net income for period | (805,577) | (805,577) | |||
Ending balance, value at Jun. 30, 2020 | $ 610 | $ 379,523 | 25,429,261 | (27,771,062) | $ (1,961,671) |
Balance (in Shares) at Jun. 30, 2020 | 610,000 | 379,523,000 | |||
Common shares issued for services, Shares | 585,000 | ||||
Shares issued of common stock for warrants and cash | |||||
Preferred C shares Converted to Common | $ 5,447 | 31,921 | 37,368 | ||
Preferred C shares Converted to Common, Shares | 5,447,260 | ||||
Beneficial conversion feature related to convertible debt | |||||
Series C dividends | (4,029) | (4,029) | |||
Shares of Common Stock issued for services | $ 585 | 2,340 | 2,925 | ||
Shares of Common Stock issued for services, Shares | 585,000 | ||||
Net income for period | (221,907) | (221,907) | |||
Ending balance, value at Sep. 30, 2020 | $ 610 | $ 385,555 | 25,463,522 | (27,996,998) | (2,147,312) |
Balance (in Shares) at Sep. 30, 2020 | 610,000 | 385,555,260 | |||
Beginning balance, value at Jun. 30, 2020 | $ 610 | $ 379,523 | 25,429,261 | (27,771,062) | (1,961,671) |
Balance (in Shares) at Jun. 30, 2020 | 610,000 | 379,523,000 | |||
Common shares issued for services | $ 3,145 | 15,780 | 18,925 | ||
Common shares issued for services, Shares | 3,145,440 | ||||
Shares converted from Preferred C shares to common | $ 31,218 | 172,149 | 203,367 | ||
Preferred C dividends | (163,575) | (163,575) | |||
Valuation of Preferred C and derivative liability | 208,177 | 208,177 | |||
Net income for period | (924,728) | (924,728) | |||
Ending balance, value 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 | |||
Beginning balance, value at Sep. 30, 2020 | $ 610 | $ 385,555 | 25,463,522 | (27,996,998) | (2,147,312) |
Balance (in Shares) at Sep. 30, 2020 | 610,000 | 385,555,260 | |||
Shares issued of common stock for warrants and cash | $ 15,000 | 60,000 | 75,000 | ||
Shares issued of common stock for warrants and cash, Shares | 15,000,000 | ||||
Preferred C shares Converted to Common | $ 16,035 | 54,965 | 71,000 | ||
Preferred C shares Converted to Common, Shares | 16,034,876 | ||||
Valuation of Preferred C and derivative liability | 208,177 | 208,177 | |||
Series C Preferred Dividends | (112,547) | (112,547) | |||
Net income for period | (345,183) | (345,183) | |||
Ending balance, value at Dec. 31, 2020 | $ 610 | $ 416,590 | 25,786,662 | (28,454,728) | (2,250,865) |
Balance (in Shares) at Dec. 31, 2020 | 610,000 | 416,590,136 | |||
Shares issued of common stock for warrants and cash | $ 17,500 | 70,000 | 87,500 | ||
Shares issued of common stock for warrants and cash, Shares | 17,500,000 | ||||
Preferred C shares Converted to Common | $ 6,709 | 58,291 | 65,000 | ||
Preferred C shares Converted to Common, Shares | 6,709,100 | ||||
Valuation of Preferred C and derivative liability | |||||
Series C Preferred Dividends | |||||
Net income for period | (213,122) | (213,122) | |||
Shares issued of common stock for services | $ 2,560 | 13,440 | 16,000 | ||
Shares issued of common stock for services, Shares | 2,560,440 | ||||
Ending balance, value at Mar. 31, 2021 | $ 610 | $ 443,359 | 25,928,391 | (28,667,850) | (2,295,487) |
Balance (in Shares) at Mar. 31, 2021 | 610,000 | 443,359,676 | |||
Beginning balance, value 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 | |||
Common shares issued for services | $ 4,095 | 31,905 | 36,000 | ||
Common shares issued for services, Shares | 4,095,238 | ||||
Shares issued of common stock and warrants for cash | $ 8,133 | 59,367 | 67,500 | ||
Shares issued of common stock and warrants for cash, Shares | 8,133,333 | ||||
Shares converted from Preferred C shares to common | $ 17,535 | 89,466 | 107,001 | ||
Shares converted from Preferred C shares to common, Shares | 17,534,387 | ||||
Shares issued for finder's fee | $ 12,500 | 237,500 | 250,000 | ||
Shares issued for finder's fee, Shares | 12,500,000 | ||||
Preferred C dividends | (1,423) | (1,423) | |||
Net income for period | (1,100,661) | (1,100,661) | |||
Ending balance, value at Sep. 30, 2021 | $ 610 | $ 488,649 | 26,373,605 | (29,961,449) | (3,098,585) |
Balance (in Shares) at Sep. 30, 2021 | 610,000 | 488,648,586 | |||
Common shares issued for services | $ 7,981 | 16,327 | 24,308 | ||
Common shares issued for services, Shares | 7,981,455 | ||||
Common shares issued for AJB finder's fee | $ 12,500 | 112,500 | 125,000 | ||
Common shares issued for AJB finder's fee, shares | 12,500,000 | ||||
Shares issued of common stock and warrants for cash | $ 11,033 | 57,294 | 68,327 | ||
Shares issued of common stock and warrants for cash, Shares | 11,032,663 | ||||
Shares converted from Preferred C shares to common | $ 19,148 | 87,852 | 107,000 | ||
Shares converted from Preferred C shares to common, Shares | 19,148,052 | ||||
Preferred C dividends | (3,379) | (3,379) | |||
Net income for period | (318,882) | (318,882) | |||
Ending balance, value at Dec. 31, 2021 | $ 610 | $ 539,311 | 26,647,576 | (30,283,710) | (3,096,213) |
Balance (in Shares) at Dec. 31, 2021 | 610,000 | 539,310,756 | |||
Common shares issued for services | $ 3,714 | 21,286 | 25,000 | ||
Common shares issued for services, Shares | 3,714,286 | ||||
Shares issued of common stock and warrants for cash | $ 57,500 | 725,500 | 783,000 | ||
Shares issued of common stock and warrants for cash, Shares | 57,500,000 | ||||
Shares converted from Preferred C shares to common | $ 15,827 | 66,673 | 82,500 | ||
Shares converted from Preferred C shares to common, Shares | 15,826,550 | ||||
Preferred C dividends | (5,787) | (5,787) | |||
Net income for period | 20,044 | 20,044 | |||
Ending balance, value at Mar. 31, 2022 | $ 610 | $ 616,352 | $ 27,461,035 | $ (30,269,453) | $ (2,191,456) |
Balance (in Shares) at Mar. 31, 2022 | 610,000 | 616,351,592 |
Condensed Consolidated Statemen
Condensed Consolidated Statement Of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,399,499) | $ (733,211) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued and issuable for services | 460,306 | 18,926 |
Non cash financing expense | 49,322 | |
Gain (loss) on fair value of derivative liability | 110,449 | 112,565 |
Gain on PPP loan forgiveness | (20,832) | |
Amortization of debt discount | 30,000 | 2,873 |
Changes in assets and liabilities | ||
Increase (Decrease) in prepaid expenses and other current assets | (15,470) | (1,566) |
Increase in accounts payable and accrued expenses | (33,380) | 98,298 |
(Decrease) in deferred officer salary | 15,833 | (15,833) |
Increase in Due to shareholder | ||
Increase in Convertible interest payable | 875 | 3,801 |
Increase in accrued interest payable | 38,866 | 39,205 |
Net cash used in operating activities | (812,852) | (425,620) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Loans from related parties | (2,817) | |
Proceeds from sale of common stock | 938,827 | 219,822 |
Proceeds from AJB Note | 270,000 | |
Repayment of AJB Note | (302,717) | |
Proceeds from sale of Series C Preferred stock | 195,000 | 138,000 |
Proceeds from note - Barry | ||
Change in dividends payable | 8,147 | |
Proceeds from PPP loan | 20,832 | |
Net cash provided by financing activities | 1,109,257 | 375,837 |
CASH | 296,405 | (49,783) |
CASH BEGINNING OF PERIOD | 10,325 | 71,377 |
END OF PERIOD | 306,730 | 21,594 |
Non-cash investing and financing activities | 43,750 | 66,000 |
CASH PAID DURING THE PERIOD FOR: | ||
Income taxes | ||
Interest |
Condensed Consolidated Statem_2
Condensed Consolidated Statement Of Cash Flows (Unaudited) (Parenthetical) - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Conversion of shares | 90,750 | 19,148,052 | 17,534,387 | ||||||
Common Stock [Member] | |||||||||
Number of shares issued | 34,974,602 | 21,482,136 | 21,482,136 | 5,595,339 | |||||
Series C Preferred Stock [Member] | |||||||||
Conversion of shares | 36,300 | 36,300 | 216,425 | 72,600 | 72,600 | 104,000 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
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 card. 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. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management of the Company, the accompanying unaudited financial statements contain all the adjustments (which are of a normal recurring nature) necessary for a fair presentation. Operating results for the three and nine months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending June 30, 2022. For further information, refer to the financial statements and the footnotes thereto contained in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021, as filed with the Securities and Exchange Commission on October 12, 2021. The consolidated balance sheet as of June 30, 2021, has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by US GAAP for complete financial statements. Going Concern As shown in the accompanying condensed consolidated financial statements the Company has sustained recurring losses of $ 1,399,499 30,269,453 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. 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. 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. 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. Principles of Consolidation The condensed 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. | 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 $ 924,728 805,577 28,859,365 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 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 | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. 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. 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. 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 March 31, 2022 and 2021, 54,664,518 126,628,519 Stock-Based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation Equity-Based Payments to Non-Employees Fair value of financial instruments The Company measures fair value in accordance with ASC 820 - Fair Value Measurements. ASC 820 defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurements. ASC 820 establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 820 are: Level 1 Level 2 Level 3 As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date. The reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of factors and assumptions. Accordingly, certain fair values may not represent actual values of the Company’s financial instruments that could have been realized as of March 31, 2022 or that will be recognized in the future, and do not include expenses that could be incurred in an actual settlement. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, receivables from related parties, prepaid expenses and other, accounts payable, accrued liabilities, and related party and third-party notes payables approximate fair value due to their relatively short maturities. The Company’s notes payable to related parties approximates the fair value of such instrument based upon management’s best estimate of terms that would be available to the Company for similar financial arrangements at March 31, 2022. | 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, CompensationStock 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, EquityEquity-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 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 53,280,406 |
PREPAID EXPENSES
PREPAID EXPENSES | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Prepaid Expenses | ||
PREPAID EXPENSES | NOTE 3 PREPAID EXPENSES Prepaid expenses represent the unexpired terms of various consulting agreements as well as advance rental payments. Prepaid expenses at March 31, 2022 were $ 20,470 | NOTE 3 - PREPAID EXPENSES Prepaid expenses were $ 5,000 |
COMMITMENTS
COMMITMENTS | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS | NOTE 4 - COMMITMENTS AND CONTINGENCIES Lease Agreement The Company’s main office is in Las Vegas, Nevada. Rent expense under all leases for the three months ended March 31, 2022 and 2021 was $ 1,537 1,590 Related Party Transactions As of March 31, 2022 and 2021, the Company has accrued the amounts of $ 753,475 744,115 As a result of shareholder loans and deferred officer salary, the Company has accrued a balance of $ 240,712 188,686 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 Stock 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 shares of Series B Convertible Preferred Stock. Our CEO maintains an employment agreement that stipulates a $ 190,000 Litigation From time to time we may be a defendant or plaintiff in various legal proceedings arising in the normal course of our business. As of the date of this Quarterly Report, there are no material pending legal or governmental proceedings relating to us or properties to which we are a party, and, to our knowledge, there are no material proceedings to which any of our directors, executive officers or affiliates are a party adverse to us or which have a material interest adverse to us. | 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 0 7.00 As of June 30, 2021 and June 30, 2020, the Company has accrued the amounts of $ 737,642 759,948 As a result of these shareholder loans and deferred officer salary, the Company has accrued a balance of $201,846 and $ 149,481 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 |
DEBT
DEBT | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||
DEBT | NOTE 5 - DEBT On April 17, 2020, we received funds under the Paycheck Protection Program (the “PPP”), a part of the CARES Act. The loan is serviced by Chase Bank, and the application for these funds required us to, in good faith, certify that the current economic uncertainty made the loan necessary to support our ongoing operations. We used the funds for payroll and related costs. The receipt of these funds, and the forgiveness of the loan attendant to these funds, was dependent on our ability to adhere to the forgiveness criteria. The loan bears interest at a rate of 0.98% per annum and had a maturity date of April 6, 2022, with the first payment being deferred until April 17, 2021. Under the terms of the PPP, certain amounts may be forgiven if they are used in accordance with the CARES Act. The Company applied for forgiveness of this loan as of October 2021 and forgiveness was granted by the Small Business Administration. Therefore, the loan is considered paid in full. On March 5, 2020, the Company issued a $ 35,000 10 0.0175 5,000 On July 23, 2021, the Company entered into a securities purchase agreement with AJB Capital Investments, LLC (“AJB”) with respect to the sale and issuance of: (i) a commitment fee in the amount of $ 250,000 12,500,000 300,000 10,000,000 5,000 250,000 300,000 270,000 0.05 253,000 270,000 On January 27, 2022, the Company entered into a securities purchase agreement with Talos Victory Fund, LLC (“TVF”). The Company issued TVF a 10 250,000 12,500,000 0.001 12,500,000 On January 27, 2022, the Company entered into a securities purchase agreement with Firstfire Global Opportunities Fund (“Firstfire”). The Company issued Firstfire a 10 250,000 12,500,000 0.001 12,500,000 On January 27, 2022, the Company entered into a securities purchase agreement with Mast Hill Fund, LP (“Mast Hill”). The Company issued Mast Hill a 10 250,000 12,500,000 0.001 12,500,000 On March 8, 2022, the Company entered into a securities purchase agreement with Mast Hill Fund, LP (“Mast Hill”), in which Mast Hill shall purchase up to five million dollars ($5,000,000) of the Company’s common stock. In connection with the execution of the Agreement, on March 8, 2022, the Company issued Mast Hill five (5) common stock purchase warrants, respectively, for the purchase of (i) 500,000 shares of common stock (the “First Warrant”), (ii) 1,000,000 shares of common stock (the “Second Warrant”), (iii) 1,000,000 shares of common stock (the “Third Warrant”), (iv) 2,500,000 shares of common stock (the “Fourth Warrant”), and (v) 62,500,000 shares of the Company’s common stock (the “Fifth Warrant”) at the Exercise Price (as such term is defined in each of the Warrants) per share then in effect. On March 15, 2022, the Company entered into a securities purchase agreement with Mast Hill Fund, L.P. (“Mast Hill”). The Company issued Mast Hill: (i) a promissory note in the aggregate principal amount of $250,000 (the “Note”), (ii) a common stock purchase warrant (the “Warrant”) to purchase up to an aggregate of 12,500,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and (iii) 12,500,000 shares of Common Stock (the “Commitment Shares”). | 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 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 On March 5, 2020, the Company issued a $ 35,000 10 December 5, 2020 0.0175 5,000 2,127 2,873 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,” Schedule of Derivative Liabilities Level 1 Level 2 Level 3 Total Derivative liability $ - $ - $ 45,524 $ 45,524 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||
STOCKHOLDERS’ DEFICIT | NOTE 6 STOCKHOLDERS’ DEFICIT Preferred Stock Series B Convertible Preferred Stock On December 11, 2009, the Company filed a Certificate of Designation with the State of Nevada, to designate 500,000 5,000,000 The Company issued 200,000 In October 2015, the Company issued 200,000 On September 11, 2017, the Company issued an additional 210,000 As of March 31, 2022, the Company has 5,000,000 0.001 610,000 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 each 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, 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. Series C Convertible Preferred Stock From time to time, the Company issues Series C Convertible Preferred Stock in exchange for cash. These shares are convertible into shares of the Company’s common stock. The number of issued and outstanding shares of Series C Convertible Preferred Stock were 103,584 196,083 Series D Convertible Preferred Stock On July 27, 2021 the Company designated Series D Convertible Preferred Stock (the “Series D Shares”). The Series D Shares have a stated value of $100.00 (the “Stated Value”), and carry a conversion price of the volume weighted average price (for the 20 trading days immediate prior to the conversion date). The amount of shares of common stock to be issued upon any conversion shall be calculated as the quotient of (i) the product of the issued shares of the Series D Shares to be converted and the Stated Value, and (ii) the Conversion Price. The Series D Shares are not entitled to receive dividends or other distributions, and have no voting rights. Common Stock During the last fiscal quarter of fiscal year ending June 30, 2021, the Company increased its authorized shares of common stock from 600,000,000 to 1,200,000,000 As of September 30, 2021, the Company had 488,648,586 ● During the three months ended September 30, 2021, the Company sold 5,500,000 27,462 (i) 5,500,000 shares of common stock at a price of $0.10 per share and (ii) 5,500,000 shares of common stock at a price of $0.20 per share. The warrants expire at various times through September 21, 2022. None of the 12,000,000 shares of common stock were issued during the quarter ended September 30, 2021, and were recognized as stock payable. ● During the three months ended September 30, 2021, the Company issued 42,262,958 8,133,333 17,534,387 116,050 4,095,238 12,500,000 As of December 31, 2021, the Company had 539,310,756 ● During the three months ended December 31, 2021, the Company sold 8,625,000 86,230 (i) 8,625,000 shares of common stock at a price of $0.70 per share and (ii) 4,312,500 shares of common stock at a price of $1.00 per share. The warrants expire at various times through December 14, 2022. None of the 8,625,000 shares of common stock were issued during the quarter ended December 31, 2021, and were recognized as stock payable. ● During the three months ended December 31, 2021, the Company issued 50,662,170 11,032,663 19,148,052 107,000 7,981,445 12,500,000 ● During the three months ended March 31, 2022, the Company issued 77,040,836 15,826,550 90,750 3,714,286 57,500,000 783,000 During the three months ended March 31, 2022, the Company sold 2,000,000 19,980 (i) 2,000,000 shares of common stock at a price of $0.70 per share and (ii) 1,000,000 shares of common stock at a price of $1.00 per share. The warrants expire at various times through February 9, 2023. None of the 2,000,000 shares of common stock were issued during the quarter ended March 31, 2022, and were recognized as stock payable. Equity Financing Agreement On March 5, 2020, the Company entered into an equity financing agreement (the “Equity Financing Agreement”) with GHS Investments, LLC, a Nevada limited liability company (“GHS”). Pursuant to the Equity Financing Agreement, the Company agreed to sell to GHS an indeterminate amount of shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), up to an aggregate price of four million dollars ($4,000,000). 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 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. Concurrently with the execution of the Equity Financing Agreement, the Company entered into a convertible promissory note, for the principal balance of $ 35,000 10 0.0175 35,000 Warrants From time to time the Company granted warrants in connection with private placements of securities, as described herein. As of March 31, 2022, and June 30, 2021, the following is a breakdown of the warrant activity: Schedule of share based compensation warrant activity Range of Exercise Prices Number of Weighted- Weighted- Number Weighted- Warrants Outstanding and Exercisable at March 31, 2022: $0.70 - $1.00 54,664,518 1.20 $ 0.26 54,664,518 $ 0.26 Warrants Outstanding and Exercisable at June 30, 2021: $0.10 - $0.20 124,888,519 1.12 $ 0.33 124,888,519 $ 0.33 Warrant Activity: March 31, 2022: Schedule of warrant activity Outstanding - June 30, 2021 124,888,519 Issued 22,937,499 Exercised — Expired (93,161,500 ) Outstanding - March 31, 2022 54,664,518 March 31, 2021: Outstanding - June 30, 2020 53,280,406 Issued 90,500,000 Exercised — Expired (17,151,887 ) Outstanding - March 31, 2021 126,628,519 At March 31, 2022, all 54,664,518 54,664,518 | NOTE 6 - STOCKHOLDERS’ DEFICIT Preferred Stock As of June 30, 2021, the Company has 5,000,000 0.001 610,000 Each share of Series B Convertible Preferred Stock has a par value of $0.001, and a stated value equal to $ 5.00 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 In October 2015, the Company issued 200,000 On September 11, 2017, the Company issued an additional 210,000 Class A Common Stock As of June 30, 2021, the Company has 50,000,000 0.001 no 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 0.001 Common Stock and Warrants ● During the three months ended September 30, 2019, the Company sold for cash 6,337,500 6,337,500 0.10 0.25 133,495 September 17, 2021 6,337,500 ● During the three months ended December 31, 2019, the Company sold for cash 40,675,000 825,000 0.20 0.25 214,510 November 1, 2021 40,675,000 36,300 2,370,696 ● During the three months ended March 31, 2020, the Company sold for cash 9,550,000 3,500,000 0.05 1.00 66,500 March 12, 2022 9,550,000 ● During the three months ended June 30, 2020, the Company sold for cash 40,000,000 12,000,000 0.10 0.20 200,905 June 12, 2021 9,000,000 ● During the three months ended September 30, 2020, the Company sold for cash 17,500,000 (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. 17,500,000 17,500,000 6,032,260 585,000 5,447,260 ● During the three months ended December 31, 2020, the Company sold 16,500,000 82,455 (i) 16,500,000 shares at prices ranging from $0.05 to $0.10 per share and (ii) 16,500,000 December 21, 2022 16,500,000 ● During the three months ended December 31, 2020, the Company issued 32,034,876 75,000 15,000,000 16,034,876 78,100 ● During the three months ended March 31, 2021, the Company sold 11,000,000 59,957 (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. February 4, 2022 12,000,000 ● During the three months ended March 31, 2021, the Company issued 26,769,540 17,000,000 6,709,100 72,600 2,560,440 ● During the three months ended June 30, 2021, the Company sold 3,333,333 (i) 3,333,333 June 8, 2022 3,333,333 ● During the three months ended June 30, 2021, the Company issued 3,025,952 36,300 The following information summarizes the warrants outstanding and exercisable. Warrants Outstanding and Exercisable at June 30, 2021: Schedule of share based compensation warrant activity 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: Schedule of warrant activity 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 124,888,519 124,888,519 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. Concurrently with the execution of the equity financing agreement, the company entered into a convertible promissory note, for the principal balance of $ 35,000 10 0.0175 35,000 |
MANDATORY REDEEMABLE CONVERTIBL
MANDATORY REDEEMABLE CONVERTIBLE PREFERRED STOCK | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Mandatory Redeemable Convertible Preferred Stock | ||
MANDATORY REDEEMABLE CONVERTIBLE PREFERRED STOCK | NOTE 7 MANDATORY REDEEMABLE CONVERTIBLE PREFERRED STOCK Issuances of Series C 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 its Series C Convertible Preferred Stock. The authorized number of Series C Convertible Preferred Stock is 1,000,000 0.001 10 105 130 The number of shares of Series C Convertible Preferred Stock issued and outstanding were 103,584 196,084 The holders of Series C Convertible Preferred Stock shall have the right at any time during the period beginning on the date which is six (6) months following the date of their issuance, to convert all or any part of the outstanding Series C Convertible 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 (which means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the holder (i.e. Bloomberg) for the common stock during the fifteen (15) Trading Day Period ending on the latest complete Trading Day prior to the date of conversion (both terms as defined in the Certificate of Designations) The Series C Convertible Preferred stock is convertible after six months at 71 35,000 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 Convertible Preferred Stock of the holder (which have not been previously redeemed or converted). Within 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 Convertible 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 i.e. The carrying value of the Series C Convertible Preferred Stock at March 31, 2022 and June 30, 2021 was $ 103,584 196,083 There were 48,125 shares of Series C Preferred Stock issued for net proceeds of $40,000, and 90,750 shares of Series C Preferred Stock converted to 15,826,550 shares of common stock for the three months ended March 31, 2022. | 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 0.001 10 105 130 The number of Series C, mandatory redeemable convertible preferred stock shares issued and outstanding were 239,025 117,200 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 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 $ 196,083 101,661 The estimated fair value of the Series C, mandatory redeemable convertible preferred stock at June 30, 2021 and 2020 was $ 196,083 101,661 The Company recorded preferred stock dividends of $ 163,575 32,024 2,442 2,945 |
INCOME TAXES
INCOME TAXES | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
INCOME TAXES | NOTE 9 INCOME TAXES The Company provides for income taxes at the end of each interim period based on the estimated effective tax rate for the full fiscal year. Cumulative adjustments to the Company’s estimate are recorded in the interim period in which a change in the estimated annual effective rate is determined. The Company has estimated its effective tax rate to be 0 | 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: Schedule of deferred tax assets and liabilities 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 80 Schedule of effective income tax rate reconciliation 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 )% Effective Income Tax Rate Reconciliation, Percent 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 | |
Litigation | |
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 | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | 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 March 31, 2022 to the date these financial statements were issued. Between April 1, 2022 an d May 18, 2022, ot her than as described in “Recent Developments” in Part I, Item 2 of this Quarterly Report, there were no 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 43,745 26,473,580 51,850 5,940,247 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | NOTE 4 - COMMITMENTS AND CONTINGENCIES Lease Agreement The Company’s main office is in Las Vegas, Nevada. Rent expense under all leases for the three months ended March 31, 2022 and 2021 was $ 1,537 1,590 Related Party Transactions As of March 31, 2022 and 2021, the Company has accrued the amounts of $ 753,475 744,115 As a result of shareholder loans and deferred officer salary, the Company has accrued a balance of $ 240,712 188,686 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 Stock 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 shares of Series B Convertible Preferred Stock. Our CEO maintains an employment agreement that stipulates a $ 190,000 Litigation From time to time we may be a defendant or plaintiff in various legal proceedings arising in the normal course of our business. As of the date of this Quarterly Report, there are no material pending legal or governmental proceedings relating to us or properties to which we are a party, and, to our knowledge, there are no material proceedings to which any of our directors, executive officers or affiliates are a party adverse to us or which have a material interest adverse to us. | 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 0 7.00 As of June 30, 2021 and June 30, 2020, the Company has accrued the amounts of $ 737,642 759,948 As a result of these shareholder loans and deferred officer salary, the Company has accrued a balance of $201,846 and $ 149,481 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 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 9 Months Ended |
Mar. 31, 2022 | |
Derivative Liabilities | |
DERIVATIVE LIABILITIES | NOTE 8 DERIVATIVE LIABILITIES The conversion rates of the convertible notes and Series C Convertible Preferred Stock are convertible at a variable rate. Accordingly, the Company concluded there is an embedded derivative which was required to be bifurcated and accounted for as a derivative liability. The Company chose to use the Black Scholes model to calculate the derivative liability. The assumptions in the derivative liability calculation included the price of the Company’s common stock of $ 0.0141 0.0010 0.0011 150 341 Schedule of derivative liability Level 1 Level 2 Level 3 Total Derivative liability $ - $ - $ 155,973 $ 155,973 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | 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. | 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, CompensationStock 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, EquityEquity-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 Company measures fair value in accordance with ASC 820 - Fair Value Measurements. ASC 820 defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurements. ASC 820 establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 820 are: Level 1 Level 2 Level 3 As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date. The reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of factors and assumptions. Accordingly, certain fair values may not represent actual values of the Company’s financial instruments that could have been realized as of March 31, 2022 or that will be recognized in the future, and do not include expenses that could be incurred in an actual settlement. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, receivables from related parties, prepaid expenses and other, accounts payable, accrued liabilities, and related party and third-party notes payables approximate fair value due to their relatively short maturities. The Company’s notes payable to related parties approximates the fair value of such instrument based upon management’s best estimate of terms that would be available to the Company for similar financial arrangements at March 31, 2022. | 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. | 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 | |
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. | 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 March 31, 2022 and 2021, 54,664,518 126,628,519 | 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 53,280,406 |
Stock-Based Compensation | Stock-Based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation Equity-Based Payments to Non-Employees |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||
Schedule of Derivative Liabilities | Schedule of derivative liability Level 1 Level 2 Level 3 Total Derivative liability $ - $ - $ 155,973 $ 155,973 | Schedule of Derivative Liabilities Level 1 Level 2 Level 3 Total Derivative liability $ - $ - $ 45,524 $ 45,524 |
STOCKHOLDERS_ DEFICIT (Tables)
STOCKHOLDERS’ DEFICIT (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||
Schedule of share based compensation warrant activity | Schedule of share based compensation warrant activity Range of Exercise Prices Number of Weighted- Weighted- Number Weighted- Warrants Outstanding and Exercisable at March 31, 2022: $0.70 - $1.00 54,664,518 1.20 $ 0.26 54,664,518 $ 0.26 Warrants Outstanding and Exercisable at June 30, 2021: $0.10 - $0.20 124,888,519 1.12 $ 0.33 124,888,519 $ 0.33 | Schedule of share based compensation warrant activity 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 | Schedule of warrant activity Outstanding - June 30, 2021 124,888,519 Issued 22,937,499 Exercised — Expired (93,161,500 ) Outstanding - March 31, 2022 54,664,518 March 31, 2021: Outstanding - June 30, 2020 53,280,406 Issued 90,500,000 Exercised — Expired (17,151,887 ) Outstanding - March 31, 2021 126,628,519 | Schedule of warrant activity 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 | Schedule of deferred tax assets and liabilities 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 | Schedule of effective income tax rate reconciliation 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 )% Effective Income Tax Rate Reconciliation, Percent 0.00 % 0.00 % |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Derivative Liabilities | ||
Schedule of derivative liability | Schedule of derivative liability Level 1 Level 2 Level 3 Total Derivative liability $ - $ - $ 155,973 $ 155,973 | Schedule of Derivative Liabilities Level 1 Level 2 Level 3 Total Derivative liability $ - $ - $ 45,524 $ 45,524 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | Mar. 05, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||||
Recurring losses | $ (20,044) | $ 213,122 | $ 1,399,499 | $ 733,211 | $ 924,728 | $ 805,577 | |
Accumulated deficit | $ 30,269,453 | $ 30,269,453 | $ 28,859,365 | $ 27,771,062 | |||
GHS Investments LLC [Member] | |||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||||
Investor agrees to invest amount | $ 4,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Cash equivalents | $ 0 | $ 0 | ||
Dilutive shares were excluded from diluted loss per common share | 54,664,518 | 126,628,519 | 124,888,519 | 53,280,406 |
PREPAID EXPENSES (Details Narra
PREPAID EXPENSES (Details Narrative) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Prepaid Expenses | ||
Prepaid expenses | $ 20,470 | $ 5,000 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Accrued the amounts | $ 753,475 | $ 737,642 | $ 759,948 |
Accrued balance of interest payable | 240,712 | 188,686 | 149,481 |
Annual salary | $ 190,000 | 190,000 | |
Chief Executive Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Aggregate amount due | $ 0 | $ 0 | |
Interest rate | 7.00% |
Debt (Details)
Debt (Details) | Jun. 30, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Derivative liability | $ 45,524 |
Fair Value, Inputs, Level 1 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Derivative liability | |
Fair Value, Inputs, Level 2 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Derivative liability | |
Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Derivative liability | $ 45,524 |
DEBT (Details Narrative)
DEBT (Details Narrative) - USD ($) | Mar. 15, 2022 | Mar. 08, 2022 | Mar. 05, 2020 | Jan. 27, 2022 | Jul. 23, 2021 | Mar. 29, 2021 | Apr. 17, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Debt Instrument [Line Items] | ||||||||||||||||||
Proceeds from loan | $ 20,832 | $ 20,832 | $ 20,832 | |||||||||||||||
Convertible note | $ 35,000 | |||||||||||||||||
Convertible note, percentage | 10.00% | |||||||||||||||||
Maturity date | Dec. 5, 2020 | |||||||||||||||||
Beneficial conversion feature | $ 5,000 | 5,000 | ||||||||||||||||
Amortization of debt discount | $ 30,000 | $ 2,873 | 2,873 | $ 2,127 | ||||||||||||||
Unamortized discount | $ 35,000 | $ 35,000 | ||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||
Warrants to purchase shares, description | (i) a promissory note in the aggregate principal amount of $250,000 (the “Note”), (ii) a common stock purchase warrant (the “Warrant”) to purchase up to an aggregate of 12,500,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and (iii) 12,500,000 shares of Common Stock (the “Commitment Shares”). | (5) common stock purchase warrants, respectively, for the purchase of (i) 500,000 shares of common stock (the “First Warrant”), (ii) 1,000,000 shares of common stock (the “Second Warrant”), (iii) 1,000,000 shares of common stock (the “Third Warrant”), (iv) 2,500,000 shares of common stock (the “Fourth Warrant”), and (v) 62,500,000 shares of the Company’s common stock (the “Fifth Warrant”) at the Exercise Price (as such term is defined in each of the Warrants) per share then in effect. | (i) 2,000,000 shares of common stock at a price of $0.70 per share and (ii) 1,000,000 shares of common stock at a price of $1.00 per share. The warrants expire at various times through February 9, 2023. None of the 2,000,000 shares of common stock were issued during the quarter ended March 31, 2022, and were recognized as stock payable. | (i) 8,625,000 shares of common stock at a price of $0.70 per share and (ii) 4,312,500 shares of common stock at a price of $1.00 per share. The warrants expire at various times through December 14, 2022. None of the 8,625,000 shares of common stock were issued during the quarter ended December 31, 2021, and were recognized as stock payable. | (i) 5,500,000 shares of common stock at a price of $0.10 per share and (ii) 5,500,000 shares of common stock at a price of $0.20 per share. The warrants expire at various times through September 21, 2022. None of the 12,000,000 shares of common stock were issued during the quarter ended September 30, 2021, and were recognized as stock payable. | (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. | |||||||||
Securities Purchase Agreement [Member] | A J B Capital Investments [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stock issued for commitment fee, amount | $ 250,000 | |||||||||||||||||
Stock issued for commitment fee, Shares | 12,500,000 | |||||||||||||||||
Principal amount | $ 300,000 | |||||||||||||||||
Number of warrant purchase | 10,000,000 | |||||||||||||||||
Original issue discount | $ 300,000 | |||||||||||||||||
Purchase Price | $ 270,000 | |||||||||||||||||
Exercise Price | $ 0.05 | |||||||||||||||||
Notes and warrants due | $ 253,000 | |||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||
Securities Purchase Agreement [Member] | A J B Capital Investments [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Shares issued | 5,000 | |||||||||||||||||
Securities Purchase Agreement [Member] | Talos Victory Fund L L C [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 250,000 | |||||||||||||||||
Securities Purchase Agreement [Member] | Talos Victory Fund L L C [Member] | Common Stock [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of warrant purchase | 12,500,000 | |||||||||||||||||
Common stock, par value | $ 0.001 | |||||||||||||||||
Securities Purchase Agreement [Member] | Talos Victory Fund L L C [Member] | Warrant [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of warrant purchase | 12,500,000 | |||||||||||||||||
Securities Purchase Agreement [Member] | Firstfire Global Opportunities Fund [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 250,000 | |||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||
Securities Purchase Agreement [Member] | Firstfire Global Opportunities Fund [Member] | Common Stock [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of warrant purchase | 12,500,000 | |||||||||||||||||
Common stock, par value | $ 0.001 | |||||||||||||||||
Securities Purchase Agreement [Member] | Firstfire Global Opportunities Fund [Member] | Warrant [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of warrant purchase | 12,500,000 | |||||||||||||||||
Securities Purchase Agreement [Member] | Mast Hill Fund L P [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 250,000 | |||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||
Securities Purchase Agreement [Member] | Mast Hill Fund L P [Member] | Common Stock [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of warrant purchase | 12,500,000 | |||||||||||||||||
Common stock, par value | $ 0.001 | |||||||||||||||||
Securities Purchase Agreement [Member] | Mast Hill Fund L P [Member] | Warrant [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of warrant purchase | 12,500,000 | |||||||||||||||||
PPP Loan [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Proceeds from loan | $ 20,832 | $ 20,832 | ||||||||||||||||
Convertible Promissory Note [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Conversion price per share (in Dollars per share) | $ 0.0175 | |||||||||||||||||
Principal amount | $ 35,000,000 |
Stockholderss' Deficit (Details
Stockholderss' Deficit (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [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) | 54,664,518 | 124,888,519 | 53,280,406 |
Weighted-Average Contractual Life Remaining in Years | 1 year 2 months 12 days | 1 year 1 month 13 days | 1 year 1 month 13 days |
Weighted- Average Exercise Price | $ 0.26 | $ 0.33 | $ 0.33 |
Number Exercisable (in Shares) | 54,664,518 | 124,888,519 | 53,280,406 |
Weighted- Average Exercise Price | $ 0.26 | $ 0.33 | $ 0.33 |
Stockholdrs' Deficit (Details 1
Stockholdrs' Deficit (Details 1) - shares | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | ||||
Outstanding - beginning of year | 124,888,519 | 53,280,406 | 53,280,406 | 26,526,234 |
Issued | 22,937,499 | 90,500,000 | 98,500,000 | 34,662,500 |
Exercised | ||||
Expired | (93,161,500) | (17,151,887) | (26,891,887) | (7,908,328) |
Outstanding - end of year | 54,664,518 | 126,628,519 | 124,888,519 | 53,280,406 |
Outstanding - end of year | 54,664,518 | 126,628,519 | 124,888,519 | 53,280,406 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($) | Mar. 15, 2022 | Mar. 08, 2022 | Mar. 05, 2020 | Sep. 11, 2017 | Oct. 31, 2015 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jan. 14, 2019 | Nov. 05, 2014 | Dec. 11, 2009 |
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 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 | $ 0.001 | $ 0.001 | |||||||||||||||||
Preferred stock, shares issued | 200,000 | 610,000 | 610,000 | 610,000 | 610,000 | 610,000 | 610,000 | ||||||||||||||||
Preferred stock, shares outstanding | 610,000 | 610,000 | 610,000 | 610,000 | 610,000 | 610,000 | |||||||||||||||||
Shares issued | 200,000 | ||||||||||||||||||||||
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 | 600,000,000 | 1,200,000,000 | 1,200,000,000 | 600,000,000 | |||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||
Common stock, shares issued | 616,351,592 | 539,310,756 | 488,648,586 | 446,385,628 | 379,523,000 | 616,351,592 | 446,385,628 | 379,523,000 | |||||||||||||||
Common Stock, Shares, Outstanding | 616,351,592 | 539,310,756 | 488,648,586 | 446,385,628 | 379,523,000 | 616,351,592 | 446,385,628 | 379,523,000 | |||||||||||||||
Capital stock, authorized | 600,000,000 | ||||||||||||||||||||||
Preferred stock shares increased | 0.001 | ||||||||||||||||||||||
Number of common stock sold | 2,000,000 | 8,625,000 | 5,500,000 | 3,333,333 | 11,000,000 | 16,500,000 | 17,500,000 | 40,000,000 | 9,550,000 | 40,675,000 | 6,337,500 | ||||||||||||
Number of common stock issued | 77,040,836 | 50,662,170 | 42,262,958 | 3,333,333 | 16,500,000 | 17,500,000 | 12,000,000 | 3,500,000 | 825,000 | 6,337,500 | |||||||||||||
Share price | $ 0.0141 | $ 0.0141 | |||||||||||||||||||||
Proceeds from sale of stock | $ 59,957,000 | $ 82,455,000 | $ 200,905,000 | $ 66,500,000 | $ 214,510,000 | $ 133,495,000 | $ 938,827 | $ 219,822 | $ 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 | 15,826,550 | 11,032,663 | 8,133,333 | 3,333,333 | 12,000,000 | 16,500,000 | 17,500,000 | 9,000,000 | 9,550,000 | 40,675,000 | 6,337,500 | ||||||||||||
Number of stock converted | 90,750 | 19,148,052 | 17,534,387 | ||||||||||||||||||||
Warrants to purchase shares, description | (i) a promissory note in the aggregate principal amount of $250,000 (the “Note”), (ii) a common stock purchase warrant (the “Warrant”) to purchase up to an aggregate of 12,500,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and (iii) 12,500,000 shares of Common Stock (the “Commitment Shares”). | (5) common stock purchase warrants, respectively, for the purchase of (i) 500,000 shares of common stock (the “First Warrant”), (ii) 1,000,000 shares of common stock (the “Second Warrant”), (iii) 1,000,000 shares of common stock (the “Third Warrant”), (iv) 2,500,000 shares of common stock (the “Fourth Warrant”), and (v) 62,500,000 shares of the Company’s common stock (the “Fifth Warrant”) at the Exercise Price (as such term is defined in each of the Warrants) per share then in effect. | (i) 2,000,000 shares of common stock at a price of $0.70 per share and (ii) 1,000,000 shares of common stock at a price of $1.00 per share. The warrants expire at various times through February 9, 2023. None of the 2,000,000 shares of common stock were issued during the quarter ended March 31, 2022, and were recognized as stock payable. | (i) 8,625,000 shares of common stock at a price of $0.70 per share and (ii) 4,312,500 shares of common stock at a price of $1.00 per share. The warrants expire at various times through December 14, 2022. None of the 8,625,000 shares of common stock were issued during the quarter ended December 31, 2021, and were recognized as stock payable. | (i) 5,500,000 shares of common stock at a price of $0.10 per share and (ii) 5,500,000 shares of common stock at a price of $0.20 per share. The warrants expire at various times through September 21, 2022. None of the 12,000,000 shares of common stock were issued during the quarter ended September 30, 2021, and were recognized as stock payable. | (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. | ||||||||||||||
Shares issued for legal services | 585,000 | ||||||||||||||||||||||
Warrants are vested | 124,888,519 | 124,888,519 | |||||||||||||||||||||
Class of warrants expire | 54,664,518 | 124,888,519 | |||||||||||||||||||||
Description of 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. | ||||||||||||||||||||||
Proceeds From Issuance Of Common Stocks | $ 19,980 | $ 86,230 | $ 27,462 | ||||||||||||||||||||
Finders fee | 12,500,000 | 12,500,000 | |||||||||||||||||||||
Shares issued for legal services, amount | $ 25,000 | $ 24,308 | $ 36,000 | $ 18,925 | |||||||||||||||||||
Registration statement description | Company shall have the discretion to deliver puts to GHS and GHS will be obligated to purchase shares of the Company’s 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 vested | 54,664,518 | ||||||||||||||||||||||
Convertible Promissory Note [Member] | |||||||||||||||||||||||
Class of Stock [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 | ||||||||||||||||||||||
Securities Purchase Agreements [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Shares issued for legal services | 57,500,000 | ||||||||||||||||||||||
Shares issued for legal services, amount | $ 783,000 | ||||||||||||||||||||||
Legal Sevices [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Shares issued for legal services | 7,981,445 | ||||||||||||||||||||||
Convertible Promissory Note [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Principal balance (in Dollars) | $ 35,000,000 | ||||||||||||||||||||||
Interest rate, percentage | 10.00% | ||||||||||||||||||||||
Fixed conversion price (in Dollars per share) | $ 0.0175 | ||||||||||||||||||||||
Deferred financing costs (in Dollars) | $ 35,000,000 | ||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of common stock issued | 2,370,696 | 26,473,580 | |||||||||||||||||||||
Shares issued for legal services | 3,714,286 | 7,981,455 | 4,095,238 | 3,145,440 | |||||||||||||||||||
Shares issued for legal services, amount | $ 3,714 | $ 7,981 | $ 4,095 | $ 3,145 | |||||||||||||||||||
Common Stock [Member] | Legal Sevices [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Shares issued for legal services | 4,095,238 | ||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Share price | $ 0.10 | $ 0.05 | $ 0.20 | $ 0.10 | $ 0.10 | ||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Share price | $ 0.20 | $ 1 | $ 0.25 | $ 0.25 | $ 0.20 | ||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [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 | 210,000 | 610,000 | 610,000 | ||||||||||||||||||||
Preferred stock, shares outstanding | 610,000 | 610,000 | |||||||||||||||||||||
Preferred stock shares increased | 5,000,000 | ||||||||||||||||||||||
Stock issued | 3,714,286 | 107,000 | 116,050 | ||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [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 | |||||||||||||||||||||
Preferred stock, shares outstanding | 610,000 | 610,000 | |||||||||||||||||||||
Preferred stock, stated value per share (in Dollars per share) | $ 5 | $ 5 | |||||||||||||||||||||
Preferred stock shares | 500,000 | ||||||||||||||||||||||
Number of shares issued | 210,000 | 200,000 | 200,000 | ||||||||||||||||||||
Common Class A [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||||||||||||||||||
Common stock, shares issued | 0 | 0 | |||||||||||||||||||||
Common Stock, Shares, Outstanding | 0 | 0 | |||||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of stock converted | 36,300 | 36,300 | 216,425 | 72,600 | 72,600 | 104,000 | |||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of common stock issued | 78,100 | 6,032,260 | |||||||||||||||||||||
Number of stock converted | 72,600 | 5,447,260 | |||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of common stock issued | 3,025,952 | 26,769,540 | 32,034,876 | ||||||||||||||||||||
Proceeds from sale of stock | $ 75,000,000 | ||||||||||||||||||||||
Stock issued for stock payable | 17,000,000 | 15,000,000 | |||||||||||||||||||||
Number of stock converted | 6,709,100 | 16,034,876 | |||||||||||||||||||||
Shares issued for legal services | 2,560,440 | ||||||||||||||||||||||
Series C Convertible Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares authorized | 1,000,000 | ||||||||||||||||||||||
Preferred stock, par value (in Dollars per share) | $ 0.001 | ||||||||||||||||||||||
Preferred stock, shares issued | 103,584 | 196,083 | 103,584 | 196,083 | |||||||||||||||||||
Preferred stock, shares outstanding | 103,584 | 196,083 | 103,584 | 196,083 |
MANDATORY REDEEMABLE CONVERTI_2
MANDATORY REDEEMABLE CONVERTIBLE PREFERRED STOCK (Details Narrative) - USD ($) | Jan. 14, 2019 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Oct. 31, 2015 |
Preferred stock, authorized (in Shares) | 5,000,000 | 5,000,000 | 5,000,000 | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Preferred Stock, Shares Issued | 610,000 | 610,000 | 610,000 | 200,000 | |
Preferred Stock, Shares Outstanding | 610,000 | 610,000 | 610,000 | ||
Preferred shares convertible average market price rate | 71.00% | 71.00% | |||
Preferred stock dividends | $ 163,575 | $ 32,024 | |||
Accrued dividends payable | $ 10,589 | $ 2,442 | $ 2,945 | ||
Amortized utilizing effective interest discount amount (in Dollars) | $ 35,000 | ||||
Series C Convertible Preferred Stock [Member] | |||||
Preferred stock, authorized (in Shares) | 1,000,000 | ||||
Preferred stock, par value (in Dollars per share) | $ 0.001 | ||||
Dividend percent | 10.00% | ||||
Preferred Stock, Shares Issued | 103,584 | 196,083 | |||
Preferred Stock, Shares Outstanding | 103,584 | 196,083 | |||
Fair value of convertible preferred stock (in Dollars) | $ 103,584 | $ 196,083 | |||
Preferred shares, description | There were 48,125 shares of Series C Preferred Stock issued for net proceeds of $40,000, and 90,750 shares of Series C Preferred Stock converted to 15,826,550 shares of common stock for the three months ended March 31, 2022. | ||||
Series C Convertible Preferred Stock [Member] | Minimum [Member] | |||||
Dividend percent | 105.00% | ||||
Series C Convertible Preferred Stock [Member] | Maximum [Member] | |||||
Dividend percent | 130.00% | ||||
Series C Mandatory Redeemable Convertible Preferred Stocks [Member] | |||||
Preferred stock, authorized (in Shares) | 1,000,000 | 1,000,000 | |||
Dividend percent | 10.00% | ||||
Preferred Stock, Shares Issued | 239,025 | 117,200 | |||
Preferred Stock, Shares Outstanding | 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] | |||||
Dividend percent | 105.00% | ||||
Series C Mandatory Redeemable Convertible Preferred Stocks [Member] | Maximum [Member] | |||||
Dividend percent | 130.00% | ||||
Series C Convertible Preferred Stocks [Member] | |||||
Preferred Stock, Shares Issued | 103,584 | 196,084 | |||
Preferred Stock, Shares Outstanding | 103,584 | 196,084 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
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) |
Deferred Tax Assets, Net |
Income Taxes (Details 1)
Income Taxes (Details 1) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [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% | 0.00% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
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 | ||
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. | ||
Effective income tax rate reconciliation, percentage | 0.00% | 0.00% | 0.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | |
Issue of common shares | 77,040,836 | 50,662,170 | 42,262,958 | 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 | ||||||||||
Preferred Stock [Member] | |||||||||||
Preferred shares issued | 48,125 | 48,125 | |||||||||
Cash received (in Dollars) | $ 43,745 | ||||||||||
Common Stock [Member] | |||||||||||
Issue of common shares | 2,370,696 | 26,473,580 |
STOCKHOLDERS' DEFICIT (Details)
STOCKHOLDERS' DEFICIT (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Number of Warrants Outstanding (in Shares) | 54,664,518 | 124,888,519 | 53,280,406 |
Weighted-Average Contractual Life Remaining in Years | 1 year 2 months 12 days | 1 year 1 month 13 days | 1 year 1 month 13 days |
Weighted- Average Exercise Price | $ 0.26 | $ 0.33 | $ 0.33 |
Number Exercisable (in Shares) | 54,664,518 | 124,888,519 | 53,280,406 |
Weighted- Average Exercise Price | $ 0.26 | $ 0.33 | $ 0.33 |
STOCKHOLDERS' DEFICIT (Details
STOCKHOLDERS' DEFICIT (Details 1) - shares | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Outstanding - beginning of year | 124,888,519 | 53,280,406 | 53,280,406 | 26,526,234 |
Issued | 22,937,499 | 90,500,000 | 98,500,000 | 34,662,500 |
Exercised | ||||
Expired | (93,161,500) | (17,151,887) | (26,891,887) | (7,908,328) |
Outstanding - end of year | 54,664,518 | 126,628,519 | 124,888,519 | 53,280,406 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Sep. 11, 2017 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Rent expense | $ 1,537 | $ 1,590 | |||
Accrued the amounts | 753,475 | $ 744,115 | |||
Interest Payable | 240,712 | 188,686 | $ 149,481 | ||
Annual salary | $ 190,000 | $ 190,000 | |||
Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
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 $50,000 and doubling each year thereafter. The Series B Preferred Stock may be converted at the election of holder on a basis for 50 common shares for each preferred share at any time or an aggregate of 10,000,000 common shares in exchange for all 200,000 shares of Series B Convertible Preferred Stock. |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Derivative liability | $ 155,973 | $ 45,524 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Derivative liability | |||
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Derivative liability | |||
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Derivative liability | $ 155,973 |
DERIVATIVE LIABILITIES (Detai_2
DERIVATIVE LIABILITIES (Details Narrative) | 9 Months Ended |
Mar. 31, 2022$ / shares | |
Derivative Liabilities | |
Share Price | $ 0.0141 |
Risk free rate, Minimum | 0.10% |
Risk free rate, Maximum | 0.11% |
Volatility rate, Minimum | 150.00% |
Volatility rate, Maximum | 341.00% |