Notes Payable and Note payable-other | Note 7 – Notes Payable and Note payable-other From time to time in the past, the Company borrowed money for operating capital. These notes bear interest at varying rates. All notes are current except for one note of $139,569 which is in default. At December 31, 2021 and June 30, 2021, the Company recorded $207,734 and $238,244 in notes related to operating capital, respectively. Short term bridge loan - COHEN On July 31, 2020, the Company secured a $ 500,000 12 12 At December 31, 2020, the Company recorded short-term note payable of $ 500,000 10,027 At June 30, 2021, the Company recorded short term note payable of $ 500,000 55,047 On August 19, 2021, the Company repaid $ 300,000 100,000 100,000 15,649 Note payable – stock purchases under Reg A In March 2021 and June 2021, the Company accepted loans of $ 115,000 20,000 5 In October 2021, the Company accepted a loan of $ 5,000 140,000 115,000 8,736 1,594 As of December 31, 2021 and June 30, 2021, the Company has outstanding $ 447,734 853,244 Note Payable – Other In November 2016, the Company secured a $ 50,000 4 1,000,000 4 As of December 31, 2021 and June 30, 2021, the Company expensed $ 1,000 2,000 10,483 9,283 Convertible note payable – other On March 1, 2016 and March 3, 2016, the Company closed a private placement and received an aggregate of $ 612,500 660,000 13,750 61,250 As of December 31, 2021 and June 30, 2021, the Company reported $ 673,750 673,750 On July 22, 2021, the Company filed suit for damages resulting from the related party. On November 4, 2021, Benza Pharma LLC filed a countersuit. To date, there has been no resolution or settlement. The loans are recognized on the financials with no discount. Convertible Note: Leonite Capital, LLC On November 19, 2019, the Company, together with Hypersoft Ventures (collectively, the “Borrower”), received $ 135,000 150,000 15,000 250,000 77,778 0.02 2,700,000 260,000 The Company has determined that the conversion feature embedded in the Leonite Convertible Note constitutes a derivative and has been bifurcated from the Leonite Convertible Note and recorded as a derivative liability, with a corresponding discount recorded to the associated debt, on the accompanying balance sheet, and revalued to fair market value at each reporting period. The initial issuance yielded a derivative liability of $ 94,225 150,000 Significant assumptions used in calculating fair value of conversion feature of Leonite Convertible Note at issuance date are as follows: Schedule of fair value of conversion feature Expected Expected Risk-free Expected Exercise Common stock 0.00 809.71 0.0154 0.75 $ 0.02 $ 0.01300 On June 4, 2021, the Company and Leonite renegotiated the convertible note for two years, face value of $ 260,000 On July 29, 2021, Leonite converted $ 42,750 2,250 15,000,000 44,475 2,250 10,269,253 15,832 On October 6, 2021, Leonite converted $ 57,952 2,250 13,231,209 125,000 2,250 27,917,969 96,145 Schedule of extinguishment of debt Balance at June 30, 2021 $ 260,000 Accrued interest 9,954 Leonite Convertible Note converted (269,954 ) Total 0 Less: debt discount (0 ) Balance at December 31, 2021 $ 0 The resulting derivative valuation is calculated as follows: Schedule of derivative liabilities at fair value Derivative as of June 30, 2021 $ 281,845 Change in fair value 238,155 520,000 Write off due to conversions (176,800 ) Derivative value as of September 30, 2021 $ 343,200 Change in fair value (25,102 ) 318,098 Write off due to conversion (221,953 ) 96,145 Gain on extinguishment (96,145 ) Derivative as of December 31, 2021 $ – Significant assumptions used in calculating fair value of conversion feature of Leonite Convertible Note as of December 31, 2021 are as follows: Schedule of fair value of conversion features Expected Expected Risk-free Expected term Exercise Common stock 0.00 269.75 0.0007 1.9288 $ 0.00550 $ 0.01 In October 2021, Leonite converted the balance of the loan, conversion fees, and accrued interest, and extinguished the debt. Credit line – MediPendant New York Inc. On September 30, 2014, our subsidiary entered into a line of credit with Medi Pendant New York, Inc. (“MNY”), which is partially owned by a principal of its subsidiary. Under the line of credit agreement, the Company will be able to borrow up to $ 500,000 6.5 September 30, 2017 500,000 200,000 28,000 As of December 31, 2021 and June 30, 2021, the Company has recorded $ 397,500 397,500 |