Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | SUNHYDROGEN, INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 4,029,789,187 | |
Amendment Flag | false | |
Entity Central Index Key | 0001481028 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-54437 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 26-4298300 | |
Entity Address, Address Line One | 10 E. Yanonali | |
Entity Address, Address Line Two | Suite 36 | |
Entity Address, City or Town | Santa Barbara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 93101 | |
City Area Code | (805) | |
Local Phone Number | 966-6566 | |
Entity Interactive Data Current | Yes |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalent | $ 45,493,787 | $ 56,006,555 |
Marketable securities | 2,580,795 | |
Prepaid expenses | 9,047 | |
TOTAL CURRENT ASSETS | 48,083,629 | 56,006,555 |
LONG TERM INVESTMENTS | ||
Marketable securities | 5,812,647 | |
PROPERTY & EQUIPMENT | ||
Computers and peripherals | 11,529 | 11,529 |
Vehicle | 155,000 | 155,000 |
Gross property and equipment | 166,529 | 166,529 |
Less: accumulated depreciation | (21,356) | (11,072) |
NET PROPERTY AND EQUIPMENT | 145,173 | 155,457 |
OTHER ASSETS | ||
Domain, net of amortization of $4,665 and $4,223, respectively | 650 | 738 |
Trademark, net of amortization of $514 and $371, respectively | 628 | 657 |
Patents, net of amortization of $24,856 and $16,250, respectively | 76,287 | 77,928 |
TOTAL OTHER ASSETS | 77,565 | 79,323 |
TOTAL ASSETS | 54,119,014 | 56,241,335 |
CURRENT LIABILITIES | ||
Accounts payable | 127,034 | 223,520 |
Accrued expenses | 12,056 | 11,912 |
Accrued expenses, related party | 221,583 | 214,820 |
Accrued interest on convertible notes | 262,563 | 282,505 |
Derivative liability | 85,895,178 | 135,247,303 |
Convertible promissory notes, net of debt discount of $329,178 and $409,074, respectively | 123,540 | 125,598 |
TOTAL CURRENT LIABILITIES | 86,641,954 | 136,105,658 |
LONG TERM LIABILITIES | ||
Convertible promissory notes, net of debt discount of $0 and $0, respectively | 698,082 | 703,000 |
TOTAL LONG TERM LIABILITIES | 698,082 | 703,000 |
TOTAL LIABILITIES | 87,340,036 | 136,808,658 |
COMMIMENTS AND CONTINGENCIES (SEE NOTE 9) | ||
SHAREHOLDERS’ DEFICIT | ||
Preferred Stock, $0.001 par value; 5,000,000 authorized preferred shares, no shares issued or outstanding | ||
Common Stock, $0.001 par value; 5,000,000,000 authorized common shares 4,029,789,187 and 3,849,308,495 shares issued and outstanding, respectively | 4,029,789 | 3,849,308 |
Additional Paid in Capital | 87,101,297 | 88,560,321 |
Accumulated deficit | (124,352,108) | (172,976,952) |
TOTAL SHAREHOLDERS’ DEFICIT | (33,221,022) | (80,567,323) |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ 54,119,014 | $ 56,241,335 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Amortization of domain (in Dollars) | $ 4,665 | $ 4,223 |
Amortization of trademark (in Dollars) | 514 | 371 |
Amortization of patents (in Dollars) | 24,856 | 16,250 |
Convertible promissory notes, net of debt discount for current liabilities (in Dollars) | 329,178 | 409,074 |
Convertible promissory notes, net of debt discount for long term liabilities (in Dollars) | $ 0 | $ 0 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, shares issued | 4,029,789,187 | 3,849,308,495 |
Common stock, shares outstanding | 4,029,789,187 | 3,849,308,495 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||
REVENUE | ||
OPERATING EXPENSES | ||
Selling and Marketing | 109,776 | |
General and administrative expenses | 326,585 | 438,190 |
Research and development cost | 151,362 | 138,260 |
Depreciation and amortization | 12,043 | 2,036 |
TOTAL OPERATING EXPENSES | 599,766 | 578,486 |
LOSS FROM OPERATIONS BEFORE OTHER INCOME (EXPENSES) | (599,766) | (578,486) |
OTHER INCOME/(EXPENSES) | ||
Other income | 17,023 | |
Gain (Loss) on change in derivative liability | 49,352,125 | (1,380,085) |
Interest expense | (144,538) | (247,689) |
TOTAL OTHER INCOME (EXPENSES) | 49,224,610 | (1,627,774) |
NET INCOME (LOSS) | $ 48,624,844 | $ (2,206,260) |
BASIC EARNINGS (LOSS) PER SHARE (in Dollars per share) | $ 0.01 | $ 0 |
DILUTED EARNINGS (LOSS) PER SHARE (in Dollars per share) | $ 0.01 | $ 0 |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING | ||
BASIC (in Shares) | 4,000,362,987 | 2,139,179,833 |
DILUTED (in Dollars per share) | $ 5,523,313,069 | $ 2,139,179,833 |
Condensed Statements of Shareho
Condensed Statements of Shareholders’ Deficit - USD ($) | Preferred stock | Common stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2020 | $ 2,053,410 | $ 11,664,657 | $ (75,550,515) | $ (61,832,448) | |
Balance (in Shares) at Jun. 30, 2020 | 2,053,410,161 | ||||
Issuance of common stock for conversion of debt and accrued interest | $ 35,573 | 764,427 | 800,000 | ||
Issuance of common stock for conversion of debt and accrued interest (in Shares) | 35,573,090 | ||||
Issuance of common stock for services | $ 79,908 | 177,327 | 257,235 | ||
Issuance of common stock for services (in Shares) | 79,908,088 | ||||
Issuance of common stock for services | $ 2,814 | 85,487 | 88,301 | ||
Issuance of common stock for services (in Shares) | 2,813,903 | ||||
Stock based compensation expense | 112,035 | 112,035 | |||
Net Income (loss) | (2,206,260) | (2,206,260) | |||
Balance at Sep. 30, 2020 | $ 2,171,705 | 12,803,933 | (77,756,775) | (62,781,137) | |
Balance (in Shares) at Sep. 30, 2020 | 2,171,705,242 | ||||
Balance at Jun. 30, 2021 | $ 3,849,308 | 88,560,321 | (172,976,952) | (80,567,323) | |
Balance (in Shares) at Jun. 30, 2021 | 3,849,308,495 | ||||
Issuance of common stock for conversion of debt and accrued interest | $ 180,481 | (9,024) | 171,457 | ||
Issuance of common stock for conversion of debt and accrued interest (in Shares) | 180,480,692 | ||||
Stock options redeemed by Company | (1,450,000) | (1,450,000) | |||
Net Income (loss) | 48,624,844 | 48,624,844 | |||
Balance at Sep. 30, 2021 | $ 4,029,789 | $ 87,101,297 | $ (124,352,108) | $ (33,221,022) | |
Balance (in Shares) at Sep. 30, 2021 | 4,029,789,187 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (loss) | $ 48,624,844 | $ (2,206,260) |
Adjustment to reconcile net income (loss) to net cash (used in) provided by operating activities | ||
Depreciation & amortization expense | 12,043 | 2,036 |
Stock based compensation expense | 112,035 | |
Stock issued for services | 88,301 | |
Net (Gain) Loss on change in derivative liability | (49,352,125) | 1,380,085 |
Amortization of debt discount recorded as interest expense | 113,425 | 199,024 |
Change in assets and liabilities : | ||
Prepaid expense | (9,047) | (3,167) |
Accounts payable | (96,486) | (76,515) |
Accrued expenses | 6,907 | 11,861 |
Accrued interest on convertible notes | 31,114 | 48,234 |
NET CASH USED IN OPERATING ACTIVITIES | (669,326) | (444,366) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of marketable securities | (8,393,442) | |
Purchase of property and equipment | (50,000) | |
NET CASH USED IN INVESTING ACTIVITIES: | (8,393,442) | (50,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Redemption of related parties stock options | (1,450,000) | |
Net proceeds from common stock purchase agreements | 800,000 | |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (1,450,000) | 800,000 |
NET INCREASE (DECREASE) IN CASH | (10,512,768) | 305,634 |
CASH, BEGINNING OF PERIOD | 56,006,555 | 195,010 |
CASH, END OF PERIOD | 45,493,787 | 500,644 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 2,249 | |
Taxes paid | ||
SUPPLEMENTAL DISCLOSURES OF NON CASH TRANSACTIONS | ||
Fair value of common stock upon conversion of convertible notes, and accrued interest | $ 171,457 | $ 257,235 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ended June 30, 2022. For further information refer to the financial statements and footnotes thereto included in the Company’s Form 10-K for the year ended June 30, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of SunHydrogen, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. Cash and Cash Equivalent The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Investments The Company considers corporate bonds (“bonds”) as investments due to their ratings. The bonds are rated based on their default probability, health of the corporation’s debt structure, as well as the overall health of the economy. The bonds fall into the category as investments if they have a rating of AAA and BBB. The bonds have varied due dates and were classified as current and noncurrent, based on to their maturity dates. The bonds are generally valued using quoted prices and are classified in Level 2 of the fair value hierarchy as prices are not always from active markets. We consider our investments held to maturity and we believe there are no other than temporary declines in fair value. Our investments are recorded at historical cost. Use of Estimates In accordance with accounting principles generally accepted in the United States, management utilizes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates and assumptions relate to useful lives and impairment of tangible and intangible assets, accruals, income taxes, stock-based compensation expense, Binomial lattice valuation model inputs, derivative liabilities and other factors. Management believes it has exercised reasonable judgment in deriving these estimates. Consequently, a change in conditions could affect these estimates. Property and Equipment Property and equipment are stated at cost and are depreciated using straight line over its estimated useful lives. Computers and peripheral equipment 5 Years Vehicle 5 Years The Company recognized depreciation expense of $10,284 and $278 for the three months ended September 30, 2021 and 2020, respectively. Intangible Assets The Company has patent applications to protect the inventions and processes behind its proprietary solar-to-hydrogen based technology. Intangible assets that have finite useful lives continue to be amortized over their useful lives. The Company recognized amortization expense of $1,758 and $1,758 for the three months ended September 30, 2021 and 2020, respectively. Net Earnings (Loss) per Share Calculations Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the year. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock-based awards (Note 4), plus the assumed conversion of convertible debt (Note 5). September 30, 2021 For the three months ended September 30, 2021, the Company calculated the dilutive impact of the outstanding stock options of 157,965,711, common stock purchase warrants of 94,895,239, and the convertible debt of $1,150,800, which is convertible into shares of common stock. The stock options were not included, because their impact was antidilutive. September 30, 2020 For the three months ended September 30, 2020, the Company calculated the dilutive impact of the outstanding stock options of 186,000,000, and the convertible debt of $1,797,000, which is convertible into shares of common stock. The stock options and convertible debt were not included in the calculation of net earnings per share, because their impact was antidilutive. Equity Incentive Plan and Stock Options Equity Incentive Plan On December 17, 2018, the Board of Directors approved and adopted the 2019 Equity Incentive Plan (“the Plan”), with 300,000,000 shares reserved for issuance pursuant to the Plan. The purpose of the Plan is to promote the success of the Corporation and to increase stockholder value by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons. The awards are performance-based compensation that are granted under the Plan as incentive stock options (ISO) or nonqualified stock options. The per share exercise price for each option shall not be less than 100% of the fair market value of a share of common stock on the date of grant of the option. The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing cost. The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date. The options are exercisable into common stock. As of September 30, 2021, there were 157,965,711 stock options issued, and a reserve of 142,034,289. Stock Based Compensation The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date. Warrant Accounting The Company accounts for the warrants to purchase shares of common stock using the estimated fair value on the date of issuance as calculated using the Black-Scholes valuation model. Fair Value of Financial Instruments Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized on the balance sheet, where it is practicable to estimate that value. As of September 30, 2021, the amounts reported for cash, accrued interest and other expenses, notes payables, convertible notes, and derivative liability approximate the fair value because of their short maturities. We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets. ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows on September 30, 2021 (See Note 6): Total (Level 1) (Level 2) (Level 3) Assets: Corporate bonds $ 8,393,442 $ - $ 8,393,442 $ - Liabilities: Derivative liability measured at fair value $ 85,895,178 $ - $ - $ 85,895,178 The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value: Balance as of June 30, 2021 135,247,303 Gain on change in derivative liability (49,352,125 ) Balance as of September 30, 2021 $ 85,895,178 Research and Development Research and development costs are expensed as incurred. Total research and development costs were $151,362 and $138,260 for the three months ended September 30, 2021 and 2020, respectively. Accounting for Derivatives The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average series Binomial lattice formula pricing models to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. Recently Issued Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements as of September 30, 2021. |
Capital Stock
Capital Stock | 3 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL STOCK | 3. CAPITAL STOCK Three months ended September 30, 2021 During the three months ended September 30, 2021, the Company issued 180,480,692 shares of common stock upon conversion of convertible notes in the amount of $120,400 of principal, plus accrued interest of $51,057 based upon a conversion price of $0.00095 per share. The notes were converted per the terms of their respective agreements and therefore no gain or loss on the conversion was recorded. Three months ended September 30, 2020 During the three months ended September 30, 2020, the Company issued 35,573,090 shares of common stock for cash for aggregate gross proceeds of $800,000. During the three months ended September 30, 2020, the Company issued 79,908,088 shares of common stock upon conversion of convertible notes in the amount of $233,000 in principal, plus accrued interest of $23,335 and other fees of $900 based upon conversion prices ranging from $0.00095 - $0.017995 per share. All note conversions were performed per the terms of their respective agreements and therefore no gain or loss on the conversion was recorded. During the three months ended September 30, 2020, the Company issued 2,813,903 shares of common stock for services rendered at fair value prices of $0.028 - $0.035 per share in the aggregate amount of $88,301. |
Options and Warrants
Options and Warrants | 3 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
OPTIONS AND WARRANTS | 4. OPTIONS AND WARRANTS As of September 30, 2020, 10,000,000 non-qualified common stock options were outstanding. Each option expires on the date specified in the option agreement, which date is not later than the fifth (5 th On January 23, 2019, the Company issued 170,000,000 stock options. One-third of the options vested immediately, and the remainder vest 1/24 per month over the first twenty-four months following the option grant. The options expire 10 years from the initial grant date. The options fully vest by January 23, 2022 On January 31, 2019, the Company issued 6,000,000 stock options, of which two-third (2/3) vest immediately, and the remaining amount shall vest one-twelfth (1/12) per month from after the date of the option grant. The options expire 10 years from the initial grant date. The options fully vested on January 31, 2020. On July 22, 2019, the Company issued 10,000,000 stock options, of which one-third (1/3) vest immediately, and the remaining shall vest one-twenty fourth (1/24) per month from after the date of the option grant. The options expire 10 years from the initial grant date. The options fully vested on July 22, 2020. A summary of the Company’s stock option activity and related information follows: 9/30/21 9/30/2020 Weighted Weighted Number average Number average Of exercise of exercise Options price Options price Outstanding, beginning of period 182,853,174 $ 0.01 196,250,000 $ 0.01 Granted - $ 0.01 - $ - Exercised - - - - Buyback of options (24,887,463 ) $ 0.0099 (250,000 ) 0.01 Outstanding, end of period 157,965,711 $ 0.0089 196,000,000 $ 0.01 Exercisable at the end of period 157,965,711 $ 0.0089 174,332,250 $ 0.01 During the three months ended September 30, 2021, the Company bought back a total of 24,887,463 of the Company’s stock options for a total of $1,450,000. The options were bought back for the market price at the date of the buy back less the exercise price of the grant similar to a cashless feature. All options that were bought back were fully vested and previously expensed accordingly. The weighted average remaining contractual life of options outstanding as of September 30, 2021 and 2020 was as follows: 9/30/2021 9/30/2020 Exercise Stock Options Stock Options Weighted Average Remaining Exercise Stock Options Stock Options Weighted Average Remaining $ 0.0100 3,071,212 3,071,212 1.01 $ 0.0100 10,000,000 10,000,000 2.01 $ 0.0097 6,000,000 6,000,000 4.34 0.0097 6,000,000 6,000,000 5.32 $ 0.0099 138,894,499 138,894,499 4.32 $ 0.0099 170,000,000 157,110,167 5.34 $ 0.0060 10,000,000 10,000,000 4.81 $ 0.0060 10,000,000 7,222,083 5.81 157,965,711 157,965,711 196,250,000 180,332,250 The stock-based compensation expense recognized in the statement of operations during the three months ended September 30, 2021 and 2020, related to the granting of these options was $0 and $112,035, respectively. WARRANTS As of September 30, 2021, the Company had an aggregate of 94,895,239 common stock purchase warrants outstanding, with exercise prices ranging from $0.0938 - $0.13125 per share. The warrants were estimated at fair value on the date of issuance as calculated using the Black-Scholes valuation model. The warrants can be exercised over a three (3) year period. A summary of the Company’s warrant activity and related information follows for the three months ended September 30, 2021. 9/30/21 Weighted Number average of exercise Warrants price Outstanding, beginning of period 94,895,239 $ 0.11 Granted - - Exercised - - Forfeited/Expired - - Outstanding, end of period 94,895,239 $ 0.11 Exercisable at the end of period 94,895,239 $ 0.11 9/30/2021 Weighted Exercise Warrants Warrants Contractual $ 0.0938 16,800,000 16,800,000 1.67 - 2.25 $ 0.13125 6,666,667 6,666,667 4.41 $ 0.12 71,428,572 71,428,572 4.42 94,895,239 94,895,239 At September 30, 2021, the aggregate intrinsic value of the warrants outstanding was $0. |
Convertible Promissory Notes
Convertible Promissory Notes | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE PROMISSORY NOTES | 5. CONVERTIBLE PROMISSORY NOTES As of September 30, 2021, the outstanding convertible promissory notes net of debt discount are summarized as follows: Convertible Promissory Notes, net of debt discount $ 821,622 Less current portion 123,540 Total long-term liabilities $ 698,082 Maturities of long-term debt for the next four years are as follows: Period Ended September Amount 2022 $ 152,800 2023 888,000 2024 100,000 2025 10,000 $ 1,150,800 At September 30, 2021, the $1,150,800 in convertible promissory notes had a remaining debt discount of $329,178, leaving a net balance of $821,622. The Company issued a 10% convertible promissory note on February 3, 2017 (the “Feb 2017 Note”) in the aggregate principal amount of up to $500,000. The Company received tranches for an aggregate principal total of $500,000. The Feb 2017 Note had a maturity date of February 3, 2018, the investor extended the Feb 2017 Note for an additional sixty (60) months from the effective date of the note, which matures on February 3, 2022. The Feb 2017 Note is convertible into shares of common stock of the Company at a variable conversion price of the lesser of $0.01 per share or fifty percent (50%) of the lowest trading price since the original effective date of the note or the lowest effective price per share granted to any person or entity after the effective date to acquire common stock. If the Company fails to deliver shares in accordance with the timeframe of three (3) business days of the receipt of a notice of conversion, the lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the principal sum with the rescinded conversion shares returned to the Company. In no event shall the lender be entitled to convert any portion of the Feb 2017 Note such that would result in beneficial ownership by the lender and its affiliates of more than 4.99% of the outstanding shares of common stock of the Company. In addition, for each conversion, in the event, that shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. During the period ended on September 30, 2021, the Company issued 180,480,692 shares of common stock upon conversion of principal in the amount of $120,400, plus accrued interest of $51,057. The balance of the Feb 2017 Note as of September 30, 2021 was $187,800. The Company issued a 10% convertible promissory note on November 9, 2017 (the “Nov 2017 Note”) in the aggregate principal amount of up to $500,000. The Company received tranches for an aggregate principal total of $500,000. The Nov 2017 Note had a maturity date of November 9, 2018, with an automatic extension of sixty (60) months from the effective date of the note. The Nov 2017 Note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of $0.01 per share or fifty percent (50%) of the lowest trading price since the original effective date of the note or the lowest effective price per share granted to any person or entity after the effective date to acquire common stock. If the Company fails to deliver shares in accordance with the timeframe of three (3) business days of the receipt of a notice of conversion, the lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the principal sum with the rescinded conversion shares returned to the Company. In no event shall the lender be entitled to convert any portion of the Nov 2017 Note such that would result in beneficial ownership by the lender and its affiliates of more than 4.99% of the outstanding shares of common stock of the Company. In addition, for each conversion in the event that shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. The balance of the Nov 2017 Note as of September 30, 2021 was $313,000. The Company issued a 10% convertible promissory note on June 27, 2018 (the “Jun 2018 Note”) in the aggregate principal amount of up to $500,000. The Company received tranches for an aggregate principal total of $500,000. The Jun 2018 Note matured on June 27, 2019, which was automatically extended for sixty (60) months from the effective date of the note. The Jun 2018 Note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of $0.01 per share or fifty percent (50%) of the lowest trading price since the original effective date of the note or the lowest effective price per share granted to any person or entity after the effective date to acquire common stock. If the Company fails to deliver shares in accordance with the timeframe of three (3) business days of the receipt of a notice of conversion, the lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the principal sum with the rescinded conversion shares returned to the Company. In no event shall the lender be entitled to convert any portion of the Jun 2018 Note such that would result in beneficial ownership by the lender and its affiliates of more than 4.99% of the outstanding shares of common stock of the Company. In addition, for each conversion, in the event, that shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $103,342 during the three months ended September 30, 2021. The balance of the Jun 2018 Note as of September 30, 2021 was $500,000. The Company issued a 10% convertible promissory note on August 10, 2018 (the “Aug 2018 Note”) in the aggregate principal amount of up to $100,000. The Aug 2018 Note had a maturity date of August 10, 2019, with an extension of sixty (60) months from the date of the note. The Aug 2018 Note matures on August 10, 2023. The Aug 2018 Note may be converted into shares of the Company’s common stock at a conversion price of the lesser of a) $0.005 per share or b) sixty-one (61%) percent of the lowest trading price per common stock recorded on any trade day after the effective date. The conversion feature of the Aug 2018 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Note. The balance of the Aug 2018 Note as of September 30, 2021 was $100,000. On April 15, 2020, the Company issued a convertible promissory note (the “Apr 2020 Note”) to an investor in the aggregate principal amount of $50,000. The Company received tranches for an aggregate principal total of $50,000. The Apr 2020 Note matures twelve (12) months from the effective dates of each respective tranche, such that the Apr 2020 Note matures on April 15, 2021, with an automatic extension of sixty (60) months from the effective date of each tranche. The Apr Note is convertible into shares of common stock of the Company at a variable conversion price of the lesser of $0.01 per share or fifty percent (50%) of the lowest trading price of the common stock recorded on any trade day after the effective date, or (c) the lowest effective price per share granted to any person or entity after the effective date to acquire common stock. If the Company fails to deliver shares in accordance with the timeframe of four (4) business days of the receipt of a notice of conversion, the lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the principal sum with the rescinded conversion shares returned to the Company. In no event shall the lender be entitled to convert any portion of the Apr 2020 Note such that would result in beneficial ownership by the lender and its affiliates of more than 4.99% of the outstanding shares of common stock of the Company. In addition, for each conversion, in the event that shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $2,000 per day shall be assessed for each day after the fourth business day (inclusive of the day of the conversion) until the shares are delivered. The conversion feature of the April 2020 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Apr 2020 Note. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $10,083 during the three months ended September 30, 2021. The balance of the Apr 2020 Note as of September 30, 2021 was $50,000. All note conversions were performed per the terms of their respective agreements and therefore no gain or loss on the conversion was recorded. |
Derivative Liabilities
Derivative Liabilities | 3 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITIES | 6. DERIVATIVE LIABILITIES ASC Topic 815 provides guidance applicable to convertible debt issued by the Company in instances where the number into which the debt can be converted is not fixed. For example, when a convertible debt converts at a discount to market based on the stock price on the date of conversion, ASC Topic 815 requires that the embedded conversion option of the convertible debt be bifurcated from the host contract and recorded at their fair value. In accounting for derivatives under accounting standards, the Company recorded a liability representing the estimated present value of the conversion feature considering the historic volatility of the Company’s stock, and a discount representing the imputed interest associated with the embedded derivative. The discount is amortized over the life of the convertible debt, and the derivative liability is adjusted periodically according to stock price fluctuations. The convertible notes (the “Notes”) issued do not have fixed settlement provisions because their conversion prices are not fixed. The conversion features have been characterized as derivative liabilities to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. During the three months ended September 30, 2021, the Company recorded a net gain in change in derivative of $49,352,125 in the statement of operations due to the change in fair value of the remaining notes, for the three months ended September 30, 2021. At September 30, 2021, the fair value of the derivative liability was $85,895,178. For purpose of determining the fair market value of the derivative liability for the embedded conversion, the Company used the Binomial lattice formula. The significant assumptions used in the Binomial lattice formula of the derivatives are as follows: Risk free interest rate 0 .09% - 0.35% Stock volatility factor 153.0% - 243.0% Weighted average expected option life 3 months - 5 year Expected dividend yield None |
Marketable Securities
Marketable Securities | 3 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | 7. MARKETABLE SECURITIES During the period ended September 30, 2021, the Company invested in corporate bonds, which have been recognized in the financial statements at historical cost. The Company considers corporate bonds (“bonds”) as investments due to their ratings. The bonds are rated based on their default probability, health of the corporation’s debt structure, as well as the overall health of the economy. The bonds fall into the category as investments if they have a rating between AAA and BBB. As of September 30, 2021, the components of the Company’s cash and short and long-term investments are summarized as follows: Cash Cash and cash equivalents $ 45,493,787 Short term investments: Bonds (held-to-maturity) 2,580,795 Long term investments: Bonds (held-to-maturity) 5,812,647 Total cash and short and long-term investments $ 53,887,229 The Company has invested in bonds maturing from April 1, 2022 through August 16, 2023 that are held to maturity. The current trading prices or fair market value of the bonds vary, and we believe any decline in fair value is temporary. All bonds are current and not in default. The following table summarizes the amortized cost of the held-to-maturity bonds at September 30, 2021, aggregated by credit quality indicator. Credit Quality Indicators for the Corporate Bonds AA/A $ 2,629,275 BBB $ 5,764,167 Total $ 8,393,442 The amortized cost of our corporate bonds and the related gross unrealized gains and losses, were as follows at September 30, 2021: Gross Unrealized Level Cost Gains Losses Fair Value Bonds 2 8,393,442 - (77,735 ) $ 8,315,707 During the period ended September 30, 2021, the Company recognized interest income of $11,625 in the financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES On September 15, 2020, the Company entered into a marketing agreement. The fees are to be paid in cash and registered unrestricted stock. As of September 30, 2021, the Company has paid a $34,250 deposit, with the balance of the payments and the stock issuances due upon completion of a deliverable. Effective September 1, 2021, the Company entered into a new research agreement with the University of Iowa. As consideration under the research agreement, the University of Iowa will receive a maximum of $350,000 from the Company. The contract period is from September 1, 2021 through August 31, 2022. The research agreement may be terminated by either party upon sixty (60) day prior written notice or a material breach or default, which is not cured within 90 days of receipt of a written notice of such breach. This agreement was signed by the Company on September 13, 2021. As of September 30, 2021, the Company has accrued the amount due of $29,167. Effective October 1, 2021, the Company entered into a research agreement with the University of Michigan. As consideration under the research agreement, the University of Michigan will receive a maximum of $296,448, from the Company. The research agreement may be terminated by either party upon ninety (90) day prior written notice or a material breach or default, which is not cured within 90 days of receipt of a written notice of such breach. This agreement was signed by the Company on September 23, 2021. In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operation. |
Related Party
Related Party | 3 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY | 9. RELATED PARTY As of June 30, 2021, the Company reported an accrual associated with the CEO’s prior years’ salary in the amount of $211,750, plus current accrual of $9,833 for a total of $221,583, which is recorded in accrued expenses, related party. The Company began accruing the salary in 2011 and used the funds for operating expenses. The CEO will be paid during the fiscal year. During the three months ended September 30, 2021, the Company redeemed 24,887,463 of the Company’s stock options to related parties for a total of $1,450,000. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS Management evaluated subsequent events as of the date of the financial statements pursuant to ASC TOPIC 855, and there are no events to report. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalent | Cash and Cash Equivalent The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Investments | Investments The Company considers corporate bonds (“bonds”) as investments due to their ratings. The bonds are rated based on their default probability, health of the corporation’s debt structure, as well as the overall health of the economy. The bonds fall into the category as investments if they have a rating of AAA and BBB. The bonds have varied due dates and were classified as current and noncurrent, based on to their maturity dates. The bonds are generally valued using quoted prices and are classified in Level 2 of the fair value hierarchy as prices are not always from active markets. We consider our investments held to maturity and we believe there are no other than temporary declines in fair value. Our investments are recorded at historical cost. |
Use of Estimates | Use of Estimates In accordance with accounting principles generally accepted in the United States, management utilizes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates and assumptions relate to useful lives and impairment of tangible and intangible assets, accruals, income taxes, stock-based compensation expense, Binomial lattice valuation model inputs, derivative liabilities and other factors. Management believes it has exercised reasonable judgment in deriving these estimates. Consequently, a change in conditions could affect these estimates. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and are depreciated using straight line over its estimated useful lives. Computers and peripheral equipment 5 Years Vehicle 5 Years The Company recognized depreciation expense of $10,284 and $278 for the three months ended September 30, 2021 and 2020, respectively. |
Intangible Assets | Intangible Assets The Company has patent applications to protect the inventions and processes behind its proprietary solar-to-hydrogen based technology. Intangible assets that have finite useful lives continue to be amortized over their useful lives. The Company recognized amortization expense of $1,758 and $1,758 for the three months ended September 30, 2021 and 2020, respectively. |
Net Earnings (Loss) per Share Calculations | Net Earnings (Loss) per Share Calculations Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the year. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock-based awards (Note 4), plus the assumed conversion of convertible debt (Note 5). September 30, 2021 For the three months ended September 30, 2021, the Company calculated the dilutive impact of the outstanding stock options of 157,965,711, common stock purchase warrants of 94,895,239, and the convertible debt of $1,150,800, which is convertible into shares of common stock. The stock options were not included, because their impact was antidilutive. September 30, 2020 For the three months ended September 30, 2020, the Company calculated the dilutive impact of the outstanding stock options of 186,000,000, and the convertible debt of $1,797,000, which is convertible into shares of common stock. The stock options and convertible debt were not included in the calculation of net earnings per share, because their impact was antidilutive. |
Equity Incentive Plan and Stock Options | Equity Incentive Plan and Stock Options Equity Incentive Plan On December 17, 2018, the Board of Directors approved and adopted the 2019 Equity Incentive Plan (“the Plan”), with 300,000,000 shares reserved for issuance pursuant to the Plan. The purpose of the Plan is to promote the success of the Corporation and to increase stockholder value by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons. The awards are performance-based compensation that are granted under the Plan as incentive stock options (ISO) or nonqualified stock options. The per share exercise price for each option shall not be less than 100% of the fair market value of a share of common stock on the date of grant of the option. The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing cost. The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date. The options are exercisable into common stock. As of September 30, 2021, there were 157,965,711 stock options issued, and a reserve of 142,034,289. |
Stock Based Compensation | Stock Based Compensation The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date. |
Warrant Accounting | Warrant Accounting The Company accounts for the warrants to purchase shares of common stock using the estimated fair value on the date of issuance as calculated using the Black-Scholes valuation model. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized on the balance sheet, where it is practicable to estimate that value. As of September 30, 2021, the amounts reported for cash, accrued interest and other expenses, notes payables, convertible notes, and derivative liability approximate the fair value because of their short maturities. We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets. ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows on September 30, 2021 (See Note 6): Total (Level 1) (Level 2) (Level 3) Assets: Corporate bonds $ 8,393,442 $ - $ 8,393,442 $ - Liabilities: Derivative liability measured at fair value $ 85,895,178 $ - $ - $ 85,895,178 The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value: Balance as of June 30, 2021 135,247,303 Gain on change in derivative liability (49,352,125 ) Balance as of September 30, 2021 $ 85,895,178 |
Research and Development | Research and Development Research and development costs are expensed as incurred. Total research and development costs were $151,362 and $138,260 for the three months ended September 30, 2021 and 2020, respectively. |
Accounting for Derivatives | Accounting for Derivatives The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average series Binomial lattice formula pricing models to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements as of September 30, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of property and equipment estimated useful lives | Computers and peripheral equipment 5 Years Vehicle 5 Years |
Schedule of measurement of assets and liabilities at fair value on recurring basis | Total (Level 1) (Level 2) (Level 3) Assets: Corporate bonds $ 8,393,442 $ - $ 8,393,442 $ - Liabilities: Derivative liability measured at fair value $ 85,895,178 $ - $ - $ 85,895,178 |
Schedule of reconciliation of the derivative liability | Balance as of June 30, 2021 135,247,303 Gain on change in derivative liability (49,352,125 ) Balance as of September 30, 2021 $ 85,895,178 |
Options and Warrants (Tables)
Options and Warrants (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of the company's stock option activity and related information | 9/30/21 9/30/2020 Weighted Weighted Number average Number average Of exercise of exercise Options price Options price Outstanding, beginning of period 182,853,174 $ 0.01 196,250,000 $ 0.01 Granted - $ 0.01 - $ - Exercised - - - - Buyback of options (24,887,463 ) $ 0.0099 (250,000 ) 0.01 Outstanding, end of period 157,965,711 $ 0.0089 196,000,000 $ 0.01 Exercisable at the end of period 157,965,711 $ 0.0089 174,332,250 $ 0.01 |
Schedule of weighted average remaining contractual life of options outstanding | 9/30/2021 9/30/2020 Exercise Stock Options Stock Options Weighted Average Remaining Exercise Stock Options Stock Options Weighted Average Remaining $ 0.0100 3,071,212 3,071,212 1.01 $ 0.0100 10,000,000 10,000,000 2.01 $ 0.0097 6,000,000 6,000,000 4.34 0.0097 6,000,000 6,000,000 5.32 $ 0.0099 138,894,499 138,894,499 4.32 $ 0.0099 170,000,000 157,110,167 5.34 $ 0.0060 10,000,000 10,000,000 4.81 $ 0.0060 10,000,000 7,222,083 5.81 157,965,711 157,965,711 196,250,000 180,332,250 |
Schedule of company’s warrant activity and related information | 9/30/21 Weighted Number average of exercise Warrants price Outstanding, beginning of period 94,895,239 $ 0.11 Granted - - Exercised - - Forfeited/Expired - - Outstanding, end of period 94,895,239 $ 0.11 Exercisable at the end of period 94,895,239 $ 0.11 |
Schedule of aggregate intrinsic value of the warrants outstanding | 9/30/2021 Weighted Exercise Warrants Warrants Contractual $ 0.0938 16,800,000 16,800,000 1.67 - 2.25 $ 0.13125 6,666,667 6,666,667 4.41 $ 0.12 71,428,572 71,428,572 4.42 94,895,239 94,895,239 |
Convertible Promissory Notes (T
Convertible Promissory Notes (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of convertible promissory notes | Convertible Promissory Notes, net of debt discount $ 821,622 Less current portion 123,540 Total long-term liabilities $ 698,082 |
Schedule of maturities of long-term debt | Period Ended September Amount 2022 $ 152,800 2023 888,000 2024 100,000 2025 10,000 $ 1,150,800 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair market value of the derivative liability | Risk free interest rate 0 .09% - 0.35% Stock volatility factor 153.0% - 243.0% Weighted average expected option life 3 months - 5 year Expected dividend yield None |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of cash and short and long-term investments | Cash Cash and cash equivalents $ 45,493,787 Short term investments: Bonds (held-to-maturity) 2,580,795 Long term investments: Bonds (held-to-maturity) 5,812,647 Total cash and short and long-term investments $ 53,887,229 |
Schedule of amortized cost of the held-to-maturity bonds | Credit Quality Indicators for the Corporate Bonds AA/A $ 2,629,275 BBB $ 5,764,167 Total $ 8,393,442 |
Schedule of gross unrealized gains and losses | Gross Unrealized Level Cost Gains Losses Fair Value Bonds 2 8,393,442 - (77,735 ) $ 8,315,707 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Dec. 17, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Amortization expense | $ 10,284 | $ 278 | |
Depreciation expense | 1,758 | 1,758 | |
Outstanding stock amount | $ 157,965,711 | 186,000,000 | |
Warrants outstanding (in Shares) | 94,895,239 | ||
Convertible debt | $ 1,150,800 | 1,797,000 | |
Percentage of exercise option | 100.00% | ||
Stock options issued (in Shares) | 157,965,711 | ||
Stock options reserve (in Shares) | 142,034,289 | ||
Research and development | $ 151,362 | $ 138,260 | |
Equity Incentive Plan [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Issuance pursuant to the Plan (in Shares) | 300,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment estimated useful lives | 3 Months Ended |
Sep. 30, 2021 | |
Computers and Peripheral Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Vehicle [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of measurement of assets and liabilities at fair value on recurring basis - Fair value on a Recurring Basis [Member] | Sep. 30, 2021USD ($) |
Assets: | |
Corporate bonds | $ 8,393,442 |
Liabilities: | |
Derivative liability measured at fair value | 85,895,178 |
Level 1 [Member] | |
Assets: | |
Corporate bonds | |
Liabilities: | |
Derivative liability measured at fair value | |
Level 2 [Member] | |
Assets: | |
Corporate bonds | 8,393,442 |
Liabilities: | |
Derivative liability measured at fair value | |
Level 3 [Member] | |
Assets: | |
Corporate bonds | |
Liabilities: | |
Derivative liability measured at fair value | $ 85,895,178 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of reconciliation of the derivative liability - Fair Value, Inputs, Level 3 [Member] | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 135,247,303 |
Gain on change in derivative liability | (49,352,125) |
Ending balance | $ 85,895,178 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Capital Stock (Details) [Line Items] | |||
Common stock share issued (in Shares) | 4,029,789,187 | 3,849,308,495 | |
Common stock shares issued for services (in Shares) | 2,813,903 | ||
Aggregate amount | $ 88,301 | ||
Common Stock [Member] | |||
Capital Stock (Details) [Line Items] | |||
Shares issued (in Shares) | 180,480,692 | ||
Convertible note principal amount | $ 120,400 | 233,000 | |
Accrued interest | $ 51,057 | $ 23,335 | |
Conversion prices per share (in Dollars per share) | $ 0.00095 | ||
Common stock share issued (in Shares) | 35,573,090 | ||
Gross proceeds | $ 800,000 | ||
Convertible promissory note amount | 79,908,088 | ||
Other fees | $ 900 | ||
Minimum [Member] | Common Stock [Member] | |||
Capital Stock (Details) [Line Items] | |||
Conversion prices per share (in Dollars per share) | $ 0.00095 | ||
Maximum [Member] | |||
Capital Stock (Details) [Line Items] | |||
Fair value closing market price per share (in Dollars per share) | $ 0.028 | ||
Common stock value issued for services | $ 0.035 | ||
Maximum [Member] | Common Stock [Member] | |||
Capital Stock (Details) [Line Items] | |||
Conversion prices per share (in Dollars per share) | $ 0.017995 |
Options and Warrants (Details)
Options and Warrants (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Sep. 30, 2020 | Jul. 22, 2019 | Jan. 31, 2019 | Jan. 23, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | |
Options and Warrants (Details) [Line Items] | ||||||
Stock options granted | ||||||
Stock option, description | the Company issued 10,000,000 stock options, of which one-third (1/3) vest immediately, and the remaining shall vest one-twenty fourth (1/24) per month from after the date of the option grant. The options expire 10 years from the initial grant date. The options fully vested on July 22, 2020. | the Company issued 6,000,000 stock options, of which two-third (2/3) vest immediately, and the remaining amount shall vest one-twelfth (1/12) per month from after the date of the option grant. The options expire 10 years from the initial grant date. The options fully vested on January 31, 2020.On July 22, 2019, the Company issued 10,000,000 stock options, of which one-third (1/3) vest immediately, and the remaining shall vest one-twenty fourth (1/24) per month from after the date of the option grant. The options expire 10 years from the initial grant date. | ||||
Bought back shares | 24,887,463 | |||||
Stock option total | $ 1,450,000 | |||||
Stock compensation expense | $ 0 | $ 112,035 | ||||
Warrants purchased for a period | 3 years | |||||
Warrants outstanding | $ 0 | |||||
Warrant [Member] | ||||||
Options and Warrants (Details) [Line Items] | ||||||
Stock options granted | ||||||
Stock warrants purchased | 94,895,239 | |||||
Warrant [Member] | Minimum [Member] | ||||||
Options and Warrants (Details) [Line Items] | ||||||
Warrant exercise price | $ 0.0938 | |||||
Warrant [Member] | Maximum [Member] | ||||||
Options and Warrants (Details) [Line Items] | ||||||
Warrant exercise price | $ 0.13125 | |||||
Stock Option Plan [Member] | ||||||
Options and Warrants (Details) [Line Items] | ||||||
Stock options granted | 10,000,000 | 170,000,000 | ||||
Stock option, description | Of the 10,000,000 non-qualified common stock options, one-third vest immediately, and one-third vest the second and third year, such that, the options are fully vested with a maturity date of October 2, 2022 and are exercisable at an exercise price of $0.01 per share. | One-third of the options vested immediately, and the remainder vest 1/24 per month over the first twenty-four months following the option grant. The options expire 10 years from the initial grant date. The options fully vest by January 23, 2022On January 31, 2019, the Company issued 6,000,000 stock options, of which two-third (2/3) vest immediately, and the remaining amount shall vest one-twelfth (1/12) per month from after the date of the option grant. The options expire 10 years from the initial grant date. The options fully vested on January 31, 2020. On July 22, 2019, the Company issued 10,000,000 stock options, of which one-third (1/3) vest immediately, and the remaining shall vest one-twenty fourth (1/24) per month from after the date of the option grant. The options expire 10 years from the initial grant date. |
Options and Warrants (Details)
Options and Warrants (Details) - Schedule of the company's stock option activity and related information | 3 Months Ended | |
Sep. 30, 2021$ / sharesshares | Sep. 30, 2020$ / sharesshares | |
Schedule of the company's stock option activity and related information [Abstract] | ||
Number of Options outstanding, beginning of period | shares | 182,853,174 | 196,250,000 |
Weighted average exercise price, beginning of period | $ / shares | $ 0.01 | $ 0.01 |
Number of Options Granted | shares | ||
Weighted average exercise price Granted | $ / shares | $ 0.01 | |
Number of Options Exercised | shares | ||
Weighted average exercise price Exercised | $ / shares | ||
Number of Options Buyback of options | shares | (24,887,463) | (250,000) |
Weighted average exercise price Buyback of options | $ / shares | $ 0.0099 | $ 0.01 |
Number of Options Outstanding, end of period | shares | 157,965,711 | 196,000,000 |
Weighted average exercise price Outstanding, end of period | $ / shares | $ 0.0089 | $ 0.01 |
Number of Options Exercisable at the end of period | shares | 157,965,711 | 174,332,250 |
Weighted average exercise price Exercisable at the end of period | $ / shares | $ 0.0089 | $ 0.01 |
Options and Warrants (Details_2
Options and Warrants (Details) - Schedule of weighted average remaining contractual life of options outstanding - $ / shares | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Options and Warrants (Details) - Schedule of weighted average remaining contractual life of options outstanding [Line Items] | ||
Stock Options Outstanding | 157,965,711 | 196,250,000 |
Stock Options Exercisable | 157,965,711 | 180,332,250 |
0.0100 [Member] | ||
Options and Warrants (Details) - Schedule of weighted average remaining contractual life of options outstanding [Line Items] | ||
Exercise Price (in Dollars per share) | $ 0.01 | $ 0.01 |
Stock Options Outstanding | 3,071,212 | 10,000,000 |
Stock Options Exercisable | 3,071,212 | 10,000,000 |
Weighted Average Remaining Contractual Life (years) | 1 year 3 days | 2 years 3 days |
0.0097 [Member] | ||
Options and Warrants (Details) - Schedule of weighted average remaining contractual life of options outstanding [Line Items] | ||
Exercise Price (in Dollars per share) | $ 0.0097 | $ 0.0097 |
Stock Options Outstanding | 6,000,000 | 6,000,000 |
Stock Options Exercisable | 6,000,000 | 6,000,000 |
Weighted Average Remaining Contractual Life (years) | 4 years 4 months 2 days | 5 years 3 months 25 days |
0.0099 [Member] | ||
Options and Warrants (Details) - Schedule of weighted average remaining contractual life of options outstanding [Line Items] | ||
Exercise Price (in Dollars per share) | $ 0.0099 | $ 0.0099 |
Stock Options Outstanding | 138,894,499 | 170,000,000 |
Stock Options Exercisable | 138,894,499 | 157,110,167 |
Weighted Average Remaining Contractual Life (years) | 4 years 3 months 25 days | 5 years 4 months 2 days |
0.0060 [Member] | ||
Options and Warrants (Details) - Schedule of weighted average remaining contractual life of options outstanding [Line Items] | ||
Exercise Price (in Dollars per share) | $ 0.006 | $ 0.006 |
Stock Options Outstanding | 10,000,000 | 10,000,000 |
Stock Options Exercisable | 10,000,000 | 7,222,083 |
Weighted Average Remaining Contractual Life (years) | 4 years 9 months 21 days | 5 years 9 months 21 days |
Options and Warrants (Details_3
Options and Warrants (Details) - Schedule of company's warrant activity and related information - Warrant [Member] | 3 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Options and Warrants (Details) - Schedule of company's warrant activity and related information [Line Items] | |
Number of Warrants, outstanding, beginning of period | shares | 94,895,239 |
Weighted average exercise price, beginning of period | $ / shares | $ 0.11 |
Number of Warrants, granted | shares | |
Weighted average exercise price, granted | $ / shares | |
Number of Warrants, exercised | shares | |
Weighted average exercise price, exercised | $ / shares | |
Number of Warrants, forfeited/Expired | shares | |
Weighted average exercise price, forfeited/Expired | $ / shares | |
Number of Warrants, end of period | shares | 94,895,239 |
Weighted average exercise price, outstanding, end of period | $ / shares | $ 0.11 |
Number of Warrants, exercisable at the end of period | shares | 94,895,239 |
Weighted average exercise price, exercisable at the end of period | $ / shares | $ 0.11 |
Options and Warrants (Details_4
Options and Warrants (Details) - Schedule of aggregate intrinsic value of the warrants outstanding - Warrant [Member] | 3 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Options and Warrants (Details) - Schedule of aggregate intrinsic value of the warrants outstanding [Line Items] | |
Warrants Outstanding | 94,895,239 |
Warrants Exercisable | 94,895,239 |
0.0938 [Member] | |
Options and Warrants (Details) - Schedule of aggregate intrinsic value of the warrants outstanding [Line Items] | |
Exercisable Price (in Dollars per share) | $ / shares | $ 0.0938 |
Warrants Outstanding | 16,800,000 |
Warrants Exercisable | 16,800,000 |
0.0938 [Member] | Minimum [Member] | |
Options and Warrants (Details) - Schedule of aggregate intrinsic value of the warrants outstanding [Line Items] | |
Weighted Average Remaining Contractual Life (years) | 1 year 8 months 1 day |
0.0938 [Member] | Maximum [Member] | |
Options and Warrants (Details) - Schedule of aggregate intrinsic value of the warrants outstanding [Line Items] | |
Weighted Average Remaining Contractual Life (years) | 2 years 3 months |
0.13125 [Member] | |
Options and Warrants (Details) - Schedule of aggregate intrinsic value of the warrants outstanding [Line Items] | |
Exercisable Price (in Dollars per share) | $ / shares | $ 0.13125 |
Warrants Outstanding | 6,666,667 |
Warrants Exercisable | 6,666,667 |
Weighted Average Remaining Contractual Life (years) | 4 years 4 months 28 days |
0.12 [Member] | |
Options and Warrants (Details) - Schedule of aggregate intrinsic value of the warrants outstanding [Line Items] | |
Exercisable Price (in Dollars per share) | $ / shares | $ 0.12 |
Warrants Outstanding | 71,428,572 |
Warrants Exercisable | 71,428,572 |
Weighted Average Remaining Contractual Life (years) | 4 years 5 months 1 day |
Convertible Promissory Notes (D
Convertible Promissory Notes (Details) - USD ($) | Aug. 10, 2018 | Nov. 09, 2017 | Feb. 03, 2017 | Jun. 27, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Apr. 15, 2020 |
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible debt | $ 1,150,800 | $ 1,797,000 | |||||
Convertible promissory note principal amount | $ 500,000 | ||||||
Stock issued during period shares conversion of convertible securities (in Shares) | 120,400 | ||||||
Accrued interest | $ 51,057 | ||||||
Convertible promissory note percentage | 10.00% | ||||||
Recognized interest expense amount | 103,342 | ||||||
Convertible promissory notes [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible debt | 1,150,800 | ||||||
Debt discount | 329,178 | ||||||
Net balance of convertible debt | 821,622 | ||||||
10% Convertible Promissory Note [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible promissory note principal amount | $ 500,000 | ||||||
10% Convertible Promissory Note [Member] | Feb 2017 Note [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible notes, interest rate | 10.00% | ||||||
Convertible promissory note principal amount | $ 500,000 | 187,800 | |||||
Debt instrument, maturity date description | The Feb 2017 Note is convertible into shares of common stock of the Company at a variable conversion price of the lesser of $0.01 per share or fifty percent (50%) of the lowest trading price since the original effective date of the note or the lowest effective price per share granted to any person or entity after the effective date to acquire common stock. If the Company fails to deliver shares in accordance with the timeframe of three (3) business days of the receipt of a notice of conversion, the lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the principal sum with the rescinded conversion shares returned to the Company. In no event shall the lender be entitled to convert any portion of the Feb 2017 Note such that would result in beneficial ownership by the lender and its affiliates of more than 4.99% of the outstanding shares of common stock of the Company. In addition, for each conversion, in the event, that shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. | ||||||
10% Convertible Promissory Note [Member] | Jan 2016 Note [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Amount received from funds | $ 500,000 | ||||||
Debt instrument, maturity date description | February 3, 2018, the investor extended the Feb 2017 Note for an additional sixty (60) months from the effective date of the note, which matures on February 3, 2022. The Feb 2017 Note is convertible into shares of common stock of the Company at a variable conversion price of the lesser of $0.01 per share or fifty percent (50%) of the lowest trading price since the original effective date of the note or the lowest effective price per share granted to any person or entity after the effective date to acquire common stock. | ||||||
10% Convertible Promissory Note [Member] | Nov 2017 Note [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible promissory note principal amount | 313,000 | ||||||
Aggregate principal amount | $ 500,000 | ||||||
Percentage of beneficial ownership | 4.99% | ||||||
Penalty amount | $ 1,500 | ||||||
10% Convertible Promissory Note [Member] | Jun 2018 Note [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible notes, interest rate | 10.00% | ||||||
Convertible promissory note principal amount | $ 500,000 | ||||||
Debt instrument, maturity date description | The Jun 2018 Note matured on June 27, 2019, which was automatically extended for sixty (60) months from the effective date of the note. | ||||||
10% Convertible Promissory Note [Member] | June 18, 2020 Note [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible promissory note principal amount | 500,000 | ||||||
10% Unsecured Convertible Note [Member] | Aug 2018 Note [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible notes, interest rate | 10.00% | ||||||
Convertible promissory note principal amount | $ 100,000 | ||||||
Debt instrument, maturity date description | The Aug 2018 Note had a maturity date of August 10, 2019, with an extension of sixty (60) months from the date of the note. The Aug 2018 Note matures on August 10, 2023. | ||||||
10% Unsecured Convertible Note [Member] | April 2020 Note [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Debt instrument, maturity date description | The Aug 2018 Note may be converted into shares of the Company’s common stock at a conversion price of the lesser of a) $0.005 per share or b) sixty-one (61%) percent of the lowest trading price per common stock recorded on any trade day after the effective date. | ||||||
Conversion price (in Dollars per share) | $ 0.01 | ||||||
10% Unsecured Convertible Note [Member] | Jan 2020 [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible promissory note principal amount | 100,000 | ||||||
10% Unsecured Convertible Note [Member] | Feb 2020 Note [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible promissory note principal amount | $ 50,000 | ||||||
10% Unsecured Convertible Note [Member] | March 2020 [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Convertible promissory note principal amount | $ 50,000 | ||||||
10% Unsecured Convertible Note [Member] | April 15, 2020 [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Percentage of beneficial ownership | 4.99% | ||||||
Penalty amount | $ 2,000 | ||||||
Interest expense amount | 10,083 | ||||||
Convertible notes payable | $ 50,000 | ||||||
Common Stock [Member] | |||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||
Common stock shares Issued (in Shares) | 180,480,692 |
Convertible Promissory Notes _2
Convertible Promissory Notes (Details) - Schedule of convertible promissory notes | Dec. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
Convertible Promissory Notes, net of debt discount | $ 821,622 |
Less current portion | 123,540 |
Total long-term liabilities | $ 698,082 |
Convertible Promissory Notes _3
Convertible Promissory Notes (Details) - Schedule of maturities of long-term debt | Sep. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 152,800 |
2023 | 888,000 |
2024 | 100,000 |
2025 | 10,000 |
Total maturities of long-term debt | $ 1,150,800 |
Derivative Liabilities (Details
Derivative Liabilities (Details) | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Change in derivative liabilities | $ 49,352,125 |
Fair value of the derivative liability | $ 85,895,178 |
Derivative Liabilities (Detai_2
Derivative Liabilities (Details) - Schedule of fair market value of the derivative liability | 12 Months Ended |
Mar. 31, 2008 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Expected dividend yield | |
Minimum [Member] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Risk free interest rate | 0.09% |
Stock volatility factor | 153.00% |
Weighted average expected option life | 3 |
Maximum [Member] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Risk free interest rate | 0.35% |
Stock volatility factor | 243.00% |
Weighted average expected option life | 5 |
Marketable Securities (Details)
Marketable Securities (Details) | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Interest income | $ 11,625 |
Marketable Securities (Detail_2
Marketable Securities (Details) - Schedule of cash and short and long-term investments | Sep. 30, 2021USD ($) |
Cash | |
Cash and cash equivalents | $ 45,493,787 |
Short term investments: | |
Bonds (held-to-maturity) | 2,580,795 |
Long term investments: | |
Bonds (held-to-maturity) | 5,812,647 |
Total cash and short and long-term investments | $ 53,887,229 |
Marketable Securities (Detail_3
Marketable Securities (Details) - Schedule of amortized cost of the held-to-maturity bonds | Sep. 30, 2021USD ($) |
Marketable Securities (Details) - Schedule of amortized cost of the held-to-maturity bonds [Line Items] | |
Total | $ 8,393,442 |
AA/A [Member] | |
Marketable Securities (Details) - Schedule of amortized cost of the held-to-maturity bonds [Line Items] | |
Total | 2,629,275 |
BBB [Member] | |
Marketable Securities (Details) - Schedule of amortized cost of the held-to-maturity bonds [Line Items] | |
Total | $ 5,764,167 |
Marketable Securities (Detail_4
Marketable Securities (Details) - Schedule of gross unrealized gains and losses - Bonds [Member] - Level 2 [Member] | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Marketable Securities (Details) - Schedule of gross unrealized gains and losses [Line Items] | |
Cost | $ 8,393,442 |
Gross Unrealized Gains | |
Gross Unrealized Losses | (77,735) |
Fair Value | $ 8,315,707 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Oct. 01, 2021 | Sep. 01, 2021 | Sep. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | |||
Deposits paid | $ 34,250 | ||
Research agreement, description | As consideration under the research agreement, the University of Michigan will receive a maximum of $296,448, from the Company. The research agreement may be terminated by either party upon ninety (90) day prior written notice or a material breach or default, which is not cured within 90 days of receipt of a written notice of such breach. This agreement was signed by the Company on September 23, 2021. | the Company entered into a new research agreement with the University of Iowa. As consideration under the research agreement, the University of Iowa will receive a maximum of $350,000 from the Company. The contract period is from September 1, 2021 through August 31, 2022. The research agreement may be terminated by either party upon sixty (60) day prior written notice or a material breach or default, which is not cured within 90 days of receipt of a written notice of such breach. This agreement was signed by the Company on September 13, 2021. As of September 30, 2021, the Company has accrued the amount due of $29,167. |
Related Party (Details)
Related Party (Details) - USD ($) | 1 Months Ended | 3 Months Ended |
Jun. 30, 2021 | Sep. 30, 2021 | |
Related Party Transactions [Abstract] | ||
Salary | $ 211,750 | |
Current accrual | 9,833 | |
Accrued expenses | $ 221,583 | |
Aggregate redeemed option to purchase (in Shares) | 24,887,463 | |
Stock options to related parties | $ 1,450,000 |