Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Oct. 07, 2022 | Dec. 31, 2021 | |
Document Information Line Items | |||
Entity Registrant Name | SUNHYDROGEN, INC. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Common Stock, Shares Outstanding | 4,271,749,146 | ||
Entity Public Float | $ 145,969,723 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001481028 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual 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 St | ||
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 | ||
Auditor Name | M&K CPAS, PLLC | ||
Auditor Firm ID | 2738 | ||
Auditor Location | Houston, TX |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalent | $ 27,681,485 | $ 56,006,555 |
Marketable securities | 24,323,240 | |
Prepaid expense | 2,526 | |
Other receivable | 14,868 | |
TOTAL CURRENT ASSETS | 52,022,119 | 56,006,555 |
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 | (46,933) | (11,072) |
NET PROPERTY AND EQUIPMENT | 119,596 | 155,457 |
OTHER ASSETS | ||
Domain, net of amortization of $4,931 and $4,577, respectively | 384 | 738 |
Trademark, net of amortization of $601 and $486, respectively | 542 | 657 |
Patents, net of amortization of $29,779 and $23,215, respectively | 71,364 | 77,928 |
TOTAL OTHER ASSETS | 72,290 | 79,323 |
TOTAL ASSETS | 52,214,005 | 56,241,335 |
CURRENT LIABILITIES | ||
Accounts payable and other payables | 57,390 | 223,520 |
Accrued expenses | 3,070 | 11,912 |
Accrued expenses, related party | 211,750 | 214,820 |
Accrued interest on convertible notes | 191,763 | 282,505 |
Derivative liability | 26,015,069 | 135,247,303 |
Convertible promissory notes, net of debt discount of $0 and $416,472, respectively | 677,500 | 125,598 |
TOTAL CURRENT LIABILITIES | 27,156,542 | 136,105,658 |
LONG TERM LIABILITIES | ||
Convertible promissory notes, net of debt discount of $0 and $0, respectively | 150,000 | 703,000 |
TOTAL LONG TERM LIABILITIES | 150,000 | 703,000 |
TOTAL LIABILITIES | 27,306,542 | 136,808,658 |
COMMIMENTS AND CONTINGENCIES (SEE NOTE 9) | ||
Series C 10% Preferred Stock, 2,700 and 0 shares issued and outstanding, redeemable value of $270,000 and $0, respectively | 270,000 | |
SHAREHOLDERS’ EQUITY (DEFICIT) | ||
Preferred Stock, $0.001 par value; 5,000,000 authorized preferred shares outstanding | 4,271,749 | 3,849,308 |
Common Stock, $0.001 par value; 10,000,000,000 authorized common shares 4,271,749,146 and 3,849,308,495 shares issued and outstanding, respectively | ||
Additional Paid in Capital | 103,311,733 | 88,560,321 |
Accumulated deficit | (82,946,019) | (172,976,952) |
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) | 24,637,463 | (80,567,323) |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 52,214,005 | $ 56,241,335 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Amortization of domain (in Dollars) | $ 4,931 | $ 4,577 |
Amortization of trademark (in Dollars) | 601 | 486 |
Amortization of patents (in Dollars) | 29,779 | 23,215 |
Convertible promissory notes, net of debt discount for current liabilities (in Dollars) | 0 | 416,472 |
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 outstanding | 5,000,000 | 5,000,000 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 4,271,749,146 | 3,849,308,495 |
Common stock, shares outstanding | 4,271,749,146 | 3,849,308,495 |
Series C Preferred Stock | ||
Preferred stock, percentage | 10% | 10% |
Preferred stock, shares issued | 2,700 | 0 |
Preferred stock, shares outstanding | 2,700 | 0 |
Preferred stock, redeemable value (in Dollars) | $ 270,000 | $ 0 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||
REVENUE | ||
OPERATING EXPENSES | ||
Selling and Marketing | 372,604 | 113,039 |
General and administrative expenses | 2,267,270 | 3,674,282 |
Research and development cost | 1,792,457 | 1,997,186 |
Depreciation and amortization | 42,894 | 21,973 |
TOTAL OPERATING EXPENSES | 4,475,225 | 5,806,480 |
LOSS FROM OPERATIONS BEFORE OTHER INCOME (EXPENSES) | (4,475,225) | (5,806,480) |
OTHER INCOME/(EXPENSES) | ||
Investment income | 239,953 | 6,835 |
Gain on sale of asset | 1,473 | |
Dividend expense | (7,925) | |
Loss on settlement of debt | (1,835) | |
Loss on redemption of marketable securities | (76,792) | |
Loss on settlement of derivative liability | (1,109,761) | |
Gain (Loss) on change in derivative liability | 96,001,226 | (75,139,584) |
Interest expense | (538,708) | (560,367) |
TOTAL OTHER INCOME (EXPENSES) | 94,506,158 | (75,691,643) |
NET INCOME (LOSS) | 90,030,933 | (81,498,123) |
COMMON STOCK WARRANTS DEEMED DIVIDENDS | (15,928,314) | |
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 90,030,933 | $ (97,426,437) |
BASIC EARNINGS (LOSS) PER SHARE (in Dollars per share) | $ 0.02 | $ (0.04) |
DILUTED EARNINGS (LOSS) PER SHARE (in Dollars per share) | $ 0.02 | $ (0.04) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING | ||
BASIC (in Shares) | 4,103,301,026 | 2,756,925,374 |
DILUTED (in Shares) | 5,217,576,101 | 2,756,925,374 |
Statements of Shareholders_ Equ
Statements of Shareholders’ Equity/(Deficit) - USD ($) | Preferred stock | Mezzanine | 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 | 2,053,410,164 | |||||
Issuance of common stock for cash purchase agreements | $ 576,554 | 42,746,796 | 43,323,350 | |||
Issuance of common stock for cash purchase agreements (in Shares) | 576,554,289 | |||||
Issuance of common stock for cash purchase of warrants | $ 252,000 | 18,648,000 | 18,900,000 | |||
Issuance of common stock for cash purchase of warrants (in Shares) | 252,000,000 | |||||
Issuance of common stock for conversion of debt and accrued interest | $ 963,538 | 448,382 | 1,411,920 | |||
Issuance of common stock for conversion of debt and accrued interest (in Shares) | 963,537,752 | |||||
Issuance of common stock for services | $ 3,806 | 114,217 | 118,023 | |||
Issuance of common stock for services (in Shares) | 3,806,290 | |||||
Issuance of common stock warrants deemed dividends | 15,928,314 | (15,928,314) | ||||
Common stock and warrants compensation expense | 259,955 | 259,955 | ||||
Redemption of related parties stock options | (1,250,000) | (1,250,000) | ||||
Net Income (loss) | (81,498,123) | (81,498,123) | ||||
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 cash | $ 40,984 | 919,016 | $ 960,000 | |||
Issuance of common stock for cash (in Shares) | 40,983,607 | |||||
Issuance of common stock for cash purchase of warrants (in Shares) | 157,695,711 | |||||
Issuance of common stock for conversion of debt and accrued interest | $ 381,457 | (19,073) | $ 362,384 | |||
Issuance of common stock for conversion of debt and accrued interest (in Shares) | 381,457,044 | |||||
Fair value of convertible notes and accrued interest in exchange for Series C Preferred Stock | 14,340,769 | 14,340,769 | ||||
Fair value of preferred stock in exchange for convertible note | 270,000 | |||||
Redemption of related parties stock options | (1,450,000) | (1,450,000) | ||||
Stock compensation | 960,700 | 960,700 | ||||
Net Income (loss) | 90,030,933 | 90,030,933 | ||||
Balance at Jun. 30, 2022 | $ 270,000 | $ 4,271,749 | $ 103,311,733 | $ (82,946,019) | $ 24,637,463 | |
Balance (in Shares) at Jun. 30, 2022 | 4,271,749,146 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (loss) | $ 90,030,933 | $ (81,498,123) |
Adjustment to reconcile net income (loss) to net cash (used in) provided by operating activities | ||
Depreciation & amortization expense | 42,894 | 21,973 |
Stock based compensation expense | 960,700 | 259,955 |
Stock issued for services | 118,023 | |
Loss on settlement of debt and derivative | 1,109,761 | |
Loss on settlement of convertible note | 1,835 | |
Loss on redemption of marketable securities | 76,792 | |
Net (Gain) Loss on change in derivative liability | (96,001,226) | 75,139,584 |
Amortization of debt discount recorded as interest expense | 442,603 | 416,472 |
Gain on sale of van | (1,473) | |
Change in assets and liabilities : | ||
Prepaid expense | (17,394) | 9,378 |
Accounts payable | (166,131) | 22,277 |
Accrued expenses | (11,912) | 15,234 |
Accrued interest on convertible notes | 96,107 | 117,211 |
NET CASH USED IN OPERATING ACTIVITIES | (3,435,038) | (5,379,489) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of marketable securities | (24,400,032) | |
Proceeds from sale of van | 46,000 | |
Purchase of tangible assets | (213,866) | |
NET CASH USED IN INVESTING ACTIVITIES: | (24,400,032) | (167,866) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash payoff of convertible notes | (64,450) | |
Redemption of related parties stock options | (1,450,000) | (1,250,000) |
Proceeds from convertible notes | 450,000 | |
Net proceeds from common stock purchase agreements | 960,000 | 62,223,350 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (490,000) | 61,358,900 |
NET INCREASE (DECREASE) IN CASH | (28,325,070) | 55,811,545 |
CASH, BEGINNING OF PERIOD | 56,006,555 | 195,010 |
CASH, END OF PERIOD | 27,681,485 | 56,006,555 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 26,843 | |
Taxes paid | ||
SUPPLEMENTAL DISCLOSURES OF NON CASH TRANSACTIONS | ||
Fair value of common stock upon conversion of convertible notes , and accrued interest | 362,384 | 1,411,920 |
Fair value of common stock issued for services | 118,023 | |
Issuance of common stock purchase warrants deemed dividends | 15,928,314 | |
Fair value of convertible notes at issuance | 450,000 | |
Fair value of preferred stock in exchange for convertible note | 14,340,769 | |
Fair value of derivative liability removed | 13,231,008 | |
Preferred stock issued upon exchange of convertible note | $ 268,165 |
Organization and Line of Busine
Organization and Line of Business | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND LINE OF BUSINESS | 1. ORGANIZATION AND LINE OF BUSINESS Organization SunHydrogen, Inc. (the “Company”) was incorporated in the state of Nevada on February 18, 2009. The Company, based in Santa Barbara, California, began operations on February 19, 2009 to develop and market a solar concentrator technology. Line of Business The company is currently developing a novel solar-powered nanoparticle system that mimics photosynthesis to separate hydrogen from water. We intend for technology of this system to be used for the production of renewable hydrogen to produce renewable electricity and hydrogen for fuel cells. Going Concern Substantial Doubt Alleviated In connection with the preparation of its financial statements for the years ended June 30, 2022 and 2021, the Company’s management evaluated the Company’s ability to continue as a going concern in accordance with the ASU 2014-15, Presentation of Financial Statements–Going Concern (Subtopic 205-40) As part of its evaluation, management assessed known events, trends, commitments, and uncertainties, which included the amount of capital recently and/or in the process of being raised, and the current level of investment within the green hydrogen industry and the measure of investor confidence. For the year ended June 30, 2022, the Company’s operating income increased to approximately $90,030,933, compared to an operating loss of approximately $81,498,123 in the prior year ended June 30, 2021. The increase in operating income consisted primarily of the non-cash change in derivative liability fair value. During the year ended June 30, 2022, the Company consummated financing transactions for up to $960,000 of proceeds for the purchase of common stock of the Company. The proceeds were used for general and administration expenses, and the cost of research and development. The research and development transaction is further discussed in Note 8 – Commitments and Contingencies. Based on its evaluation, coupled with the afore-mentioned financing transactions management believes that it has completely mitigated the circumstance that led to a doubt with respect to the Company’s ability to continue as a going concern, which existed at the time of the filing of the Company’s prior annual report. The Company’s cash and cash equivalents of $27.7 million as of June 30, 2022 will enable it to meet its obligations for twelve months from the date these financial statements are available to be issued. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2022 | |
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. Concentration risk Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Company (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of the FDIC limits. As of June 30, 2022, the cash balance in excess of the FDIC limits was $27,136,224. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts. Marketable Securities 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. All investments are considered current, based on to their liquidity. The investments 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 $35,861 and $14,940 for the years ended June 30, 2022 and 2021, respectively. Intangible Assets The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives. Useful Lives 6/30/2022 6/30/2021 Domain-gross 15 years $ 5,315 $ 5,315 Less accumulated amortization (4,931 ) (4,577 ) Domain-net $ 384 $ 738 Trademark-gross 10 years $ 1,143 $ 1,143 Less accumulated amortization (601 ) (486 ) Domain-net $ 542 $ 657 Patents-gross 15 years $ 101,143 $ 101,143 Less accumulated amortization (29,779 ) (23,215 ) Patents-net $ 71,364 $ 77,928 The Company recognized amortization expense of $7,033 and $7,033 for the years ended June 30, 2022 and 2021, 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). Year Ended June 30, 2022 The Company calculated the dilutive impact of the 157,965,711 outstanding stock options of 94,895,239 common stock purchase warrants, and the convertible debt and accrued interest of $1,019,263, which is convertible into shares of common stock. The common stock purchase warrants were not included in the calculation of net earnings per share, because their impact on income per share is antidilutive. Year Ended June 30, 2021 For the year ended June 30, 2021, the Company calculated the dilutive impact of 182,853,174 outstanding stock options, 94,895,239 outstanding warrants, and convertible debt including accrued interest for an aggregate total of $1,527,575, which is convertible into shares of common stock. The stock options, warrants and convertible debt were not included in the calculation of net earnings per share, because their impact was antidilutive. Years Ended June 30, 2022 2021 Income (Loss) to common shareholders (Numerator) $ 90,030,933 $ (97,426,437 ) Basic weighted average number of common shares outstanding (Denominator) 4,103,301,026 2,756,925,374 Diluted weighted average number of common shares outstanding (Denominator) 5,217,576,101 2,756,925,374 Equity Incentive Plan and Stock Options On January 27, 2022, the Company adopted the 2022 Equity Incentive Plan, to enable the Company to attract and retain the types of employees, consultants, and directors who will contribute to the Company’s long-range success. The maximum number of shares of common stock that may be issued under the 2022 Plan will initially be 400,000,000. The number of shares will automatically be increased on the first day of the Company’s fiscal year beginning in 2023 so that the total number of shares issuable will at all times equal fifteen percent (15%) of the Company’s fully diluted capitalization on the first day of the Company’s fiscal year, unless the Board adopts a resolution providing that the number of shares issuable under the 2022 Plan shall not be so increased. 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 Company 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 Company granted options to purchase 170,000,000 shares of common stock options on January 23, 2019. During the years ended June 30, 2022 and 2021, the Company redeemed 24,887,463 and 13,146,826 stock options, respectively, for a total aggregate of 38,034,289. As of June 30, 2022, there were 157,695,711 stock options issued, and a reserve of 43,670,096. 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 June 30, 2022, 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 of Financial Instruments 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 June 30, 2022 and 2021 (See Note 6): Total (Level 1) (Level 2) (Level 3) Assets: Marketable securities measured at fair value June 30, 2022 $ 43,446,041 $ 19,420,075 $ 24,025,966 $ - Liabilities: Derivative liabilities measured at fair value June 30, 2022 $ 26,015,069 $ - $ - $ 26,015,069 Derivative liabilities measured at fair value June 30, 2021 $ 135,247,303 $ - $ - $ 135,247,303 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 Fair value of derivative liability removed (13,231,008 ) Gain on change in derivative liability (96,001,226 ) Balance as of June 30, 2022 $ 26,015,069 Research and Development Research and development costs are expensed as incurred. Total research and development costs were $1,792,457 and $1,997,186 for the years ended June 30, 2022 and 2021, 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. Income Taxes Deferred income taxes are provided using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than (50%) fifty percent likely to be realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Reclassification of Expenses Certain amounts in the 2021 financial statements have been reclassified to conform to the presentation used in the 2022 financial statements. There was no material effect on the Company’s previously issued financial statements. 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 audited financial statements as of June 30, 2022. |
Capital Stock
Capital Stock | 12 Months Ended |
Jun. 30, 2022 | |
Capital Stock [Abstract] | |
CAPITAL STOCK | 3. CAPITAL STOCK Series A Preferred Stock On January 27, 2022, the Company filed a certificate of designation of Series A Preferred Stock with the Secretary of State of Nevada, designating 1,000 shares of preferred stock as Series A Preferred Stock, and issued 1,000 shares of Series A Preferred Stock to Timothy Young, the Company’s chief executive officer as stock-based compensation. The Series A Preferred Stock does not have any dividend rights or liquidation preferences. The Series A preferred shares entitles the holder to 51% of the voting power of the Company’s stockholders. The Series A Preferred Stock were to automatically be redeemed by the Company at their par value of $0.001 per share, on the first to occur of the following events: (i) a date sixty days after the effective date of the certificate of designation, (ii) the date that Tim Young ceases to serve as officer, director or consultant of the Company, or (iii) on the date that the Company’s shares of common stock first trade on any national securities exchange and such listing is conditioned upon the elimination of the preferential voting rights of the Series A Preferred Stock. The estimated control premium for the voting control of the Series A Preferred Stock was 14.1%. The following assumptions were used: (i) control value of $22,101,999, (ii) control time period of 60 days, (iii) risk equivalent to the WACC of 26.4%. The common stock price was $0.0348, with a market capitalization based on the fully diluted common and preferred shares outstanding. The net fair value of the Series Preferred Stock was $960,700, which was recognized in the financial statements as additional paid in capital and recorded as stock-based compensation expense. The preferred shares expired March 27, 2022, and there were no outstanding shares as of June 30, 2022. Series C Preferred Stock On December 15, 2021, the Company filed a certificate of designation of Series C Preferred Stock with the Secretary of State of Nevada, designating 17,000 shares of preferred stock as Series C Preferred Stock. Each share of Series C Preferred Stock has a stated value of $100 and is convertible into shares of common stock of the Company at a conversion price equal to $0.00095. The Series C Preferred Stock holders are entitled to receive out of any funds and assets of the Company legally available prior and in preference to any declaration or payment of any dividend on the common stock of the Company, cumulative dividends, at an annual rate of 10% of the stated value, payable in cash or shares of common stock. In the event the Company declares or pays a dividend on its shares of common stock (other than dividend payable in shares of common stock), the holders of Series C Preferred Stock will also be entitled to receive payment of such dividend on an as-if-converted basis with respect to the Series C Preferred Stock. The Series C Preferred Stock confers no voting rights on holders, except with respect to matters that materially and adversely affect the voting powers, rights or preferences of the Series C Preferred Stock or as otherwise required by applicable law. The Company entered into a securities purchase agreement on December 15, 2021, with an accredited investor for an exchange of convertible debt to equity. Under the purchase agreement, the Company and investor acknowledged there was $187,800 of principal remaining under the note issued to the investor by the Company on February 3, 2017, plus $80,365 of accrued interest, representing a total aggregate note balance of $268,165. Pursuant to the purchase agreement, the Company sold to investor 2,700 shares of the Company’s newly designated Series C Preferred Stock for a total purchase price of $268,165, and a loss on settlement of debt of $1,835. As of June 30, 2022, the Company had a total of 2,700 shares of Series C Preferred Stock outstanding with a fair value of $268,165, and a stated face value of one hundred dollars ($100) (“share value’) per share and is convertible into shares of fully paid and non-assessable shares of common stock of the Company. The stock was presented as mezzanine equity because it is redeemable at a fixed or determinable amount upon an event that is outside of the issuer’s control. Upon liquidation, dissolution and winding up of the Corporation either voluntary or involuntary, the holder of each outstanding share of Series C Preferred Stock shall be entitled to receive, out of the assets of the Corporation available for distribution to its shareholders upon such liquidation, before any payments shall be made or any assets distributed to the holders of the common stock, the stated value of the Series C Preferred Shares plus any declared but unpaid dividends. No other current or future equity holders of the Corporation shall have higher priority of liquidation preference than holders of Series C Preferred Stock. The Holder has the right, at any time, at its election, to convert shares of Series C Preferred Stock into common stock at a conversion price of $0.00095. Per Valuation Preferred shares issued $ 2,700 Stated value of debt and interest $ 268,165 Calculated fair value of preferred shares $ 14,340,769 Fair value of derivative liability removed $ (13,231,008 ) Loss on settlement $ (1,109,761 ) The Company recognized a loss on settlement of $1,109,761 for the extinguishment of convertible debt, plus derivative liability for the year ended June 30, 2022. Common Stock On January 27, 2022, the holder of the majority of the voting power of the shareholders of the Company, and the Company’s chief executive officer, approved by written consent (i) an amendment to the Company’s articles of incorporation to increase the Company’s authorized shares of common stock from 5,000,000,000 to 10,000,000,000, (ii) an amendment to the Company’s articles of incorporation to effect a reverse stock split of the Company’s common stock by a ratio of not less than 1-for-100 and not more than 1-for-500 at any time prior to the one year anniversary of filing the definitive information statement with respect to the reverse split, with the board of directors having the discretion as to whether or not the reverse split is to be effected, and with the exact ratio of any reverse split to be set at a whole number within the above range as determined by the board in its discretion, and (iii) the adoption of the Company’s 2022 Equity Incentive Plan. Such shareholder approval for such actions became effective 20 days after the definitive information statement relating to such actions was mailed to shareholders. Year ended June 30, 2022 During the years ended June 30, 2022, the Company issued 381,457,044 shares of common stock upon conversion of convertible notes in the amount of $255,900 of principal, plus accrued interest of $106,484 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. During the year ended June 30, 2022, the Company issued 40,983,607 shares of common stock pursuant to a purchase agreement for cash at a price of $0.02745 per share for aggregate net proceeds of $960,000. Year ended June 30, 2021 During the year ended June 30, 2021, the Company issued 576,554,289 shares of common stock under purchase agreements for cash at prices ranging from $0.022 - $0.15 per share for aggregate net proceeds of $43,323,350. During the year ended June 30, 2021, the Company issued 252,000,000 shares of common stock upon exercise of warrants at an exercise price of $0.075 per share for gross proceeds of $18,900,000. During the year ended June 30, 2021, the Company issued 963,537,752 shares of common stock upon conversion of convertible notes in the amount of $1,144,350 of principal, plus accrued interest of $265,770 and other fees of $1,800 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 year ended June 30, 2021, the Company issued 3,806,290 shares of common stock for services rendered at fair value prices of $0.028 - $0.035 per share in the aggregate amount of $118,023. |
Options and Warrants
Options and Warrants | 12 Months Ended |
Jun. 30, 2022 | |
Options and Warrants [Abstract] | |
OPTIONS AND WARRANTS | 4. OPTIONS AND WARRANTS OPTIONS On October 2, 2017, the Company granted options to purchase 10,000,000 shares of non-qualified common stock options. 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 vested by January 23, 2022. On January 31, 2019, the Company issued 6,000,000 stock options, of which two-third (2/3) vested 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) vested 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: 6/30/2022 6/30/2021 Weighted Weighted Number average Number average Of exercise Of exercise Options price Options price Outstanding, beginning of period 182,853,174 $ 0.01 196,000,000 $ 0.01 Granted - $ 0.01 - - Exercised - - - - Redemption of options (24,887,463 ) $ 0.0099 (13,146,826 ) $ 0.0099 Outstanding, end of period 157,965,711 $ 0.0089 182,853,174 $ 0.0089 Exercisable at the end of period 157,965,711 $ 0.0089 182,853,174 $ 0.0089 During the year ended June 30, 2022, the Company redeemed a total of 24,887,463 shares of the Company’s stock options from related parties for a total of $1,450,000, leaving a balance of 157,965,711 stock options outstanding. During the year ended June 30, 2021, the Company redeemed a total of 13,146,826 shares of the Company’s stock options from related parties for a total of $1,250,000, leaving a balance of 182,853,174 stock options outstanding. The company's reasons for the option redemption action for CEO, Director, and consultant included: ● Retention of said persons who had been with the company for years with no benefit of stock compensation due to volatility ● This action allowed for more price stability in the stock. ● Allowed the company to retain more shares in the equity incentive program established at the time. The weighted average remaining contractual life of options outstanding as of June 30, 2022 and 2021 was as follows: 6/30/2022 6/30/2021 Exercise Stock Stock Weighted Exercise Stock Stock Weighted $ 0.0100 3,071,212 3,071,212 0.26 $ 0.0100 7,369,421 7,368,421 1.26 $ 0.0097 6,000,000 6,000,000 3.59 0.0097 6,000,000 6,000,000 4.59 $ 0.0099 138,894,499 138,894,499 3.57 $ 0.0099 159,484,753 159,484,753 4.57 $ 0.0060 10,000,000 10,000,000 4.06 $ 0.0060 10,000,000 10,000,000 5.06 157,965,711 157,965,711 182,853,174 182,853,174 The stock-based compensation expense recognized in the statement of operations during the year ended June 30, 2022 and 2021, related to the granting of these options was $0 and $259,955, respectively. WARRANTS As of June 30, 2022, 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 derivative calculated on all warrants outstanding are included in the derivative liability (See Note 6). The warrants can be exercised over periods of three (3) to five (5) years. A summary of the Company’s warrant activity and related information follows for the year ended June 30, 2022. 6/30/2022 Weighted Number average of exercise Warrants price Outstanding, beginning of fiscal year 94,895,239 $ 0.11 Granted - - Exercised - - Forfeited/Expired - - Outstanding, end of fiscal year 94,895,239 $ 0.11 Exercisable at the end of fiscal year 94,895,239 $ 0.11 6/30/2022 Weighted Average Exercise Warrants Warrants Remaining Contractual $ 0.0938 16,800,000 16,800,000 0.93 - 1.50 $ 0.13125 6,666,667 6,666,667 3.66 $ 0.12 71,428,572 71,428,572 3.67 94,895,239 94,895,239 At June 30, 2022, the aggregate intrinsic value of the warrants outstanding was $0. |
Convertible Promissory Notes
Convertible Promissory Notes | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE PROMISSORY NOTES | 5. CONVERTIBLE PROMISSORY NOTES As of June 30, 2022, the outstanding convertible promissory notes are summarized as follows: Convertible Promissory Notes $ 827,500 Less current portion 677,500 Total long-term liabilities $ 150,000 Maturities of long-term debt for the next three years are as follows: Period Ended June 30, Amount 2023 $ 677,500 2024 100,000 2025 50,000 $ 827,500 At June 30, 2022, the outstanding balance of the convertible promissory notes was $827,500. 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, which the investor extended for an additional sixty (60) months from the effective date of the note, to February 3, 2022. The Feb 2017 Note was 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 failed 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, could 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 was the lender be entitled to convert any portion of the Feb 2017 Note to the extent such conversion 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 were not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day would be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. During the year ended June 30, 2022, 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. Also, during the year ended June 30, 2022, the Company exchanged the balance of the convertible note in the amount of $187,800, plus accrued interest of $80,365 for an aggregate total of $268,165, for 2,700 Series C preferred shares with a stated value of $100 per share and a 10% annual dividend (See Note 3). The preferred shares are convertible into common stock at a fixed conversion price of $0.00095. The Company recognized a loss on exchange in the amount of $1,835. The fair value of the convertible note and accrued interest in exchange for Series C preferred shares was $14,340,769. The balance of the Feb 2017 Note as of June 30, 2022 was $0. 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 to the extent such conversion 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 year ended June 30, 2022, the Company issued 200,976,352 shares of common stock upon the conversion of principal of $135,500, plus the accrued interest of $55,427. The balance of the Nov 2017 Note as of June 30, 2022 was $177,500. 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 to the extent such conversion 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 $403,260 during the year ended June 30, 2022.The balance of the Jun 2018 Note as of June 30, 2022 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 June 30, 2022 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 to the extent such conversion 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 $39,343 during the year ended June 30, 2022. The balance of the Apr 2020 Note as of June 30, 2022 was $50,000. All note conversions were performed per the terms of their respective agreements. At June 30, 2022, the Company recognized a loss of $1,109,761 on conversion of a convertible note in exchange for Series C preferred stock. |
Derivative Liabilities
Derivative Liabilities | 12 Months Ended |
Jun. 30, 2022 | |
Derivative Liabilities [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 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 year ended June 30 2022, the Company recorded a net gain in change in derivative of $96,001,226 in the statement of operations due to the change in fair value of the remaining notes, for the year ended June 30, 2022. At June 30, 2022 and 2021, the fair value of the derivative liabilities are as follows: 2022 2021 Derivative liability, convertible notes $ 24,528,775 $ 128,601,434 Derivative liability, warrants 1,486,294 6,645,869 Total $ 26,015,069 $ 135,247,303 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 2.80% - 2.99% Stock volatility factor 79.0% - 169.0% Weighted average expected option life 1 year - 5 years Expected dividend yield None |
Deferred Tax Benefit
Deferred Tax Benefit | 12 Months Ended |
Jun. 30, 2022 | |
Deferred Tax Benefit [Abstract] | |
DEFERRED TAX BENEFIT | 7. DEFERRED TAX BENEFIT The Company files income tax returns in the U.S. Federal jurisdiction, and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2019. Deferred income taxes have been provided by temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. To the extent allowed by GAAP, we provide valuation allowances against the deferred tax assets for amount when the realization is uncertain. Included in the balance at June 30, 2022 and 2021, are no tax positions for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. The Company’s policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the periods ended June 30, 2022 and 2021, the Company did not recognize interest or penalties. At June 30, 2022, the Company had net operating loss carry-forward of approximately $16,522,100, which expires in future years. No tax benefit has been reported in the June 30, 2022 and 2021 financial statements, since the potential tax benefit is offset by a valuation allowance of the same amount. The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the years ended June 30, 2022 and 2021 due to the following: 6/30/2022 6/30/2021 Book income (loss) $ 18,906,495 $ (15,718,840 ) Non-deductible expenses (19,610,010 ) 15,976,835 Depreciation and amortization 2,625 (480 ) Gain on abandoned asset - 1,100 Valuation Allowance 700,890 (258,615 ) Income tax expense $ - $ - Deferred taxes are provided on a liability method, whereby deferred tax assets are recognized for deductible differences and operating loss and tax credit carry-forward and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Net deferred tax liabilities consist of the following components as of June 30, 2022 and 2021: 6/30/2022 6/30/2021 Deferred tax assets: NOL carryover $ (3,469,640 ) $ 1,385,455 Research and development 452,330 351,695 Related party accrual 44,470 44,470 Deferred tax liabilities: Depreciation and amortization (4,485 ) (4,885 ) Less Valuation Allowance $ 2,977,325 $ (1,776,735 ) Income tax expense $ - $ - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forward for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forward may be limited as to use in future years. The Company’s tax returns for the previous three years remain open for audit by the respective tax jurisdictions. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Jun. 30, 2022 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | 8. MARKETABLE SECURITIES As of June 30, 2022, the Company invested in corporate bonds and government bonds, which have been recognized in the financial statements at cost. The Company considers corporate bonds and government 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 June 30, 2022, the components of the Company’s short and long-term investments are summarized as follows: Adjusted Unrealized Unrealized Fair Cash and Equivalents Short-Term Securities Cash 8,261,410 - - 8,261,410 8,261,410 - Subtotal 8,261,410 - 8,261,410 8,261,410 - Level 1 U.S. Treasury bills 18,644,465 - - 18,644,465 18,644,465 - Corporate securities 775,610 - - 775,610 775,610 - Subtotal 19,420,075 - - 19,420,075 19,420,075 - Level 2 U.S. Government 17,501,557 - (62,522 ) 17,439,035 - 17,439,035 Corporate securities 6,821,683 - (234,752 ) 6,586,931 - 6,586,931 Subtotal 24,323,240 - (297,274 ) 24,025,966 - 24,025,966 Total 52,004,725 - (297,274 ) 51,707,451 27,681,485 24,025,966 The Company has invested in securities maturing from July 5, 2022 through August 16, 2023 that are held to maturity. The current trading prices or fair market value of the securities vary, and we believe any decline in fair value is temporary. All securities are current and not in default. The following table summarizes the amortized cost of the held-to-maturity bonds at June 30, 2022, aggregated by credit quality indicator. Credit Quality Indicators for the Securities AA/A $ 38,778,037 BBB $ 4,965,278 Total $ 43,743,315 During the year ended June 30, 2022, the Company recognized interest income of $228,001 in the financial statements, which is recorded as part of investment income in the statement of operations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES 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 was from September 1, 2021 through August 31, 2022. As of June 30, 2022, the research agreement was paid in full, and the Company extended its’ agreement with the University of Iowa through September 30, 2023. 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. As of June 30, 2022, the research agreement was paid in full, and the Company extended its’ agreement with the University of Michigan September 30, 2023. Effective December 2021, the Company entered into a marketing media campaign in the amount of $350,000. During the year ended June 30, 2022 the Company paid $262,500, and the remaining balance of $87,500 was paid on July 11, 2022. The Company rented lab space with the University of Iowa as of February 2022. The monthly rent is a base of $1,468, and plus an additional $500 for the rental of a lab on a month-to-month basis and is cancellable with a thirty (30) day notice. Due to the rental being month-to-month, ASC 842 lease accounting is not applicable. 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 | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY | 10. RELATED PARTY Year ended June 30, 2022 As of June 30, 2022, the Company reported an accrual associated with the CEO’s prior years’ salary in the amount of $211,750 for the current year, which is recorded in related party accrued expenses. The Company began accruing the salary in 2011 and used the funds for operating expenses. The CEO will be paid during the fiscal year ending June 30, 2023. During the year ended June 30, 2022, the Company redeemed 24,887,463 shares of the Company’s stock options from related parties for a total redemption price of $1,450,000. Year ended June 30, 2021 As of June 30, 2021, the Company reported an accrual associated with the CEO’s prior year’s salary in the amount of $211,750, 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 next fiscal year. During the year ended June 30, 2021, the Company redeemed 13,146,826 stock options for a total redemption price of $1,250,000. During the year ended June 30, 2021, the Company issued 3,806,290 shares of common stock to a related party for services rendered at fair value prices of $0.028 - $0.035 per share in the aggregate amount of $118,023. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS Management evaluated subsequent events as of the date of the financial statements pursuant to ASC TOPIC 855, all subsequent events to report were disclosed in Note 9. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
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. |
Concentration risk | Concentration risk Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Company (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of the FDIC limits. As of June 30, 2022, the cash balance in excess of the FDIC limits was $27,136,224. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts. |
Marketable Securities | Marketable Securities 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. All investments are considered current, based on to their liquidity. The investments 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 $35,861 and $14,940 for the years ended June 30, 2022 and 2021, respectively. |
Intangible Assets | Intangible Assets The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives. Useful Lives 6/30/2022 6/30/2021 Domain-gross 15 years $ 5,315 $ 5,315 Less accumulated amortization (4,931 ) (4,577 ) Domain-net $ 384 $ 738 Trademark-gross 10 years $ 1,143 $ 1,143 Less accumulated amortization (601 ) (486 ) Domain-net $ 542 $ 657 Patents-gross 15 years $ 101,143 $ 101,143 Less accumulated amortization (29,779 ) (23,215 ) Patents-net $ 71,364 $ 77,928 The Company recognized amortization expense of $7,033 and $7,033 for the years ended June 30, 2022 and 2021, 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). Year Ended June 30, 2022 The Company calculated the dilutive impact of the 157,965,711 outstanding stock options of 94,895,239 common stock purchase warrants, and the convertible debt and accrued interest of $1,019,263, which is convertible into shares of common stock. The common stock purchase warrants were not included in the calculation of net earnings per share, because their impact on income per share is antidilutive. Year Ended June 30, 2021 For the year ended June 30, 2021, the Company calculated the dilutive impact of 182,853,174 outstanding stock options, 94,895,239 outstanding warrants, and convertible debt including accrued interest for an aggregate total of $1,527,575, which is convertible into shares of common stock. The stock options, warrants and convertible debt were not included in the calculation of net earnings per share, because their impact was antidilutive. Years Ended June 30, 2022 2021 Income (Loss) to common shareholders (Numerator) $ 90,030,933 $ (97,426,437 ) Basic weighted average number of common shares outstanding (Denominator) 4,103,301,026 2,756,925,374 Diluted weighted average number of common shares outstanding (Denominator) 5,217,576,101 2,756,925,374 |
Equity Incentive Plan and Stock Options | Equity Incentive Plan and Stock Options On January 27, 2022, the Company adopted the 2022 Equity Incentive Plan, to enable the Company to attract and retain the types of employees, consultants, and directors who will contribute to the Company’s long-range success. The maximum number of shares of common stock that may be issued under the 2022 Plan will initially be 400,000,000. The number of shares will automatically be increased on the first day of the Company’s fiscal year beginning in 2023 so that the total number of shares issuable will at all times equal fifteen percent (15%) of the Company’s fully diluted capitalization on the first day of the Company’s fiscal year, unless the Board adopts a resolution providing that the number of shares issuable under the 2022 Plan shall not be so increased. |
Equity Incentive Plan | 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 Company 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 Company granted options to purchase 170,000,000 shares of common stock options on January 23, 2019. During the years ended June 30, 2022 and 2021, the Company redeemed 24,887,463 and 13,146,826 stock options, respectively, for a total aggregate of 38,034,289. As of June 30, 2022, there were 157,695,711 stock options issued, and a reserve of 43,670,096. |
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 June 30, 2022, 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 of Financial Instruments 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 June 30, 2022 and 2021 (See Note 6): Total (Level 1) (Level 2) (Level 3) Assets: Marketable securities measured at fair value June 30, 2022 $ 43,446,041 $ 19,420,075 $ 24,025,966 $ - Liabilities: Derivative liabilities measured at fair value June 30, 2022 $ 26,015,069 $ - $ - $ 26,015,069 Derivative liabilities measured at fair value June 30, 2021 $ 135,247,303 $ - $ - $ 135,247,303 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 Fair value of derivative liability removed (13,231,008 ) Gain on change in derivative liability (96,001,226 ) Balance as of June 30, 2022 $ 26,015,069 |
Research and Development | Research and Development Research and development costs are expensed as incurred. Total research and development costs were $1,792,457 and $1,997,186 for the years ended June 30, 2022 and 2021, 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. |
Income Taxes | Income Taxes Deferred income taxes are provided using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than (50%) fifty percent likely to be realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. |
Reclassification of Expenses | Reclassification of Expenses Certain amounts in the 2021 financial statements have been reclassified to conform to the presentation used in the 2022 financial statements. There was no material effect on the Company’s previously issued financial statements. |
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 audited financial statements as of June 30, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of 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 |
Schedule of intangible assets that have finite useful lives | Useful Lives 6/30/2022 6/30/2021 Domain-gross 15 years $ 5,315 $ 5,315 Less accumulated amortization (4,931 ) (4,577 ) Domain-net $ 384 $ 738 Trademark-gross 10 years $ 1,143 $ 1,143 Less accumulated amortization (601 ) (486 ) Domain-net $ 542 $ 657 Patents-gross 15 years $ 101,143 $ 101,143 Less accumulated amortization (29,779 ) (23,215 ) Patents-net $ 71,364 $ 77,928 |
Schedule of net earnings per share calculations | Years Ended June 30, 2022 2021 Income (Loss) to common shareholders (Numerator) $ 90,030,933 $ (97,426,437 ) Basic weighted average number of common shares outstanding (Denominator) 4,103,301,026 2,756,925,374 Diluted weighted average number of common shares outstanding (Denominator) 5,217,576,101 2,756,925,374 |
Schedule of assets and liabilities measured at fair value on a recurring basis | Total (Level 1) (Level 2) (Level 3) Assets: Marketable securities measured at fair value June 30, 2022 $ 43,446,041 $ 19,420,075 $ 24,025,966 $ - Liabilities: Derivative liabilities measured at fair value June 30, 2022 $ 26,015,069 $ - $ - $ 26,015,069 Derivative liabilities measured at fair value June 30, 2021 $ 135,247,303 $ - $ - $ 135,247,303 |
Schedule of reconciliation of the derivative liability | Balance as of June 30, 2021 135,247,303 Fair value of derivative liability removed (13,231,008 ) Gain on change in derivative liability (96,001,226 ) Balance as of June 30, 2022 $ 26,015,069 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Capital Stock Table [Abstract] | |
Schedule of capital stock | Per Valuation Preferred shares issued $ 2,700 Stated value of debt and interest $ 268,165 Calculated fair value of preferred shares $ 14,340,769 Fair value of derivative liability removed $ (13,231,008 ) Loss on settlement $ (1,109,761 ) |
Options and Warrants (Tables)
Options and Warrants (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Options and Warrants [Abstract] | |
Schedule of the company's stock option activity and related information | 6/30/2022 6/30/2021 Weighted Weighted Number average Number average Of exercise Of exercise Options price Options price Outstanding, beginning of period 182,853,174 $ 0.01 196,000,000 $ 0.01 Granted - $ 0.01 - - Exercised - - - - Redemption of options (24,887,463 ) $ 0.0099 (13,146,826 ) $ 0.0099 Outstanding, end of period 157,965,711 $ 0.0089 182,853,174 $ 0.0089 Exercisable at the end of period 157,965,711 $ 0.0089 182,853,174 $ 0.0089 |
Schedule of weighted average remaining contractual life of options outstanding | 6/30/2022 6/30/2021 Exercise Stock Stock Weighted Exercise Stock Stock Weighted $ 0.0100 3,071,212 3,071,212 0.26 $ 0.0100 7,369,421 7,368,421 1.26 $ 0.0097 6,000,000 6,000,000 3.59 0.0097 6,000,000 6,000,000 4.59 $ 0.0099 138,894,499 138,894,499 3.57 $ 0.0099 159,484,753 159,484,753 4.57 $ 0.0060 10,000,000 10,000,000 4.06 $ 0.0060 10,000,000 10,000,000 5.06 157,965,711 157,965,711 182,853,174 182,853,174 |
Schedule of company’s warrant activity and related information | 6/30/2022 Weighted Number average of exercise Warrants price Outstanding, beginning of fiscal year 94,895,239 $ 0.11 Granted - - Exercised - - Forfeited/Expired - - Outstanding, end of fiscal year 94,895,239 $ 0.11 Exercisable at the end of fiscal year 94,895,239 $ 0.11 |
Schedule of aggregate intrinsic value of the warrants outstanding | 6/30/2022 Weighted Average Exercise Warrants Warrants Remaining Contractual $ 0.0938 16,800,000 16,800,000 0.93 - 1.50 $ 0.13125 6,666,667 6,666,667 3.66 $ 0.12 71,428,572 71,428,572 3.67 94,895,239 94,895,239 |
Convertible Promissory Notes (T
Convertible Promissory Notes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding convertible promissory notes | Convertible Promissory Notes $ 827,500 Less current portion 677,500 Total long-term liabilities $ 150,000 |
Schedule of maturities of long-term debt | Period Ended June 30, Amount 2023 $ 677,500 2024 100,000 2025 50,000 $ 827,500 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2022 | |
Derivative Liabilities Table [Abstract] | ||
Schedule of fair value of the derivative liabilities | 2022 2021 Derivative liability, convertible notes $ 24,528,775 $ 128,601,434 Derivative liability, warrants 1,486,294 6,645,869 Total $ 26,015,069 $ 135,247,303 | |
Schedule of fair market value of the derivative liability | Risk free interest rate 2.80% - 2.99% Stock volatility factor 79.0% - 169.0% Weighted average expected option life 1 year - 5 years Expected dividend yield None |
Deferred Tax Benefit (Tables)
Deferred Tax Benefit (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Deferred Tax Benefit [Abstract] | |
Schedule of income tax provision differs from the amount of income tax | 6/30/2022 6/30/2021 Book income (loss) $ 18,906,495 $ (15,718,840 ) Non-deductible expenses (19,610,010 ) 15,976,835 Depreciation and amortization 2,625 (480 ) Gain on abandoned asset - 1,100 Valuation Allowance 700,890 (258,615 ) Income tax expense $ - $ - |
Schedule of net deferred tax liabilities | 6/30/2022 6/30/2021 Deferred tax assets: NOL carryover $ (3,469,640 ) $ 1,385,455 Research and development 452,330 351,695 Related party accrual 44,470 44,470 Deferred tax liabilities: Depreciation and amortization (4,485 ) (4,885 ) Less Valuation Allowance $ 2,977,325 $ (1,776,735 ) Income tax expense $ - $ - |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Marketable Securities Table [Abstract] | |
Schedule of gross unrealized gains and losses | Adjusted Unrealized Unrealized Fair Cash and Equivalents Short-Term Securities Cash 8,261,410 - - 8,261,410 8,261,410 - Subtotal 8,261,410 - 8,261,410 8,261,410 - Level 1 U.S. Treasury bills 18,644,465 - - 18,644,465 18,644,465 - Corporate securities 775,610 - - 775,610 775,610 - Subtotal 19,420,075 - - 19,420,075 19,420,075 - Level 2 U.S. Government 17,501,557 - (62,522 ) 17,439,035 - 17,439,035 Corporate securities 6,821,683 - (234,752 ) 6,586,931 - 6,586,931 Subtotal 24,323,240 - (297,274 ) 24,025,966 - 24,025,966 Total 52,004,725 - (297,274 ) 51,707,451 27,681,485 24,025,966 |
Schedule of amortized cost of the held-to-maturity bonds | Credit Quality Indicators for the Securities AA/A $ 38,778,037 BBB $ 4,965,278 Total $ 43,743,315 |
Organization and Line of Busi_2
Organization and Line of Business (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Operating loss | $ 90,030,933 | $ (81,498,123) |
Purchase of common stock | 960,000 | $ 62,223,350 |
Cash and cash equivalents | $ 27,700,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 23, 2019 | Dec. 17, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Federal Deposit Insurance Company | $ 27,136,224 | |||
Depreciation expense | 35,861 | $ 14,940 | ||
Amortization expense | 7,033 | 7,033 | ||
Outstanding stock amount | $ 157,965,711 | $ 94,895,239 | ||
Warrants outstanding (in Shares) | 94,895,239 | |||
Convertible debt and accrued interest | $ 1,019,263 | |||
Dilutive impact outstanding stock options (in Shares) | 182,853,174 | |||
Aggregate total | $ 1,527,575 | |||
Percentage of exercise option | 100% | |||
Purchase of common stock options (in Shares) | 170,000,000 | |||
Redeemed stock options (in Shares) | 24,887,463 | 13,146,826 | ||
Total aggregate stock (in Shares) | 38,034,289 | |||
Stock options issued (in Shares) | 157,695,711 | |||
Stock options reserve (in Shares) | 43,670,096 | |||
Total research and development | $ 1,792,457 | $ 1,997,186 | ||
Income taxes, description | Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than (50%) fifty percent likely to be realized upon settlement with the applicable taxing authority. | |||
Equity Incentive Plan [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Issuance pursuant to the Plan (in Shares) | 300,000,000 | 400,000,000 | ||
Stock Options [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Percentage of exercise option | 15% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Property and equipment are stated at cost and are depreciated using straight line over its estimated useful lives | 12 Months Ended |
Jun. 30, 2022 | |
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 intangible assets that have finite useful lives - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Domain [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 15 years | |
Intangible assets - gross | $ 5,315 | $ 5,315 |
Less accumulated amortization | (4,931) | (4,577) |
Intangible assets - net | $ 384 | 738 |
Trademark [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Intangible assets - gross | $ 1,143 | 1,143 |
Less accumulated amortization | (601) | (486) |
Intangible assets - net | $ 542 | 657 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 15 years | |
Intangible assets - gross | $ 101,143 | 101,143 |
Less accumulated amortization | (29,779) | (23,215) |
Intangible assets - net | $ 71,364 | $ 77,928 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of net earnings per share calculations - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Net Earnings Per Share Calculations Abstract | ||
Income (Loss) to common shareholders (Numerator) (in Dollars) | $ 90,030,933 | $ (97,426,437) |
Basic weighted average number of common shares outstanding (Denominator) | 4,103,301,026 | 2,756,925,374 |
Diluted weighted average number of common shares outstanding (Denominator) | 5,217,576,101 | 2,756,925,374 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of assets and liabilities measured at fair value on a recurring basis - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Assets: | ||
Marketable securities measured at fair value June 30, 2022 | $ 43,446,041 | |
Liabilities: | ||
Derivative liabilities measured at fair value June 30 | 26,015,069 | $ 135,247,303 |
Level 1 [Member] | ||
Assets: | ||
Marketable securities measured at fair value June 30, 2022 | 19,420,075 | |
Liabilities: | ||
Derivative liabilities measured at fair value June 30 | ||
Level 2 [Member] | ||
Assets: | ||
Marketable securities measured at fair value June 30, 2022 | 24,025,966 | |
Liabilities: | ||
Derivative liabilities measured at fair value June 30 | ||
Level 3 [Member] | ||
Assets: | ||
Marketable securities measured at fair value June 30, 2022 | ||
Liabilities: | ||
Derivative liabilities measured at fair value June 30 | $ 26,015,069 | $ 135,247,303 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details) - Schedule of reconciliation of the derivative liability - Fair Value, Inputs, Level 3 [Member] | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 135,247,303 |
Fair value of derivative liability removed | (13,231,008) |
Gain on change in derivative liability | (96,001,226) |
Ending balance | $ 26,015,069 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 15, 2021 | Jan. 27, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Capital Stock (Details) [Line Items] | ||||
Extinguishment of convertible debt | $ 1,109,761 | |||
Convertible promissory note amount | 268,165 | |||
Common stock shares issued for services (in Shares) | 3,806,290 | |||
Common Stock [Member] | ||||
Capital Stock (Details) [Line Items] | ||||
Convertible promissory note amount | 381,457,044 | $ 1,144,350 | ||
Convertible note principal amount | 255,900 | |||
Accrued interest | $ 106,484 | |||
Conversion prices per share (in Dollars per share) | $ 0.00095 | |||
Common stock pursuant to purchase agreements (in Shares) | 40,983,607 | |||
Fair value prices per share (in Dollars per share) | $ 0.02745 | |||
Aggregate net proceeds | $ 960,000 | |||
Common stock share issued (in Shares) | 252,000,000 | |||
Warrant exercise price (in Dollars per share) | $ 0.075 | |||
Gross proceeds | $ 18,900,000 | |||
Accrued interest | 265,770 | |||
Other fees | $ 1,800 | |||
Minimum [Member] | ||||
Capital Stock (Details) [Line Items] | ||||
Fair value prices per share (in Dollars per share) | $ 0.028 | |||
Maximum [Member] | ||||
Capital Stock (Details) [Line Items] | ||||
Fair value prices per share (in Dollars per share) | $ 0.035 | |||
Series A Preferred Stock [Member] | ||||
Capital Stock (Details) [Line Items] | ||||
Preferred stock shares (in Shares) | 1,000 | |||
Shares issued (in Shares) | 1,000 | |||
Voting power percentage | 51% | |||
Preferred stock, description | The Series A Preferred Stock were to automatically be redeemed by the Company at their par value of $0.001 per share, on the first to occur of the following events: (i) a date sixty days after the effective date of the certificate of designation, (ii) the date that Tim Young ceases to serve as officer, director or consultant of the Company, or (iii) on the date that the Company’s shares of common stock first trade on any national securities exchange and such listing is conditioned upon the elimination of the preferential voting rights of the Series A Preferred Stock. The estimated control premium for the voting control of the Series A Preferred Stock was 14.1%. The following assumptions were used: (i) control value of $22,101,999, (ii) control time period of 60 days, (iii) risk equivalent to the WACC of 26.4%. The common stock price was $0.0348, with a market capitalization based on the fully diluted common and preferred shares outstanding. The net fair value of the Series Preferred Stock was $960,700, which was recognized in the financial statements as additional paid in capital and recorded as stock-based compensation expense. The preferred shares expired March 27, 2022, and there were no outstanding shares as of June 30, 2022. | |||
Series C Preferred Stock [Member] | ||||
Capital Stock (Details) [Line Items] | ||||
Preferred stock shares (in Shares) | 17,000 | |||
Preferred Stock stated value | $ 100 | |||
Conversion price (in Dollars per share) | $ 0.00095 | |||
Cumulative dividends, rate | 10% | |||
Securities purchase agreement, description | Under the purchase agreement, the Company and investor acknowledged there was $187,800 of principal remaining under the note issued to the investor by the Company on February 3, 2017, plus $80,365 of accrued interest, representing a total aggregate note balance of $268,165. Pursuant to the purchase agreement, the Company sold to investor 2,700 shares of the Company’s newly designated Series C Preferred Stock for a total purchase price of $268,165, and a loss on settlement of debt of $1,835. As of June 30, 2022, the Company had a total of 2,700 shares of Series C Preferred Stock outstanding with a fair value of $268,165, and a stated face value of one hundred dollars ($100) (“share value’) per share and is convertible into shares of fully paid and non-assessable shares of common stock of the Company. The stock was presented as mezzanine equity because it is redeemable at a fixed or determinable amount upon an event that is outside of the issuer’s control. Upon liquidation, dissolution and winding up of the Corporation either voluntary or involuntary, the holder of each outstanding share of Series C Preferred Stock shall be entitled to receive, out of the assets of the Corporation available for distribution to its shareholders upon such liquidation, before any payments shall be made or any assets distributed to the holders of the common stock, the stated value of the Series C Preferred Shares plus any declared but unpaid dividends. No other current or future equity holders of the Corporation shall have higher priority of liquidation preference than holders of Series C Preferred Stock. The Holder has the right, at any time, at its election, to convert shares of Series C Preferred Stock into common stock at a conversion price of $0.00095. | |||
Common Stock [Member] | ||||
Capital Stock (Details) [Line Items] | ||||
Aggregate net proceeds | $ 43,323,350 | |||
Shares of common stock (in Shares) | 576,554,289 | |||
Common stock share issued (in Shares) | 963,537,752 | |||
Aggregate amount | $ 118,023 | |||
Common Stock [Member] | Minimum [Member] | ||||
Capital Stock (Details) [Line Items] | ||||
Common stock shares authorized (in Shares) | 5,000,000,000 | |||
Conversion prices per share (in Dollars per share) | $ 0.00095 | |||
Fair value prices per share (in Dollars per share) | 0.022 | |||
Common Stock [Member] | Maximum [Member] | ||||
Capital Stock (Details) [Line Items] | ||||
Common stock shares authorized (in Shares) | 10,000,000,000 | |||
Conversion prices per share (in Dollars per share) | 0.017995 | |||
Fair value prices per share (in Dollars per share) | $ 0.15 |
Capital Stock (Details) - Sched
Capital Stock (Details) - Schedule of capital stock | Jun. 30, 2022 USD ($) |
Per Valuation | |
Preferred shares issued | $ 2,700 |
Stated value of debt and interest | 268,165 |
Calculated fair value of preferred shares | 14,340,769 |
Fair value of derivative liability removed | (13,231,008) |
Loss on settlement | $ (1,109,761) |
Options and Warrants (Details)
Options and Warrants (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Oct. 02, 2017 | Jul. 22, 2019 | Jan. 31, 2019 | Jan. 23, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Options and Warrants (Details) [Line Items] | |||||||
Non-qualified common stock options | 10,000,000 | ||||||
Stock options granted | |||||||
Redeemed shares | 24,887,463 | 13,146,826 | |||||
Stock option value (in Dollars) | $ (1,450,000) | ||||||
Stock option outstanding | 157,965,711 | 182,853,174 | 196,000,000 | ||||
Stock-based compensation expense recognized (in Dollars) | $ 0 | $ 259,955 | |||||
Aggregate intrinsic value of the warrants outstanding (in Dollars) | $ 0 | ||||||
Warrant [Member] | |||||||
Options and Warrants (Details) [Line Items] | |||||||
Stock options granted | |||||||
Common stock purchase warrants outstanding (in Dollars) | $ 94,895,239 | ||||||
Stock Option Plan [Member] | |||||||
Options and Warrants (Details) [Line Items] | |||||||
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. | ||||||
Stock options granted | 10,000,000 | 6,000,000 | 170,000,000 | ||||
Options vesting period | Jul. 22, 2020 | Jan. 31, 2020 | Jan. 23, 2022 | ||||
Option expiration period | 10 years | 10 years | 10 years | ||||
Redeemed shares | 24,887,463 | 13,146,826 | |||||
Stock option value (in Dollars) | $ 1,450,000 | $ 1,250,000 | |||||
Stock option outstanding | 157,965,711 | 182,853,174 | |||||
Minimum [Member] | Warrant [Member] | |||||||
Options and Warrants (Details) [Line Items] | |||||||
Warrant exercise price (in Dollars per share) | $ 0.0938 | ||||||
Warrants and Rights Outstanding, Term | 3 years | ||||||
Maximum [Member] | Warrant [Member] | |||||||
Options and Warrants (Details) [Line Items] | |||||||
Warrant exercise price (in Dollars per share) | $ 0.13125 | ||||||
Warrants and Rights Outstanding, Term | 5 years |
Options and Warrants (Details)
Options and Warrants (Details) - Schedule of the company's stock option activity and related information - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of The Companys Stock Option Activity And Related Information Abstract | ||
Number of options outstanding, beginning of period | 182,853,174 | 196,000,000 |
Weighted average exercise price, beginning of period | $ 0.0089 | $ 0.01 |
Number of options granted | ||
Weighted average exercise price granted | $ 0.01 | |
Number of options exercised | ||
Weighted average exercise price Exercised | ||
Number of options buyback of options | (24,887,463) | (13,146,826) |
Weighted average exercise price buyback of options | $ 0.0099 | $ 0.0099 |
Number of options outstanding, end of period | 157,965,711 | 182,853,174 |
Weighted average exercise price outstanding, end of period | $ 0.0089 | $ 0.0089 |
Number of options exercisable at the end of period | 157,965,711 | 182,853,174 |
Weighted average exercise price exercisable at the end of period | $ 0.0089 | $ 0.0089 |
Options and Warrants (Details_2
Options and Warrants (Details) - Schedule of weighted average remaining contractual life of options outstanding - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Options and Warrants (Details) - Schedule of weighted average remaining contractual life of options outstanding [Line Items] | ||
Stock Options Outstanding | 157,965,711 | 182,853,174 |
Stock Options Exercisable | 157,965,711 | 182,853,174 |
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 | 7,369,421 |
Stock Options Exercisable | 3,071,212 | 7,368,421 |
Weighted Average Remaining Contractual Life (years) | 3 months 3 days | 1 year 3 months 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) | 3 years 7 months 2 days | 4 years 7 months 2 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 | 159,484,753 |
Stock Options Exercisable | 138,894,499 | 159,484,753 |
Weighted Average Remaining Contractual Life (years) | 3 years 6 months 25 days | 4 years 6 months 25 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 | 10,000,000 |
Weighted Average Remaining Contractual Life (years) | 4 years 21 days | 5 years 21 days |
Options and Warrants (Details_3
Options and Warrants (Details) - Schedule of company's warrant activity and related information - Warrant [Member] | 12 Months Ended |
Jun. 30, 2022 $ / shares shares | |
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 | 12 Months Ended |
Jun. 30, 2022 shares | |
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] | |
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) | 11 months 4 days |
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) | 1 year 6 months |
0.13125 [Member] | |
Options and Warrants (Details) - Schedule of aggregate intrinsic value of the warrants outstanding [Line Items] | |
Warrants Outstanding | 6,666,667 |
Warrants Exercisable | 6,666,667 |
Weighted Average Remaining Contractual Life (years) | 3 years 7 months 28 days |
0.12 [Member] | |
Options and Warrants (Details) - Schedule of aggregate intrinsic value of the warrants outstanding [Line Items] | |
Warrants Outstanding | 71,428,572 |
Warrants Exercisable | 71,428,572 |
Weighted Average Remaining Contractual Life (years) | 3 years 8 months 1 day |
Convertible Promissory Notes (D
Convertible Promissory Notes (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Apr. 15, 2020 | Nov. 09, 2018 | Aug. 10, 2018 | Nov. 09, 2017 | Nov. 09, 2017 | Feb. 03, 2017 | Jun. 27, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | |
Convertible Promissory Notes (Details) [Line Items] | |||||||||
Convertible promissory notes | $ 1,527,575 | ||||||||
Variable conversion price (in Dollars per share) | $ 0.01 | ||||||||
Lowest trading price percentage | 50% | ||||||||
Aggregate principal amount total | $ 50,000 | ||||||||
Convertible notes payable | $ 268,165 | ||||||||
Convertible note, description | At June 30, 2022, the Company recognized a loss of $1,109,761 on conversion of a convertible note in exchange for Series C preferred stock. | ||||||||
10% Convertible Promissory Note [Member] | |||||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||||
Percentage of beneficial ownership | 4.99% | ||||||||
Convertible promissory notes [Member] | |||||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||||
Convertible promissory notes | $ 827,500 | ||||||||
Feb 2017 Note [Member] | |||||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||||
Accrued interest | $ 14,340,769 | ||||||||
Feb 2017 Note [Member] | 10% Convertible Promissory Note [Member] | |||||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||||
Convertible notes, interest rate | 10% | ||||||||
Aggregate principal amount | $ 500,000 | ||||||||
Debt instrument initial additional tranches received. | $ 500,000 | ||||||||
Debt instrument, maturity date description | The Feb 2017 Note had a maturity date of February 3, 2018, which the investor extended for an additional sixty (60) months from the effective date of the note, to February 3, 2022. The Feb 2017 Note was 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 failed 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, could 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 was the lender be entitled to convert any portion of the Feb 2017 Note to the extent such conversion 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 were not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day would be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. | ||||||||
Common stock shares Issued (in Shares) | 180,480,692 | ||||||||
Conversion of principal amount (in Shares) | 120,400 | ||||||||
Accrued interest | $ 51,057 | ||||||||
Fixed conversion price (in Dollars per share) | $ 0.00095 | ||||||||
Exchange amount | $ 1,835 | ||||||||
Aggregate principal amount total | $ 0 | ||||||||
Feb 2017 Note [Member] | 10% Convertible Promissory Note [Member] | Series C Preferred Stock [Member] | |||||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||||
Conversion of principal amount (in Shares) | 187,800 | ||||||||
Accrued interest | $ 80,365 | ||||||||
Aggregate total | $ 268,165 | ||||||||
Series C preferred shares (in Shares) | 2,700 | ||||||||
Preferred stock, par value (in Dollars per share) | $ 100 | ||||||||
Percentage of annual dividend | 10% | ||||||||
Nov 2017 Note [Member] | 10% Convertible Promissory Note [Member] | |||||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||||
Accrued interest | $ 55,427 | ||||||||
Aggregate principal amount total | $ 177,500 | ||||||||
Convertible promissory note percentage | 10% | ||||||||
Aggregate principal amount | $ 500,000 | $ 500,000 | |||||||
Aggregate principal total | 500,000 | 500,000 | |||||||
Penalty amount | $ 1,500 | $ 1,500 | |||||||
Convertible common stock, shares issued upon conversion (in Shares) | 200,976,352 | ||||||||
Principal conversion of stock | $ 135,500 | ||||||||
Jun 2018 Note [Member] | 10% Convertible Promissory Note [Member] | |||||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||||
Convertible notes, interest rate | 10% | ||||||||
Aggregate 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. 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 to the extent such conversion 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. | ||||||||
Aggregate principal amount total | 500,000 | ||||||||
Aggregate principal amount total | $ 500,000 | ||||||||
Recognized interest expense amount | 403,260 | ||||||||
Aug 2018 Note [Member] | |||||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||||
Convertible notes, interest rate | 10% | ||||||||
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. | ||||||||
Aggregate principal amount total | $ 100,000 | ||||||||
Aggregate principal amount total | 100,000 | ||||||||
Aug 2018 Note [Member] | 10% Unsecured Convertible Note [Member] | |||||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||||
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. | ||||||||
April 2020 Note [Member] | |||||||||
Convertible Promissory Notes (Details) [Line Items] | |||||||||
Penalty amount | 2,000 | ||||||||
Aggregate principal amount total | $ 50,000 | ||||||||
Conversion price (in Dollars per share) | $ 0.01 | ||||||||
Percentage of beneficial ownership | 4.99% | ||||||||
Interest expense amount | 39,343 | ||||||||
Convertible notes payable | $ 50,000 |
Convertible Promissory Notes _2
Convertible Promissory Notes (Details) - Schedule of outstanding convertible promissory notes | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
Convertible Promissory Notes | $ 827,500 |
Less current portion | 677,500 |
Total long-term liabilities | $ 150,000 |
Convertible Promissory Notes _3
Convertible Promissory Notes (Details) - Schedule of maturities of long-term debt | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 677,500 |
2024 | 100,000 |
2026 | 50,000 |
Total maturities of long-term debt | $ 827,500 |
Derivative Liabilities (Details
Derivative Liabilities (Details) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Change in derivative liabilities | $ 96,001,226 |
Derivative Liabilities (Detai_2
Derivative Liabilities (Details) - Schedule of fair value of the derivative liabilities - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Fair Value Of The Derivative Liabilities Abstract | ||
Derivative liability, convertible notes | $ 24,528,775 | $ 128,601,434 |
Derivative liability, warrants | 1,486,294 | 6,645,869 |
Total | $ 26,015,069 | $ 135,247,303 |
Derivative Liabilities (Detai_3
Derivative Liabilities (Details) - Schedule of fair market value of the derivative liability | 12 Months Ended |
Jun. 30, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Expected dividend yield | 0% |
Minimum [Member] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Risk free interest rate | 2.80% |
Stock volatility factor | 79% |
Weighted average expected option life | 1 year |
Maximum [Member] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Risk free interest rate | 2.99% |
Stock volatility factor | 169% |
Weighted average expected option life | 5 years |
Deferred Tax Benefit (Details)
Deferred Tax Benefit (Details) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Deferred Tax Benefit [Abstract] | |
Net operating loss carry-forward | $ 16,522,100 |
Deferred Tax Benefit (Details)
Deferred Tax Benefit (Details) - Schedule of income tax provision differs from the amount of income tax - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Income Tax Provision Differs From The Amount Of Income Tax Abstract | ||
Book income (loss) | $ 18,906,495 | $ (15,718,840) |
Non-deductible expenses | (19,610,010) | 15,976,835 |
Depreciation and amortization | 2,625 | (480) |
Gain on abandoned asset | 1,100 | |
Valuation Allowance | 700,890 | (258,615) |
Income tax expense |
Deferred Tax Benefit (Details_2
Deferred Tax Benefit (Details) - Schedule of net deferred tax liabilities - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Deferred tax assets: | ||
NOL carryover | $ (3,469,640) | $ 1,385,455 |
Research and development | 452,330 | 351,695 |
Related party accrual | 44,470 | 44,470 |
Deferred tax liabilities: | ||
Depreciation and amortization | (4,485) | (4,885) |
Less Valuation Allowance | 2,977,325 | (1,776,735) |
Income tax expense |
Marketable Securities (Details)
Marketable Securities (Details) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Interest income | $ 228,001 |
Marketable Securities (Detail_2
Marketable Securities (Details) - Schedule of gross unrealized gains and losses | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Marketable Securities (Details) - Schedule of gross unrealized gains and losses [Line Items] | |
Adjusted Cost | $ 52,004,725 |
Unrealized Gains | |
Unrealized Losses | (297,274) |
Fair Value | 51,707,451 |
Cash and Cash Equivalents | 27,681,485 |
Short-Term Marketable Securities | 24,025,966 |
Cash [Member] | |
Marketable Securities (Details) - Schedule of gross unrealized gains and losses [Line Items] | |
Adjusted Cost | 8,261,410 |
Unrealized Gains | |
Unrealized Losses | |
Fair Value | 8,261,410 |
Cash and Cash Equivalents | 8,261,410 |
Short-Term Marketable Securities | |
Subtotal [Member] | Cash [Member] | |
Marketable Securities (Details) - Schedule of gross unrealized gains and losses [Line Items] | |
Adjusted Cost | 8,261,410 |
Unrealized Gains | |
Fair Value | 8,261,410 |
Cash and Cash Equivalents | 8,261,410 |
Short-Term Marketable Securities | |
Level 2 | Subtotal [Member] | |
Marketable Securities (Details) - Schedule of gross unrealized gains and losses [Line Items] | |
Adjusted Cost | 24,323,240 |
Unrealized Gains | |
Unrealized Losses | (297,274) |
Fair Value | 24,025,966 |
Cash and Cash Equivalents | |
Short-Term Marketable Securities | 24,025,966 |
U.S. Treasury bills [Member] | Level 1 | |
Marketable Securities (Details) - Schedule of gross unrealized gains and losses [Line Items] | |
Adjusted Cost | 18,644,465 |
Unrealized Gains | |
Unrealized Losses | |
Fair Value | 18,644,465 |
Cash and Cash Equivalents | 18,644,465 |
Short-Term Marketable Securities | |
Corporate securities [Member] | Level 1 | |
Marketable Securities (Details) - Schedule of gross unrealized gains and losses [Line Items] | |
Adjusted Cost | 775,610 |
Unrealized Gains | |
Unrealized Losses | |
Fair Value | 775,610 |
Cash and Cash Equivalents | 775,610 |
Short-Term Marketable Securities | |
Corporate securities [Member] | Level 1 | Subtotal [Member] | |
Marketable Securities (Details) - Schedule of gross unrealized gains and losses [Line Items] | |
Adjusted Cost | 19,420,075 |
Unrealized Gains | |
Unrealized Losses | |
Fair Value | 19,420,075 |
Cash and Cash Equivalents | 19,420,075 |
Short-Term Marketable Securities | |
Corporate securities [Member] | Level 2 | |
Marketable Securities (Details) - Schedule of gross unrealized gains and losses [Line Items] | |
Adjusted Cost | 6,821,683 |
Unrealized Gains | |
Unrealized Losses | (234,752) |
Fair Value | 6,586,931 |
Cash and Cash Equivalents | |
Short-Term Marketable Securities | 6,586,931 |
U.S. Government [Member] | Level 2 | |
Marketable Securities (Details) - Schedule of gross unrealized gains and losses [Line Items] | |
Adjusted Cost | 17,501,557 |
Unrealized Gains | |
Unrealized Losses | (62,522) |
Fair Value | 17,439,035 |
Cash and Cash Equivalents | |
Short-Term Marketable Securities | $ 17,439,035 |
Marketable Securities (Detail_3
Marketable Securities (Details) - Schedule of amortized cost of the held-to-maturity bonds | Jun. 30, 2022 USD ($) |
Marketable Securities (Details) - Schedule of amortized cost of the held-to-maturity bonds [Line Items] | |
Total | $ 43,743,315 |
AA/A [Member] | |
Marketable Securities (Details) - Schedule of amortized cost of the held-to-maturity bonds [Line Items] | |
Total | 38,778,037 |
BBB [Member] | |
Marketable Securities (Details) - Schedule of amortized cost of the held-to-maturity bonds [Line Items] | |
Total | $ 4,965,278 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Oct. 01, 2021 | Jun. 30, 2022 | Jul. 11, 2022 | Sep. 01, 2021 | |
Commitments and Contingencies (Details) [Line Items] | |||||
Research agreement | $ 350,000 | ||||
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. | ||||
Marketing media campaign amount | $ 350,000 | ||||
Paid amount | $ 262,500 | ||||
Monthly rent amount | 1,468 | ||||
Additional rental | $ 500 | ||||
Subsequent Event [Member] | |||||
Commitments and Contingencies (Details) [Line Items] | |||||
Remaining balance amount | $ 87,500 |
Related Party (Details)
Related Party (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party (Details) [Line Items] | ||
Redeemed shares (in Shares) | 24,887,463 | 13,146,826 |
Redemption price | $ (1,450,000) | |
Chief Executive Officer [Member] | ||
Related Party (Details) [Line Items] | ||
Related party accrued expenses | $ 211,750 | $ 211,750 |
Redeemed shares (in Shares) | 24,887,463 | |
Redemption price | $ 1,450,000 | $ 1,250,000 |
Shares of common stock for services rendered (in Shares) | 3,806,290 | |
Aggregate amount | $ 118,023 | |
Chief Executive Officer [Member] | Minimum [Member] | ||
Related Party (Details) [Line Items] | ||
Fair value price (in Dollars per share) | $ 0.028 | |
Chief Executive Officer [Member] | Maximum [Member] | ||
Related Party (Details) [Line Items] | ||
Fair value price (in Dollars per share) | $ 0.035 |