Xeriant (XERI) 10-K 25 Sep 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2018	Sep. 20, 2019
Document And Entity Information
Entity Registrant Name	Banjo & Matilda, Inc.
Entity Central Index Key	0001481504
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--06-30
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	No
Document Period End Date	Jun. 30, 2018
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Common Stock Shares Outstanding		69,584,149
Entity Public Float		$ 1,252,515

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Jun. 30, 2017
CURRENT ASSETS
Cash and cash equivalents		$ 4,491
Inventory, net		18,443
Prepaid Expenses	18,500
TOTAL CURRENT ASSETS	18,500	22,934
NON-CURRENT ASSETS
Property and equipment, net	5,385	7,529
TOTAL NON-CURRENT ASSETS	5,385	7,529
TOTAL ASSETS	23,885	30,463
CURRENT LIABILITIES
Cash overdraft	6,565
Trade and other payables	1,594,832	1,178,978
Settlement loss payable	250,000
Deposit payable	4,621	4,621
Trade financing	362,069	367,588
Accrued interest	708,701	523,257
Loans payable, net of discount and deferred interest	724,328	630,786
Loan from related parties	123,141	170,626
Convertible loan from related parties	320,730	387,328
TOTAL CURRENT LIABILITIES	4,094,987	3,263,184
TOTAL LIABILITIES	4,094,987	3,263,184
STOCKHOLDERS' DEFICIT
Preferred stock, $0.00001 par value, 100,000,000 shares authorized and 1,000,000 shares issued and outstanding, respectively	10	10
Common stock, $0.00001 par value, 100,000,000 shares authorized and 69,584,149 shares issued and outstanding, respectively	695	695
Additional paid in capital	1,951,295	1,951,295
Other accumulated comprehensive gain	100,007	100,007
Accumulated deficit	(6,123,109)	(5,284,728)
TOTAL STOCKHOLDERS' DEFICIT	(4,071,102)	(3,232,721)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 23,885	$ 30,463

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Jun. 30, 2017
STOCKHOLDERS' DEFICIT
Preferred stock, shares par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	1,000,000	1,000,000
Preferred stock, shares outstanding	1,000,000	1,000,000
Common stock, shares par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	69,584,149	69,584,149
Common stock, shares outstanding	69,584,149	69,584,149

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Revenue	$ 79,665	$ 629,969
Cost of sales	22,199	193,409
Gross profit	57,466	436,560
Payroll and employee related expenses	444,833	517,173
Operating expense	7,537	70,902
Marketing expense	5,143	41,951
Selling expense	3,686	112,822
Samples and design expense		8,572
Occupancy expenses	4,352	49,859
Depreciation and amortization expense	2,144	9,246
Finance Charges	39,727	61,821
Corporate and public company expense	16,161	227,042
Total	523,583	1,099,388
Loss from operations	(466,117)	(662,828)
Impairment loss		(31,549)
Other income (expense)	1,013	(11,699)
Gain on Settlement of Debt	196,796
Settlement losses	(250,000)
Amortization of debt discount	(50,135)	(67,456)
Interest expense	(269,938)	(293,214)
Total other expense	372,264	403,918
Loss before income tax	(838,381)	(1,066,746)
Provision for income taxes
Net loss	$ (838,381)	$ (1,066,746)
Net loss per share
Basic	$ (0.01)	$ (0.02)
Diluted	$ (0.01)	$ (0.02)
Weighted average number of shares outstanding:
Basic	69,584,149	61,152,628
Diluted	69,584,149	61,152,628

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (838,381)	$ (1,066,746)
Other comprehensive income
Foreign currency translation
Total other comprehensive income
Comprehensive loss	$ (838,381)	$ (1,066,746)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)	Total	Common Stock Shares	Additional Paid in Capital	Preferred Stock Shares	Comprehensive Income	Accumulated Deficit
Beginning Balance, shares at Jun. 30, 2016		58,823,116		1,000,000
Beginning Balance, amount at Jun. 30, 2016	$ (2,484,860)	$ 588	$ 1,632,517	$ 10	$ 100,007	$ (4,217,982)
Conversion of debt to equity, shares		2,227,700
Conversion of debt to equity, amount	$ 111,385	$ 22	$ 111,363
Conversion of accrued expenses to equity, shares		2,000,000
Shares issued, shares		833,333
Shares Issued in exchange for services, shares		5,700,000
Shares Issued in exchange for services, amount	$ 142,500	$ 57	$ 142,443
Net (loss) income	(1,066,746)					$ (1,066,746)
Conversion of accrued expenses to equity, amount	40,000	20	39,980
Shares issued, amount	25,000	$ 8	24,992
Ending Balance, shares at Jun. 30, 2017		69,584,149		1,000,000
Ending Balance, amount at Jun. 30, 2017	(3,232,721)	$ 695	1,951,295	$ 10	100,007	(5,284,728)
Net (loss) income	(838,381)					(838,381)
Ending Balance, shares at Jun. 30, 2018		69,584,149		1,000,000
Ending Balance, amount at Jun. 30, 2018	$ (4,071,102)	$ 695	$ 1,951,295	$ 10	$ 100,007	$ (6,123,109)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (838,381)	$ (1,066,746)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Gain on settlement of debts	(196,796)
Settlement losses	250,000
Depreciation	2,144	2,525
Amortization		6,721
Impairment loss		31,549
Stock for services		142,500
AR allowance		(11,914)
Debt discount amortization	50,135	67,456
Amortization of deferred finance fee	15,702	77,525
Changes in operating assets and liabilities:
Trade receivables		14,784
Inventory	18,443	83,984
Prepaid expenses	(18,500)	0
Deposit on Purchases		1,153
Cash overdraft	6,565
Trade payables and other liabilities	371,283	170,240
Accrued interest	287,069	286,859
Net cash (used in) provided by operating activities	(52,336)	(193,364)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock		25,000
Payments on related party loan		(12,643)
Proceeds from related party loans	2,145	1,886
Payments on loan payables		(5,437)
Proceeds from loan payables	45,700	60,125
Payments on trade financing		(188,732)
Proceeds from trade financing		306,600
Net cash (used in) provided by financing activities	47,845	186,799
Net decrease in cash and cash equivalents	(4,491)	(6,565)
Cash and cash equivalents at the beginning of the period	4,491	11,056
Cash and cash equivalents at the end of the period		4,491
SUPPLEMENTAL DISCLOSURES:
Cash paid during the year for: Interest payments		36,082
SUPPLEMENTAL DISCLOSURES FOR NON CASH: FINANCING AND INVESTING ACTIVITIES
Accrued expenses converted to equity		40,000
Debt and interest converted to equity		$ 111,385

BASIS OF PRESENTATION AND ORGAN

BASIS OF PRESENTATION AND ORGANIZATION	12 Months Ended
	Jun. 30, 2018
BASIS OF PRESENTATION AND ORGANIZATION
NOTE 1- BASIS OF PRESENTATION AND ORGANIZATION	All currencies represented in the notes to the condensed consolidated financial statements are in United States Dollars (USD) unless specified as AUD (Australian Dollars). Banjo and Matilda, Inc. was incorporated in Nevada on December 18, 2009 under the name Eastern World Group, Inc. On September 24, 2013, its name was changed to Banjo & Matilda, Inc. On November 14, 2013, Banjo & Matilda, Inc., entered into a Share Exchange Agreement (the "Exchange Agreement") with Banjo & Matilda, Pty Ltd., a corporation formed under the laws of Australia (the "Company") and the shareholders of the Company. Pursuant to the Exchange Agreement, at the closing of the transaction contemplated thereunder (the "Transaction"), the Company became a wholly-owned subsidiary of Banjo & Matilda, Inc. Banjo & Matilda Pty Ltd. was incorporated under the laws of Australia on May 27, 2009 and manufactures and sells cashmere fashion. Headquartered at Bondi Beach, the Aussie lifestyle of sun, sand and surf resonates innately with this label and its philosophy of low maintenance, style and comfort. Banjo & Matilda USA, Inc. was incorporated in the State of Delaware on October 14, 2013 and is owned 100% by Banjo & Matilda, Inc. The ultra-soft cashmere staples, pairing simplicity with cool sophistication has rapidly gained loyal customers worldwide positioning the label as the 'go-to' for contemporary cashmere products. Under accounting principles generally accepted in the United States, the share exchange is considered to be a capital transaction in substance, rather than a business combination. That is, the share exchange is equivalent to the issuance of stock by Banjo & Matilda Pty Ltd. for the net monetary assets of the Banjo & Matilda, Inc. accompanied by a recapitalization, and is accounted for as a change in capital structure. Accordingly, the accounting for the share exchange will be identical to that resulting from a reverse acquisition, except no goodwill will be recorded. Under share reverse takeover accounting, the post reverse acquisition comparative historical financial statements of the legal acquirer, Banjo & Matilda, Inc. are those of the legal acquiree, Banjo & Matilda Pty Ltd., which is considered to be the accounting acquirer. Share and per share amounts stated have been retroactively adjusted to reflect the merger. As a result of the exchange agreement, the reorganization was treated as an acquisition by the accounting acquiree that is being accounted for as a recapitalization and as a reverse merger by the legal acquirer for accounting purposes. Pursuant to the recapitalization, all capital stock shares and amounts and per share data have been retroactively restated. Accordingly, the financial statements include the following: (1) The balance sheet consists of the net assets of the accounting acquirer at historical cost and the net assets of the legal acquirer at fair value. (2) The statements of operations include the operations of the accounting acquirer for the period presented and the operations of the legal acquirer from the date of the merger.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Going Concern The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate the continuation of the Company as a going concern. The Company reported an accumulated deficit of $6,123,109 as of June 30, 2018. The Company also incurred net losses of $838,381 for the year ended June 30, 2018, and had $4,076,487 in negative working capital. Sales have declined to $79,665 and gross profit has declined to $57,466 for the year ended June 30, 2018 To date, these losses and deficiencies have been financed principally through the loans from related parties and from third parties. In view of the matters described, there is substantial doubt as to the Company's ability to continue as a going concern without a significant infusion of capital. We anticipate that we will have to raise additional capital to fund operations over the next 12 months. To the extent that we are required to raise additional funds to acquire properties, and to cover costs of operations, we intend to do so through additional offerings of debt or equity securities. There are no commitments or arrangements for other offerings in place, no guaranties that any such financings would be forthcoming, or as to the terms of any such financings. Any future financing will involve substantial dilution to existing investors. Basis of Presentation The accompanying financial statements were prepared in conformity with generally accepted accounting principles in the United States of America ("US GAAP"). Principles of Consolidation The consolidated financial statements include the accounts of Banjo & Matilda, Inc. ("Banjo" or "the Company") and its wholly owned subsidiaries Banjo & Matilda Pty Ltd. and Banjo & Matilda USA, Inc., collectively referred to as the Company. All material intercompany accounts, transactions and profits were eliminated in consolidation. Exchange Gain (Loss) During the fiscal years ended June 30, 2018 and 2017, the transactions of the Company were denominated in US Dollars. Some transactions were denominated in AUD and British pounds for the sales made outside US and for rent paid for the Australian store. Such transactions were converted to US$ on the date of transaction and the exchange gains or losses were recorded in the statement of operations. The exchange gains or losses were immaterial for the years ended June 30, 2018 and 2017. Foreign Currency Translation and Comprehensive Income (Loss) During the fiscal years ended June 30, 2018 and 2017, the transactions of the Company were denominated in US Dollars. All the transactions which were denominated in other currencies were converted to US$ on the date of settlement and the exchange gains and losses were recorded in the statement of operations. No change was recorded in the comprehensive income (loss). Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include collectability of accounts receivable, accounts payable, sales returns and recoverability of long-term assets. Reportable Segment The Company has one reportable segment. The Company's activities are interrelated and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based on analysis of financial products provided as a single global business. Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities. Cost of Sales Cost of sales consists primarily of inventory costs, as well as warehousing costs (including the cost of warehouse labor), and importation duties and charges. Selling Expense Selling expenses consist primarily of shipping and handling costs, relating to the delivery of products to customers, are classified as selling, general and administrative expenses. Selling expenses amounted to $3,686 and $112,822 for the fiscal years ended June 30, 2018 and 2017, respectively. Operating Overhead Expense Operating overhead expense consists primarily of payroll and benefit related costs, rent, depreciation and amortization, professional services, and meetings and travel. Income Taxes The Company utilizes Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that were included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with FASB ASC Topic 740. When tax returns are filed, it is likely 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 percent likely of being 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 sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. At June 30, 2018 and 2017, the Company had not taken any significant uncertain tax positions on its tax returns for periods ended June 30, 2018 and prior years or in computing its tax provision for 2017. Management has considered its tax positions and believes that all of the positions taken by the Company in its Federal and State tax returns are more likely than not to be sustained upon examination. The Company is subject to examination by U.S. Federal and State tax authorities from the period ended June 30, 2015 to the present, generally for three years after they are filed. The Company has been behind in filing its payroll tax returns and sales tax returns. The Company has recorded $3,519 as penalties and $27,478 as interest for the late payment of taxes for the year ended June 30, 2018. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company has a diversified customer base across many markets, predominantly Australia, United States of America, United Kingdom, Europe and the Middle East. The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring procedures. The Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited. In addition, Receivables that are factored through the Company's Receivable finance facility are guaranteed by the finance company that further mitigates Credit Risk. Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history, foreign currency exchange rates and the volatility of public markets. Contingencies Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company's management and legal counsel assess such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed. Cash and Equivalents Cash and equivalents include cash in hand and cash in demand deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. At June 30, 2018 and June 30, 2017, the Company had $0 and $4,491 in cash in Australia and in the United States. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts. Allowance for Doubtful Accounts The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. The allowance was written down during the fiscal year ended June 30, 2018. The allowances for doubtful accounts as of June 30, 2018 and June 30, 2017 are $0 and $135,956 respectively. Inventory Inventories are valued at the lower of cost (determined on a weighted average basis) or net realizable value. Management compares the cost of inventories with the market value and allowance is made to write down inventories to market value, if lower. During the fiscal year ended June 30, 2018 all inventory balances were written down or sold. As of June 30, 2018 and June 30, 2017, the Company had outstanding balances of Finished Goods Inventory of $0 and $18,443 respectively. As of June 30, 2018 and June 30, 2017, a reserve for Estimated Inventory Charges in the amount of $0 and $230 was established. Property & Equipment Property and equipment is stated at cost and depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. The estimated useful lives of our property and equipment are generally as follows: computer software developed or acquired for internal use, three to ten years; computer equipment, two to three years; buildings and improvements, five to fifteen years; leasehold improvements, two to ten years; and furniture and equipment, one to five years. As of June 30, 2018, and June 30, 2017, Property and Equipment consisted of the following: June 30 June 30 2018 2017 Property and equipment $ 29,456 $ 29,456 Accumulated depreciation (24,071 ) (21,927 ) $ 5,385 $ 7,529 Depreciation was $2,144 and $9,246 for the fiscal years ended June 30, 2018 and 2017, respectively. Fair Value of Financial Instruments For certain of the Company's financial instruments, including cash and equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. ASC Topic 820, "Fair Value Measurements and Disclosures," requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, "Financial Instruments," defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities from Equity," and ASC 815. As of June 30, 2018, and 2017, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet at fair value. Earnings Per Share (EPS) The Company utilize FASB ASC 260, “Earnings per Share.” Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods of operating loss for which no common share equivalents are included because their effect would be anti-dilutive. The following table sets for the computation of basic and diluted earnings per share for fiscal years ended June 30, 2018 and 2017: June 30, 2018 June 30, 2017 Basic and diluted Net loss $ (838,381 ) $ (1,066,746 ) Net loss per share Basic $ (0.01 ) $ (0.02 ) Weighted average number of shares outstanding: Basic and diluted 69,584,149 61,152,628 Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In January 2016, The FASB issued ASU No. 2016-01, Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update addresses a diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We adopted this ASU in 2016 and the implementation did not have a material impact on our financial position or consolidated statement of operations. In July 2017, the FASB issued ASU 2017-11, “Earnings Per Share (Topic 260) Distinguishing Liabilities from Equity (Topic 480) Derivatives and Hedging (Topic 815),” which addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 with early adoption permitted. The Company has elected for early adoption of this guidance during the fiscal year ended June 30, 2017 on our consolidated financial statement. In August 2017, the FASB issued guidance that eases certain documentation and assessment requirements of hedge effectiveness and modifies the accounting for components excluded from the assessment. Some of the modifications include the ineffectiveness of derivative gain/loss in highly effective cash flow hedge to be recorded in OCI, the change in fair value of derivative to be recorded in the same income statement line as hedged item, and additional disclosures required on the cumulative basis adjustment in fair value hedges and the effect of hedging on financial statement lines for components excluded from the assessment. The amendment also simplifies the application of hedge accounting in certain situations to permit new hedging strategies to be eligible for hedge accounting. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. Early adoption is permitted and the modified retrospective transition method should be applied. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements. Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flow.

TRADE RECEIVABLES

TRADE RECEIVABLES	12 Months Ended
	Jun. 30, 2018
TRADE RECEIVABLES
NOTE 3 - TRADE RECEIVABLES	Trade receivables consist principally of accounts receivable from sales to small to medium sized businesses, principally in Australia, Europe and the United States. Trade receivables are recorded at the invoiced amount and net of allowances for doubtful accounts. The allowance for doubtful accounts represents management's estimate of the amount of probable credit losses in existing accounts receivable, as determined from a review of past due balances and other specific account data. The assessment includes actually incurred historical data as well as current economic conditions. Account balances are written off against the allowance when management determines the receivable is uncollectible. Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by reducing the carrying amount directly. A provision for impairment of trade receivables is raised when there is objective evidence that the consolidated entity or parent entity will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization and default or delinquency in payments (more than 60 days overdue) are considered indicators that the trade receivable may be impaired. The amount of the impairment allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial. Trade receivables that are past their normal payment terms are overdue and once 60 days past due are considered delinquent. Minimum payment terms vary by product. The maximum payment terms are extended to no more than 90 days by the Company. All trade receivables that are overdue are individually assessed for impairment. The allowances for doubtful accounts as of June 30, 2018 and 2017 are $0 and $135,956 respectively. The Company wrote down all receivables in the current fiscal year along with the associated allowance for doubtful accounts.

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES	12 Months Ended
	Jun. 30, 2018
TRADE AND OTHER PAYABLES
NOTE 4 - TRADE AND OTHER PAYABLES	As of June 30, 2018 and 2017, respectively, trade and other payable are comprised of the following: June 30, June 30, 2018 2017 Trade payable $ 564,896 $ 580,322 Officer compensation 221,196 122,225 Payroll payable 462,088 151,824 Payroll taxes 213,767 195,551 Employee benefits 98,264 95,314 Other liabilities 34,621 33,742

TRADE FINANCING

TRADE FINANCING	12 Months Ended
	Jun. 30, 2018
TRADE FINANCING
NOTE 5 - TRADE FINANCING	The Company entered into a Note Purchase Agreement for $65,000 dated January 4, 2017 with a third party. The amount was due on July 4, 2017 and carries interest at the rate of 22%. As of June 30, 2018, and 2017, the outstanding loan balance was $56,193 and $57,958 and accrued interest was $14,253 and $5,301 respectively. The loan maturity date had been extended until full settlement occurs without penalty. This loan and any associated accrued interest will be converted to preferred stock, see Note 10 for additional detail on the equity conversion. As of June 30, 2018 the principal and interest related to this note was written down by $126 and $349, respectively to accurately reflect the value of the conversion. The Company recognized a gain on settlement for these amounts in the current fiscal year. The Company has a trade financing agreement with a financial institution in Australia with a maximum limit of AUD $150,000 at an interest rate of 20.95% per annum. Upon default of the loan in October 2016, the Company reached a settlement with its obligation with the entity in the amount of AUD $165,523. The amount is to be paid through application of its Export Market Development Grant and up to 25% of the Company's store sales in Australia. All of the amounts referenced are in Australian dollars. As of June 30, 2018, and 2017, the Company had outstanding balance of USD $49,454 and USD $53,210, respectively. On August 14, 2014 the Company entered into a trade finance agreement with an entity in the United States with a total maximum facility of $1,500,000 based on $1,000,000 towards sales invoiced and $500,000 towards purchase order financing. Original term is for 12 months with automatic renewal for each consecutive period thereafter with interest at base rate floor of 3.25 plus 4.5%. In the event of default, an additional 7% interest is added. As of June 30, 2018, and 2017, the Company had an outstanding balance of $128,468 and had renewed the loan term indefinitely until full settlement occurs. As of June 30, 2018, and 2017, the Company had an accrued interest balance of $58,593 and $39,062, respectively. On November 2, 2016, the Company entered into a merchant agreement with a capital funding group for a purchase price of $35,000 and purchased amount of $47,250. The Company is amortizing the excess of purchase amount over the purchase price, over the term of the financing of 21 months. Pursuant to the agreement, the Company cannot obtain future financing by selling receivables without consent from the lender. The balance is in default as of January 2017. The Merchant holds a security interest in all accounts and proceeds. As of June 30, 2018, and 2017, the balance owed to the lender amounted to $17,981 and accrued interest of $11,667 and $4,667, respectively. On November 3, 2016, the Company entered into a payments rights purchase and sale agreement for $72,500 due in April 2017. The financing has a purchase price of $50,000 with the purchased amount of $72,500. The Company is amortizing the excess of purchased amount over purchase price, over the term of the financing of six months. The Company has to make daily payments of $575.40 to the lender. During the period ended June 30, 2018 there was no amortization of the excess purchased amount, as interest expense, in the accompanying financials. As of June 30, 2018, and 2017, the loan balance owed to the lender of $640 and $2,601 is in default. The loan has been charged an interest rate of 16% per annum while in default. During the fiscal year ended June 30, 2018 the Company recorded interest expense of $312. During fiscal year 2019 this loan and all related outstanding interest was settled for $6,250. To accurately reflect the settled value of this loan the principal and interest was written down by $1,961 and $17,202 respectively, as of June 30, 2018. The Company recognized a gain on settlement for these amounts in the current fiscal year. On November 29, 2016, the Company entered into a consignment agreement. It is a platform for funding advance inventory production. This facility allowed the Company to fund manufacturing with a consignment facility which pegs repayment to the sales of inventory. During the period ended June 30, 2017, the Company initially raised $21,928 for a purchase price of $26,313. This amount was paid off as of March 31, 2017. The difference of $4,385 was amortized over the period of financing. The Company again raised $114,888 for a purchase price of $133,342 in December 2016 due by December 2017. The difference of $18,454 is being amortized over the period of financing. As of June 30, 2018, and 2017, balance outstanding was $107,370, with $28,007 and $15,123 in accrued interest, respectively. As of June 30, 2018, the loan was in default and charged an interest rate of 12% per annum.

LOANS

LOANS	12 Months Ended
	Jun. 30, 2018
LOANS
NOTE 6 - LOANS	In December 2013, the company entered into a short term loan arrangement in the amount of $100,000 with an individual. Terms of the note require interest payment of $5,000 on the repayment date, 30 days after the note date. If not repaid at that time, interest will accrue at the rate of $166 per day until the note is repaid. The loan has been in default since January 2014 and accruing interest of $166 per day. During fiscal year 2018 the company issued additional convertible notes to this lender in the amount of $2,145 bearing interest at 6% per year and may be converted to common stock at any time by the election of the lender. The outstanding balance, due to this lender, as of June 30, 2018 and 2017 was $81,993 and $100,000 respectively. During the fiscal years ended June 30, 2018 and 2017, the Company recorded interest of $45,484 and $45,318, respectively, on the note. As of June 30, 2018, and 2017, the Company had an accrued interest balance of $173,939 and $171,204, respectively. This note and any associated accrued interest will be converted to preferred stock, see Note 10 for additional detail on the equity conversion. As of June 30, 2018, the principal and interest related to this note was written down by $20,152 and $42,749, respectively to accurately reflect the value of the conversion. The Company recognized a gain on settlement for these amounts in the current fiscal year. From May 2014 to June 2017, the Company entered into several convertible loan agreements with a lender aggregating in the amount of $162,500. The notes bear interest at 6% per year and are due and payable six months from the date of each note. The loans may be converted into common stock at any time by the election of the lender after a period of six months at a predetermined conversion price. The outstanding balance as of June 30, 2018 and 2017 was $26,870 and $36,500 respectively. On April 15, 2017, the Company issued 2,227,700 at $0.05 per share in exchange for $95,000 in principle and $16,385 in accrued interest. As of June 30, 2018, and 2017, the Company had an accrued interest balance of $5,413 and $2,209, respectively. This loan and any associated accrued interest will be converted to preferred stock, see Note 10 for additional detail on the equity conversion. As of June 30, 2018 the principal and interest related to this loan was written down by $9,630 and $1,940, respectively to accurately reflect the value of the conversion. The Company recognized a gain on settlement for these amounts in the current fiscal year. In June 2015, the Company entered into a secured promissory note in the amount of $500,000 with a Delaware statutory trust. The note bears interest at the rate of 18% per annum and was due on or before July 1, 2017. The note has various covenants attached including one in which all credit card receipts are to be swept into an account which will fund payments on the note that are not in excess of the minimum quarterly payments required. As a condition of the note, an affiliate of the lender was granted a warrant to purchase 6,000,000 shares of the common stock of the Company at a price of $.08 in whole or in part. The outstanding balance as of June 30, 2018 and 2017 was $498,882 and $500,000 respectively. The debt discount and deferred interest carried on the loan was $0 and $0 respectively as of June 30, 2018 and $50,135 and $15,702 as of June 30, 2017. As of June 30, 2018, and 2017, the Company had an accrued interest balance of $141,671 and $59,096, respectively. The Company will write down the remaining deferred interest and discount when converting the note to equity. As of June 30, 2018, the principal related to this note was written down by $1,118 to accurately reflect the value of the conversion. The Company recognized a gain on settlement for these amounts in the current fiscal year. On February 5, 2016, The Company signed an amendment to the secured promissory note extending the maturity date by one year to July 17, 2018. The amendment changed the terms of the credit card receipts used to fund payments required by the note. The amendment also cancelled the warrants to purchase 6,000,000 shares at a price of $0.08. New warrants were granted to purchase 6,000,000 shares at $0.05 per share and to purchase 2,000,000 shares at $0.02 per share. The Company determined the fair value of the warrants using the Black – Scholes model and recorded the additional value of $41,467 for the modified warrants. The variables used for the Black –Scholes model are as listed below: · Volatility: 123% · Risk free rate of return: 1.26% · Expected term: 5 years In connection with the issuance of the above notes, the Company recorded a note discount of $115,274. The Company amortized $50,135, of the note discount during the fiscal years ended June 30, 2018 and 2017, respectively. The Company recorded interest of $82,575 and $90,000, on the note during the fiscal years ended June 30, 2018 and 2017, respectively. As of June 30, 2018 and 2017, the accrued interest balance was $141,671 and $59,096, respectively. This note and any associated discount and accrued interest will be converted to preferred stock, see Note 10 for additional detail on the equity conversion. From August 2016 to February 2017, the Company entered into several convertible loan agreements with a lender aggregating in the amount of $60,125. The notes bear interest at 6% per year and are due and payable six months from the date of each note. The convertible loan agreements are in default as of February 2017. There were no penalty or interest rate increase due to the default. The loans may be converted into common stock at any time by the election of the lender after a period of six months at a predetermined conversion price. The outstanding balance as of June 30, 2018 and 2017 was $70,883 and $60,125 respectively. The accrued interest was $5,892 and $2,096 as of June 30, 2018 and 2017, respectively. The Company entered additional convertible loan agreements for $31,700 on June 22, 2018 and $14,000 on May 17, 2018 under the same terms and 6% interest per annum rate This loan and any associated accrued interest will be converted to preferred stock, see Note 10 for additional detail on the equity conversion. As of June 30, 2018 the principal and interest related to this loan was increased by $10,758 and $894, respectively to accurately reflect the value of the conversion. The Company recognized a loss on settlement for these amounts in the current fiscal year. Settlements Payable On February 28, 2018 the company entered into 5 separate settlement agreements with current shareholders. These settlement agreements were made to exchange post reverse split shares of common stock to mitigate potential litigation. The settlement agreements require the company to issue common stock for $250,000 Related Party Payable The Company had several outstanding convertible note agreements with a shareholder aggregating to AUD $370,000. The notes had interest rates varying from 6% to 15% per annum. In March 2015, the outstanding balance and accrued interest was refinanced by a $526,272 convertible note. The Convertible Note bears interest at the rate of 18% per annum and is due on or before April 30, 2017. The interest portion of the note shall be paid weekly starting in April 2015. Principle payments of $9,929 AUD weekly were to commence in April 2016. All or any portion of the principal amount of the Convertible Note and all accrued interest is convertible at the option of the holder into common stock of the Company at a conversion price of five cents ($0.05) per share, subject to various standard provisions. The outstanding balance as of June 30, 2018 and 2017, was USD $320,729 and $387,328 respectively. The interest rate increased from 18% per annum to 22% per annum due to the loan default as of September 30, 2015. The Company determined the fair value of the convertible note of $80,909 using the intrinsic value method. The Company recorded an amortization of the debt discount of $0 and $15,432, during the fiscal years ended June 30, 2018 and 2017, respectively. The debt discount is fully amortized as of June 30, 2017. During the fiscal years ended June 30, 2018 and 2017, the Company recorded interest of $63,967 and $85,212, respectively, on the note. Accrued interest as of June 30, 2018 and 2017 was $172,826 and $144,745 respectively. This note and any associated discount and accrued interest will be converted to preferred stock, see Note 10 for additional detail on the equity conversion. As of June 30, 2018 the principal and interest related to this loan was written down by $66,599 and $35,887, respectively to accurately reflect the value of the conversion. The Company recognized a gain on settlement for these amounts in the current fiscal year. The Company has liabilities payable in the amount of $123,141 and $170,626 to shareholders and officers of the Company as of June 30, 2018 and 2017 respectively. The note bears interest at the rate of 15% per annum and was due on or before June 30, 2014. The outstanding balance, including accrued interest, may be converted into common shares of Banjo & Matilda, Inc. at a pre-determined rate. The Company has granted the Lenders a security interest in the intellectual property of the Borrower. The remaining loan balance has been in default. There was no penalty or interest rates increase due to the default. The accrued interest was $55,998 and $57,260 as of June 30, 2018 and 2017, respectively. This payable and any associated accrued interest will be converted to preferred stock, see Note 10 for additional detail on the equity conversion. As of June 30, 2018 the principal and interest related to this loan was written down by $47,485 and $21,594, respectively to accurately reflect the value of the conversion. The Company recognized a gain on settlement for these amounts in the current fiscal year. Scheduled principal payments on loans are as follows; Year ending June 30, Loan 1 Loan 2 Loan 3 Loan 4 Loan 5 Loan 6 Total 2018 $ 81,993 $ 26,870 $ 498,882 $ 116,583 $ 320,729 $ 123,141 $ 1,168,199 $ 81,993 $ 26,870 $ 498,882 $ 116,583 $ 320,729 $ 123,141 $ 1,168,199 Year ending June 30, Loan 1 Loan 2 Loan 3 Loan 4 Loan 5 Loan 6 Total 2017 $ 100,000 $ 36,500 $ 500,000 $ 60,125 $ 387,328 $ 170,626 $ 1,254,579 $ 100,000 $ 36,500 $ 500,000 $ 60,125 $ 387,328 $ 170,626 $ 1,254,579

COMMITMENTS

COMMITMENTS	12 Months Ended
	Jun. 30, 2018
COMMITMENTS
NOTE 7 - COMMITMENTS	The Company leases commercial space in Sydney, Australia that serves as its flagship as well as a retail store. We leased approximately 2,500 square feet of space pursuant to a three-year lease agreement which expired in October 2014. After expiration, the lease converted to a month-to-month basis. The annual rent for the premises is AUD $52,000 and the total lease expense in 2018 was $4,002. This lease was terminated in September 2017. The Company also leased space on an as needed basis in Santa Monica, California that served as its corporate headquarters. We utilized approximately 500 square feet of space pursuant to a month-to-month basis. This lease was terminated in June 2017. For the fiscal year ended June 30, 2018 and 2017 the aggregate rental expense was $4,002 and $49,859, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2018
INCOME TAXES
NOTE 8 - INCOME TAXES	Based on the available information and other factors, management believes it is more likely than not that the net deferred tax assets at, June 30, 2018 and June 30, 2017 will not be fully realizable. Accordingly, management has recorded a full valuation allowance against its net deferred tax assets at June 30, 2018 and June 30, 2017. At June 30, 2018 and June 30, 2017, the Company had federal net operating loss carry-forwards of approximately $5,593,000 and $4,755,000, respectively, expiring beginning in 2032. Deferred tax assets consist of the following components: June 30, 2018 June 30, 2017 Net loss carryforward $ 1,601,000 $ 1,425,000 Valuation allowance (1,601,000 ) (1,425,000 ) Total deferred tax assets $ - $ -

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Jun. 30, 2018
STOCKHOLDERS' DEFICIT
NOTE 9 - STOCKHOLDERS' EQUITY	Preferred Stock Pursuant to an Employment Agreement (the "Agreement") with the Chief Executive Officer on November 15, 2013, The Company issued 1,000,000 undesignated shares of Preferred Stock each having a par value of $0.00001. The preferred shares shall be entitled to 100 votes to every one share of common stock. The Preferred Shares shall only valid during the term of this Agreement. At the end of the Agreement, November 15, 2016, the shares shall be cancelled and returned to Treasury and the Executive shall have no preferential voting rights. If this Agreement is renewed the preferred shares remain with the Executives. Common Stock No changes to the common stock for the fiscal year ended June 30, 2018.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2018
SUBSEQUENT EVENTS
NOTE 10 - SUBSEQUENT EVENTS	Effective April 18, 2019, Banjo & Matilda, Inc and American Aviation Technologies LLC entered into an Exchange Agreement dated as of March 16, 2019 pursuant to which Banjo shall acquire 100% of the issued and outstanding membership units of AAT in exchange for the issuance of Banjo shares of its Series A Preferred Stock constituting 84.4% of the total voting power of Banjo capital stock to be outstanding upon closing, after giving effect to the consummation of concurrent debt settlement and other capital stock issuances but before the issuance of shares of capital stock for investor relations purposes. As a result of the Exchange Agreement, the Company will become a wholly owned subsidiary of Banjo. The Exchange Agreement is subject to the satisfaction of certain conditions as set forth in the Exchange Agreement. At Closing, two additional directors will be added, resulting in a total of 4 directors serving post-closing. The Company is a Florida limited liability company that is an aircraft design and development company dedicated to advancing aeronautical safety and performance through new and innovative concepts. During calendar year 2019 certain notes, loans, accrued interest, and related party loans will be converted to series A preferred shares. During the calendar year preferred shares will also be exchanged for accrued expenses. Certain loans and accrued expenses have been written up or down to the value exchanged according to settlement agreements with certain investors and debtors of the Company. An additional $39,179 of trade payables are converted and accrued in the current year. $620,225 of trade payables will be converted to 25,095 series A preferred shares, $569,991 of accrued interest will be converted to 29,314 series A preferred shares, $691,828 of loans payable will be converted to 59,869 series A preferred shares, $123,141 of loans from related parties will be converted to 11,917 series A preferred shares, $320,730 of convertible loans from related parties will be converted to 18,682 series A preferred shares and $70,883 of other convertible debt will be converted to 14,296 series A preferred shares. The shares will be converted at a par value of $0.00001.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Going Concern	The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate the continuation of the Company as a going concern. The Company reported an accumulated deficit of $6,123,109 as of June 30, 2018. The Company also incurred net losses of $838,381 for the year ended June 30, 2018, and had $4,076,487 in negative working capital. Sales have declined to $79,665 and gross profit has declined to $57,466 for the year ended June 30, 2018 To date, these losses and deficiencies have been financed principally through the loans from related parties and from third parties. In view of the matters described, there is substantial doubt as to the Company's ability to continue as a going concern without a significant infusion of capital. We anticipate that we will have to raise additional capital to fund operations over the next 12 months. To the extent that we are required to raise additional funds to acquire properties, and to cover costs of operations, we intend to do so through additional offerings of debt or equity securities. There are no commitments or arrangements for other offerings in place, no guaranties that any such financings would be forthcoming, or as to the terms of any such financings. Any future financing will involve substantial dilution to existing investors.
Basis of Presentation	The accompanying financial statements were prepared in conformity with generally accepted accounting principles in the United States of America ("US GAAP").
Principles of Consolidation	The consolidated financial statements include the accounts of Banjo & Matilda, Inc. ("Banjo" or "the Company") and its wholly owned subsidiaries Banjo & Matilda Pty Ltd. and Banjo & Matilda USA, Inc., collectively referred to as the Company. All material intercompany accounts, transactions and profits were eliminated in consolidation.
Exchange Gain (Loss)	During the fiscal years ended June 30, 2018 and 2017, the transactions of the Company were denominated in US Dollars. Some transactions were denominated in AUD and British pounds for the sales made outside US and for rent paid for the Australian store. Such transactions were converted to US$ on the date of transaction and the exchange gains or losses were recorded in the statement of operations. The exchange gains or losses were immaterial for the years ended June 30, 2018 and 2017.
Foreign Currency Translation and Comprehensive Income (Loss)	During the fiscal years ended June 30, 2018 and 2017, the transactions of the Company were denominated in US Dollars. All the transactions which were denominated in other currencies were converted to US$ on the date of settlement and the exchange gains and losses were recorded in the statement of operations. No change was recorded in the comprehensive income (loss).
Use of Estimates	The preparation of financial statements in conformity with US GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include collectability of accounts receivable, accounts payable, sales returns and recoverability of long-term assets.
Reportable Segment	The Company has one reportable segment. The Company's activities are interrelated and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based on analysis of financial products provided as a single global business.
Revenue Recognition	Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities.
Cost of Sales	Cost of sales consists primarily of inventory costs, as well as warehousing costs (including the cost of warehouse labor), and importation duties and charges.
Selling Expense	Selling expenses consist primarily of shipping and handling costs, relating to the delivery of products to customers, are classified as selling, general and administrative expenses. Selling expenses amounted to $3,686 and $112,822 for the fiscal years ended June 30, 2018 and 2017, respectively.
Operating Overhead Expense	Operating overhead expense consists primarily of payroll and benefit related costs, rent, depreciation and amortization, professional services, and meetings and travel.
Income Taxes	The Company utilizes Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that were included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with FASB ASC Topic 740. When tax returns are filed, it is likely 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 percent likely of being 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 sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. At June 30, 2018 and 2017, the Company had not taken any significant uncertain tax positions on its tax returns for periods ended June 30, 2018 and prior years or in computing its tax provision for 2017. Management has considered its tax positions and believes that all of the positions taken by the Company in its Federal and State tax returns are more likely than not to be sustained upon examination. The Company is subject to examination by U.S. Federal and State tax authorities from the period ended June 30, 2015 to the present, generally for three years after they are filed. The Company has been behind in filing its payroll tax returns and sales tax returns. The Company has recorded $3,519 as penalties and $27,478 as interest for the late payment of taxes for the year ended June 30, 2018.
Concentration of Credit Risk	Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company has a diversified customer base across many markets, predominantly Australia, United States of America, United Kingdom, Europe and the Middle East. The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring procedures. The Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited. In addition, Receivables that are factored through the Company's Receivable finance facility are guaranteed by the finance company that further mitigates Credit Risk.
Risks and Uncertainties	The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history, foreign currency exchange rates and the volatility of public markets.
Contingencies	Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company's management and legal counsel assess such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed.
Cash and Equivalents	Cash and equivalents include cash in hand and cash in demand deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. At June 30, 2018 and June 30, 2017, the Company had $0 and $4,491 in cash in Australia and in the United States. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts.
Allowance for Doubtful Accounts	The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. The allowance was written down during the fiscal year ended June 30, 2018. The allowances for doubtful accounts as of June 30, 2018 and June 30, 2017 are $0 and $135,956 respectively.
Inventory	Inventories are valued at the lower of cost (determined on a weighted average basis) or net realizable value. Management compares the cost of inventories with the market value and allowance is made to write down inventories to market value, if lower. During the fiscal year ended June 30, 2018 all inventory balances were written down or sold. As of June 30, 2018 and June 30, 2017, the Company had outstanding balances of Finished Goods Inventory of $0 and $18,443 respectively. As of June 30, 2018 and June 30, 2017, a reserve for Estimated Inventory Charges in the amount of $0 and $230 was established.
Property & Equipment	Property and equipment is stated at cost and depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. The estimated useful lives of our property and equipment are generally as follows: computer software developed or acquired for internal use, three to ten years; computer equipment, two to three years; buildings and improvements, five to fifteen years; leasehold improvements, two to ten years; and furniture and equipment, one to five years. As of June 30, 2018, and June 30, 2017, Property and Equipment consisted of the following: June 30 June 30 2018 2017 Property and equipment $ 29,456 $ 29,456 Accumulated depreciation (24,071 ) (21,927 ) $ 5,385 $ 7,529 Depreciation was $2,144 and $9,246 for the fiscal years ended June 30, 2018 and 2017, respectively.
Fair Value of Financial Instruments	For certain of the Company's financial instruments, including cash and equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. ASC Topic 820, "Fair Value Measurements and Disclosures," requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, "Financial Instruments," defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities from Equity," and ASC 815. As of June 30, 2018, and 2017, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet at fair value.
Earnings Per Share (EPS)	The Company utilize FASB ASC 260, “Earnings per Share.” Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods of operating loss for which no common share equivalents are included because their effect would be anti-dilutive. The following table sets for the computation of basic and diluted earnings per share for fiscal years ended June 30, 2018 and 2017: June 30, 2018 June 30, 2017 Basic and diluted Net loss $ (838,381 ) $ (1,066,746 ) Net loss per share Basic $ (0.01 ) $ (0.02 ) Weighted average number of shares outstanding: Basic and diluted 69,584,149 61,152,628
Recently Issued Accounting Pronouncements	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In January 2016, The FASB issued ASU No. 2016-01, Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update addresses a diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We adopted this ASU in 2016 and the implementation did not have a material impact on our financial position or consolidated statement of operations. In July 2017, the FASB issued ASU 2017-11, “Earnings Per Share (Topic 260) Distinguishing Liabilities from Equity (Topic 480) Derivatives and Hedging (Topic 815),” which addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 with early adoption permitted. The Company has elected for early adoption of this guidance during the fiscal year ended June 30, 2017 on our consolidated financial statement. In August 2017, the FASB issued guidance that eases certain documentation and assessment requirements of hedge effectiveness and modifies the accounting for components excluded from the assessment. Some of the modifications include the ineffectiveness of derivative gain/loss in highly effective cash flow hedge to be recorded in OCI, the change in fair value of derivative to be recorded in the same income statement line as hedged item, and additional disclosures required on the cumulative basis adjustment in fair value hedges and the effect of hedging on financial statement lines for components excluded from the assessment. The amendment also simplifies the application of hedge accounting in certain situations to permit new hedging strategies to be eligible for hedge accounting. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. Early adoption is permitted and the modified retrospective transition method should be applied. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.
Reclassification	Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flow.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
Summary of Plant and Equipment	June 30 June 30 2018 2017 Property and equipment $ 29,456 $ 29,456 Accumulated depreciation (24,071 ) (21,927 ) $ 5,385 $ 7,529
Computation of basic and diluted earnings per share	June 30, 2018 June 30, 2017 Basic and diluted Net loss $ (838,381 ) $ (1,066,746 ) Net loss per share Basic $ (0.01 ) $ (0.02 ) Weighted average number of shares outstanding: Basic and diluted 69,584,149 61,152,628

TRADE AND OTHER PAYABLES (Table

TRADE AND OTHER PAYABLES (Tables)	12 Months Ended
	Jun. 30, 2018
TRADE AND OTHER PAYABLES (Tables)
Trade and other payables	June 30, June 30, 2018 2017 Trade payable $ 564,896 $ 580,322 Officer compensation 221,196 122,225 Payroll payable 462,088 151,824 Payroll taxes 213,767 195,551 Employee benefits 98,264 95,314 Other liabilities 34,621 33,742 $ 1,594,832 $ 1,178,978

LOANS (Tables)

LOANS (Tables)	12 Months Ended
	Jun. 30, 2018
LOANS (Tables)
Scheduled principal payments on loans	Year ending June 30, Loan 1 Loan 2 Loan 3 Loan 4 Loan 5 Loan 6 Total 2018 $ 81,993 $ 26,870 $ 498,882 $ 116,583 $ 320,729 $ 123,141 $ 1,168,199 $ 81,993 $ 26,870 $ 498,882 $ 116,583 $ 320,729 $ 123,141 $ 1,168,199 Year ending June 30, Loan 1 Loan 2 Loan 3 Loan 4 Loan 5 Loan 6 Total 2017 $ 100,000 $ 36,500 $ 500,000 $ 60,125 $ 387,328 $ 170,626 $ 1,254,579 $ 100,000 $ 36,500 $ 500,000 $ 60,125 $ 387,328 $ 170,626 $ 1,254,579

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2018
INCOME TAXES (Tables)
Deferred tax assets	June 30, 2018 June 30, 2017 Net loss carryforward $ 1,601,000 $ 1,425,000 Valuation allowance (1,601,000 ) (1,425,000 ) Total deferred tax assets $ - $ -

BASIS OF PRESENTATION AND ORG_2

BASIS OF PRESENTATION AND ORGANIZATION (Details Narrative)	12 Months Ended
	Jun. 30, 2018
Banjo and Matilda, Inc. [Member]
State Country Name	Nevada
Date of Incorporation	Dec. 18, 2009
Banjo & Matilda Pty Ltd. [Member]
Date of Incorporation	May 27, 2009
State Country Name	Australia
Banjo & Matilda USA, Inc.[Member]
Date of Incorporation	Oct. 14, 2013
State Country Name	Delaware
Ownership Percentage	100.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
Property and equipment	$ 29,456	$ 29,456
Accumulated depreciation	(24,071)	(21,927)
Property, plant and equipment, net	$ 5,385	$ 7,529

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Basic and Diluted:
Net loss	$ (838,381)	$ (1,066,746)
Net loss per share
Basic	$ (0.01)	$ (0.02)
Weighted average number of shares outstanding:
Basic and diluted	69,584,149	61,152,628

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Penalties for late payment of taxes	$ 3,519
Negative working capital	(4,076,487)
Gross profit	57,466	436,560
Revenue	79,665	629,969
Interest on late payment of taxes	27,478
Cash and cash equivalents		4,491
Allowances for doubtful accounts	0	135,956
Inventory, finished goods	0	18,443
Reserve for estimated inventory charges	0	230
Depreciation	2,144	9,246
Accumulated deficit	(6,123,109)	(5,284,728)
Net loss	(838,381)	(1,066,746)
Selling, general and administrative expenses	$ 3,686	$ 112,822
Computer Software Developed [Member] | Minimum [Member]
Property and Equipment, Useful Life	3 years
Computer Software Developed [Member] | Maximum [Member]
Property and Equipment, Useful Life	10 years
Computer Equipment [Member] | Minimum [Member]
Property and Equipment, Useful Life	2 years
Computer Equipment [Member] | Maximum [Member]
Property and Equipment, Useful Life	3 years
Building And Improvements [Member] | Minimum [Member]
Property and Equipment, Useful Life	5 years
Building And Improvements [Member] | Maximum [Member]
Property and Equipment, Useful Life	15 years
Leasehold Improvements [Member] | Minimum [Member]
Property and Equipment, Useful Life	2 years
Leasehold Improvements [Member] | Maximum [Member]
Property and Equipment, Useful Life	10 years
Furniture And Equipment [Member] | Minimum [Member]
Property and Equipment, Useful Life	1 year
Furniture And Equipment [Member] | Maximum [Member]
Property and Equipment, Useful Life	5 years

TRADE RECEIVABLES (Details Narr

TRADE RECEIVABLES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
TRADE RECEIVABLES (Details Narrative)
Trade receivables payment terms	Trade receivables that are past their normal payment terms are overdue and once 60 days past due are considered delinquent. Minimum payment terms vary by product. The maximum payment terms are extended to no more than 90 days by the Company.
Allowances for doubtful accounts	$ 0	$ 135,956

TRADE AND OTHER PAYABLES (Detai

TRADE AND OTHER PAYABLES (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
TRADE AND OTHER PAYABLES (Details)
Trade payable	$ 564,896	$ 580,322
Officer compensation	221,196	122,225
Payroll payable	462,088	151,824
Payroll taxes	213,767	195,551
Employee benefits	98,264	95,314
Other liabilities	34,621	33,742
Trade and other payables	$ 1,594,832	$ 1,178,978

TRADE FINANCING (Details Narrat

TRADE FINANCING (Details Narrative)	Nov. 03, 2016USD ($)	Nov. 02, 2016USD ($)	Aug. 14, 2014USD ($)	Nov. 29, 2016USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018AUD ($)	Jun. 30, 2017USD ($)	Jan. 04, 2017USD ($)
Accrued interest					$ 708,701		$ 523,257
Consignment Agreement One [Member]
Accrued interest					28,007		15,123
Balance outstanding loan					$ 107,370		$ 107,370
Purchase price				$ 26,313
Purchase amount				21,928
Interest rate					12.00%	12.00%	12.00%
Difference between purchase amount and purchase price				4,385
Merchant Agreement [Member]
Accrued interest					$ 11,667		$ 4,667
Balance outstanding loan					17,981		17,981
Purchase price		$ 35,000
Purchase amount		$ 47,250
Excess of purchase amount over the purchase price, term		21 months
Financial agreement One [Member]
Accrued interest					58,593		39,062
Balance outstanding loan					128,468		128,468
Note Purchase Agreement [Member]
Accrued interest					14,253		5,301
Balance outstanding loan					56,193		57,958
Interest rate								22.00%
Written down debt interest					349
Written down debt principal					126
Agreement amount								$ 65,000
Purchase And Sale Agreement [Member]
Balance outstanding loan					$ 640		$ 2,601
Purchase price	$ 50,000
Purchase amount	$ 72,500
Interest rate					16.00%	16.00%	16.00%
Written down debt interest					$ 17,202
Written down debt principal					1,961
Settlement obligation					6,250
Excess of purchase amount over the purchase price, term	6 months
Payment for purchase and sale agreement	$ 72,500
Payment to lender, daily	$ 575
Financial agreement [Member]
Balance outstanding loan					$ 49,454		$ 53,210
Interest rate					20.95%	20.95%	20.95%
Settlement obligation						$ 165,523
Agreement amount						$ 150,000
Total maximum facility			$ 1,500,000
Sales invoiced			1,000,000
Purchase order financing			$ 500,000
Trade finance agreement description			Original term is for 12 months with automatic renewal for each consecutive period thereafter with interest at base rate floor of 3.25 plus 4.5%. In the event of default, an additional 7% interest is added.
Consignment Agreement [Member]
Purchase price				133,342
Purchase amount				114,888
Difference between purchase amount and purchase price				$ 18,454

LOANS (Details)

LOANS (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Loan payable	$ 1,168,199	$ 1,254,579
Loan 1 [Member]
Loan payable	81,993	100,000
Loan 2 [Member]
Loan payable	26,870	36,500
Loan 3 [Member]
Loan payable	498,882	500,000
Loan 4 [Member]
Loan payable	116,583	60,125
Loan 5 [Member]
Loan payable	320,729	387,328
Loan 6 [Member]
Loan payable	$ 123,141	$ 170,626

LOANS (Details Narrative)

LOANS (Details Narrative)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)shares	Jun. 30, 2018AUD ($)shares	Apr. 15, 2017USD ($)$ / sharesshares
Accrued interest		$ 708,701	$ 523,257
Common stock, shares issued | shares		69,584,149	69,584,149	69,584,149	2,227,700
Common stock shares issued in exchange of principle		$ 695	$ 695		$ 95,000
Common stock shares issued in exchange of accrued interest					$ 16,385
Common stock price per share | $ / shares					$ 0.05
Amortization of debt discount		$ 50,135	67,456
Volatility		123.00%
Risk free rate of return		1.26%
Expected term		5 years
Maturity date, description	one year to July 17, 2018
Interest expense		$ 82,575	90,000
Additional Convertible note debt			40,000
Loan from related parties		320,730	387,328
Interest expense		$ (269,938)	(293,214)
Convertible Notes Payable [Member]
Interest rate		6.00%
Additional Convertible note debt		$ 2,145
Related Party Payable [Member]
Accrued interest		172,826	144,745
Amortization of debt discount		$ 0	15,432
Interest rate		18.00%
Additional Convertible note debt		$ 80,909
Written down debt principal		66,599
Written down debt interest		35,887
Outstanding balance, Short-term loan arrangement		320,729	387,328
Loan from related parties		123,141	170,626
Interest expense		$ 63,967	85,212
Related Party Payable [Member] | Minimum [Member]
Interest rate		6.00%
Related Party Payable [Member] | Maximum [Member]
Interest rate		15.00%
Related Party Payable [Member] | Convertible Note [Member]
Outstanding balance, Short-term loan arrangement				$ 370,000
Related Party Payable [Member] | Lender [Member]
Accrued interest		$ 55,998	57,260
Written down debt principal		47,485
Written down debt interest		21,594
In December 2013 [Member]
Accrued interest		173,939	171,204
Interest expense		45,484	45,318
Written down debt principal		20,152
Written down debt interest		42,749
Outstanding balance, Short-term loan arrangement		81,993	100,000
Note require interest payment		5,000
Interest chargeable amount per day		166
Short-term loan arrangement, Amount		100,000
On February 5, 2016 [Member]
Accrued interest		$ 141,671	59,096
Common stock price per share | $ / shares		$ 0.02
Interest rate		15.00%
Loan from related parties		$ 170,626
Note discount		$ 115,274
Common stock warrant purchase | shares		6,000,000		6,000,000
New warrants granted | shares			6,000,000
Price of warrants granted | $ / shares		$ 0.05
Number of shares purchase | shares		2,000,000		2,000,000
Additional value of warrants		$ 41,467
From August 2016 to February 2017[Member]
Accrued interest		$ 5,892	$ 2,096
Interest rate		6.00%
Outstanding balance, Short-term loan arrangement		$ 70,883	60,125
Principal debt increase		$ 10,758
Additional loan agreemensts description		The Company entered additional convertible loan agreements for $31,700 on June 22, 2018 and $14,000 on May 17, 2018 under the same terms and 6% interest per annum rate
Interest debt		$ 894
Lender aggregating amount		60,125
From May 2014 to June 2017 [Member]
Accrued interest		$ 5,413	2,209
Interest rate		6.00%
Written down debt principal		$ 9,630
Written down debt interest		1,940
Outstanding balance, Short-term loan arrangement		26,870	36,500
Lender aggregating amount		162,500
In June 2015 [Member]
Accrued interest		$ 141,671	59,096
Common stock price per share | $ / shares		$ 0.08
Interest rate		18.00%
Written down debt principal		$ 1,118
Outstanding balance, Short-term loan arrangement		$ 498,882	500,000
Common stock warrant purchase | shares		6,000,000		6,000,000
Deferred interest on loan		$ 0	$ 15,702
Promissory note payable		$ 500,000
In April 2016 [Member]
Interest principal payment weekly				$ 9,929

COMMITMENTS (Details Narrative)

COMMITMENTS (Details Narrative)	6 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018AUD ($)	Jun. 30, 2017USD ($)
COMMITMENTS (Details Narrative)
Annual lease rent			$ 52,000
Rent expense		$ 4,002		$ 49,859
Lease expiration date		Oct. 31, 2014	Oct. 31, 2014
Term of lease		3 years	3 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
INCOME TAXES (Details)
Net loss carryforward	$ 1,601,000	$ 1,425,000
Valuation allowance	(1,601,000)	(1,425,000)
Total deferred tax assets

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
INCOME TAXES (Details Narrative)
Net operating loss carry-forwards	$ 5,593,000	$ 4,755,000
Expiry year	2032

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative) - $ / shares	1 Months Ended
	Nov. 15, 2013	Jun. 30, 2018	Jun. 30, 2017
Preferred stock, shares issued		1,000,000	1,000,000
Preferred stock par value		$ 0.00001	$ 0.00001
Chief Executive Officer [Member]
Preferred stock, shares issued	1,000,000
Preferred stock par value	$ 0.00001
Preferred stock voting description	The preferred shares shall be entitled to 100 votes to every one share of common stock

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2018	Apr. 18, 2019	Jun. 30, 2017
Preferred stock par value	$ 0.00001		$ 0.00001
Series A Preferred Stock [Member]
Convertible Debt instrument shares	25,095
Convertible Debt instrument, amount	$ 620,225
Preferred stock par value	$ 0.00001		0.00001
Convertible debt instrument	$ 39,179
Series A Preferred Stock [Member] | Related Party [Member]
Convertible Debt instrument shares	11,917
Convertible Debt instrument, amount	$ 123,141
Preferred stock par value	$ 0.00001		0.00001
Series A Preferred Stock [Member] | Loan Payable [Member]
Convertible Debt instrument shares	59,869
Convertible Debt instrument, amount	$ 691,828
Preferred stock par value	$ 0.00001		0.00001
Series A Preferred Stock [Member] | Accrued Interest [Member]
Convertible Debt instrument shares	29,314
Preferred stock par value	$ 0.00001		0.00001
Accrued interest convertible	$ 569,991
Series A Preferred Stock [Member] | Other Convertible Debt [Member]
Convertible Debt instrument shares	14,296
Convertible Debt instrument, amount	$ 70,883
Preferred stock par value	$ 0.00001		0.00001
Convertible Loans [Member] | Series A Preferred Stock [Member]
Convertible Debt instrument shares	18,682
Convertible Debt instrument, amount	$ 320,730
Preferred stock par value	$ 0.00001		$ 0.00001
Subsequent Event [Member] | Exchange Agreement [Member] | American Aviation Technologies LLC [Member]
Ownership percentage		100.00%
Percentage of preferred stock issuable to acquire ownership interest		84.40%