Xeriant (XERI) 10-Q27 Feb 202019 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Feb. 23, 2020
Document And Entity Information
Entity Registrant Name	Banjo & Matilda, Inc.
Entity Central Index Key	0001481504
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	No
Document Period End Date	Sep. 30, 2018
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Entity Common Stock Shares Outstanding		69,584,149
EntityFileNumber	000-54277
EntityAddressAddressLine1	3998 FAU Boulevard
EntityAddressAddressLine2	Suite 309
EntityAddressPostalZipCode	33431
EntityTaxIdentificationNumber	271519178
EntityAddressCityOrTown	Boca Raton
LocalPhoneNumber	4919595
CityAreaCode	561
EntityAddressStateOrProvince	FLORIDA

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2018	Jun. 30, 2018
CURRENT ASSETS
Prepaids		$ 18,500
Assets of discontinued operations	12,063	5,385
TOTAL CURRENT ASSETS	12,063	23,885
TOTAL ASSETS	12,063	23,885
CURRENT LIABILITIES
Trade and other payables	597,357	559,759
Settlement Payable	250,000	250,000
Trade financing	56,197	56,197
Accrued interest	388,620	339,059
Accrued interest, related parties	251,107	228,823
Loans payable, net of discount and deferred interest	580,875	580,875
Convertible notes payable	150,331	143,453
Convertible loans from related parties	443,871	443,871
Liabilities of discontinued operations	1,498,990	1,492,950
TOTAL CURRENT LIABILITIES	4,217,348	4,094,987
TOTAL LIABILITIES	4,217,348	4,094,987
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 income	100,007	100,007
Accumulated deficit	(6,257,292)	(6,123,109)
TOTAL STOCKHOLDERS' DEFICIT	(4,205,285)	(4,071,102)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 12,063	$ 23,885

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Jun. 30, 2018
STOCKHOLDERS' DEFICIT
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
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating expenses
Payroll and employee related expenses	$ 33,750	$ 74,171
Operating expense	3,800
Corporate and public company expense	22,348	17,250
Total operating expenses	59,898	91,421
Loss from operations	(59,898)	(91,421)
Other income (expense):
Interest expense, related parties	(22,283)
Interest expense	(46,672)	(75,346)
Total other income (expense)	(68,955)	(75,346)
Loss from continuing operations	(128,853)	(166,767)
Discontinued operations:
Loss from operations of discontinued operations	(5,330)	(64,926)
Net loss	$ (134,183)	$ (231,693)
Basic diluted earnings per share on net loss
Continuing operations	$ 0	$ 0
Discontinued operations	0	0
Basic diluted earnings per share on net loss	$ 0	$ 0
Weighted average shares outstanding	69,584,149	69,584,149

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Comprehensive Income [Member]	Accumulated Deficit [Member]
Balance, shares at Jun. 30, 2017		1,000,000	69,584,149
Balance, amount at Jun. 30, 2017	$ (3,232,721)	$ 10	$ 695	$ 1,951,295	$ 100,007	$ (5,284,728)
Net Income (Loss)	$ (231,693)					$ (231,693)
Balance, shares at Sep. 30, 2017		1,000,000	69,584,149
Balance, amount at Sep. 30, 2017	$ (3,464,414)	$ 10	$ 695	$ 1,951,295	$ 100,007	$ (5,516,421)
Balance, shares at Jun. 30, 2018		1,000,000	69,584,149
Balance, amount at Jun. 30, 2018	$ (4,071,102)	$ 10	$ 695	$ 1,951,295	$ 100,007	$ (6,123,109)
Net Income (Loss)	$ (134,183)					$ (134,183)
Balance, shares at Sep. 30, 2018		1,000,000	69,584,149
Balance, amount at Sep. 30, 2018	$ (4,205,285)	$ 10	$ 695	$ 1,951,295	$ 100,007	$ (6,257,292)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows from Operating Activities
Net Loss	$ (134,183)	$ (231,693)
Adjustments to reconcile net loss to net cash (used by) provided by operating activities:
Debt discount amortization		12,534
Amortization of deferred finance fees		3,926
Changes in operating assets & liabilities
Prepaid expenses	18,500
Assets of discontinued operations	(6,678)	17,533
Trade payables and other liabilities	37,598	36,262
Accrued interest, related parties	49,561
Accrued interest	22,284	75,824
Liabilities of discontinued operations	6,040	91,885
Net cash provided by (used in) operating activities	(6,878)	6,271
Cash Flows from Financing Activities
Net trade financing	6,878	(3,437)
Net cash provided by (used in) financing activities	6,878	(3,437)
Increase in Cash		2,834
Cash at beginning of period		4,491
Cash at end of period		7,325
Supplemental Cash Flow Information
Cash paid for interest
Cash paid for income taxes

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	3 Months Ended
ORGANIZATION AND NATURE OF BUSINESS	Sep. 30, 2018
ORGANIZATION AND NATURE OF BUSINESS
NOTE 1- ORGANIZATION AND NATURE OF BUSINESS	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. (the “Parent”). 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, as a subsidiary, 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. In June of 2017, Banjo & Matilda, Inc. began to seek out companies to acquire as additional subsidiaries to expand its business lines, and generate more revenue and profit. On September 20, 2017, Banjo & Matilda, Inc. entered into a Memorandum of Understanding with Spectrum King, LLC. On March 19, 2018, Banjo & Matilda, Inc. entered into a Share Exchange Agreement with Spectrum King, LLC, however this transaction did not close. On April 16, 2019, Banjo & Matilda, Inc. entered into a Share Exchange Agreement with American Aviation Technologies, LLC On June 28, 2019, Banjo & Matilda, Inc. spun out two wholly-owned subsidiaries: Banjo & Matilda (USA), Inc. and Banjo & Matilda Australia Pty LTD. On September 30, 2019, the acquisition of American Aviation Technologies, LLC closed and it became a wholly-owned subsidiary of Banjo & Matilda, Inc.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Going Concern The Company’s financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. At September 30, 2018 and June 30, 2018, the Company had no cash and $4,210,348 and $4,076,487 in negative working capital, respectively. For the three months ended September 30, 2018 and 2017, the Company had a net loss of $134,183 and $231,693, respectively. 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 condensed consolidated unaudited 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. These financial statements should be read in conjunction with the company’s latest annual financial statements. Exchange Gain (Loss) During the three-month periods ended September 30, 2018 and 2017, the transactions of the Company were denominated in US Dollars. Foreign Currency Translation and Comprehensive Income (Loss) During the three-month periods ended September 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 dollars 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 inter-related 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 a customer obtains control of promised goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. 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 $0 and $7,047 for three months ended September 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 operations. At June 30, 2018, 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 2016. 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, 2014 to the present, generally for three years after they are filed. 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 September 30, 2018 and June 30, 2018, the Company had $0 and $0 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. Property, Plant & 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. Property and equipment is categorized under assets of discontinued operations in the balance sheet. Additionally, depreciation expense would be included under loss from operations of discontinued operations in the statement of operations. 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 Level 2 Level 3 The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. 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 the three-month periods ended September 30, 2018 and 2017: Three-month periods ended September 30, September 30, 2018 2017 Basic and diluted Loss from continuing operations $ (128,853 ) $ (166,767 ) Loss from operations of discontinued operations (5,330 ) (64,926 ) Net loss $ (134,183 ) $ (231,693 ) Net loss per share (basic and diluted) Continuing operations $ (0.00 ) $ (0.00 ) Discontinued operations (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Weighted average number of shares outstanding: Basic and diluted 69,584,149 69,584,149 Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, issued as a new Topic, ASC Topic 606. The new revenue recognition standard supersedes all existing revenue recognition guidance. Under this ASU, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14, issued in August 2015, deferred the effective date of ASU 2014-09 to the first quarter of 2018, with early adoption permitted in the first quarter of 2017. 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. On June 20, 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. 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.

EXCHANGE AGREEMENT

EXCHANGE AGREEMENT	3 Months Ended
EXCHANGE AGREEMENT	Sep. 30, 2018
EXCHANGE AGREEMENT
NOTE 3 - EXCHANGE AGREEMENT	On April 16, 2019, Banjo & Matilda, Inc and American Aviation Technologies LLC (“AAT”) 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, AAT will become a wholly owned subsidiary of the Company. 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. AAT 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. Upon the effective closing date, certain notes, loans, accrued interest, and related party loans will be converted to series A preferred shares. Additional preferred shares will also be exchanged for accrued expenses. Certain loans and accrued expenses were written up or down during the year ended June 30, 2018 to the value exchanged according to settlement agreements with certain investors and debtors of the Company. An additional $39,179 of trade payables was converted and accrued during the year ended June 30, 2018. $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.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
DISCONTINUED OPERATIONS	Sep. 30, 2018
Discontinued operations:
NOTE 4 - DISCONTINUED OPERATIONS	On June 28, 2019, the Company entered into a Spin Out Agreement with WNPAU Pty Ltd. (“WNPAU”), owned by the Company’s former CEO Brendan MacPherson, pursuant to which the Company agreed to sell and assign to WNPAU all the assets of the Company’s two subsidiaries: Banjo & Matilda (USA), Inc. and Banjo & Matilda Australia Pty LTD in exchange for the assumption of the liabilities of the Company’s two subsidiaries: Banjo & Matilda (USA), Inc. and Banjo & Matilda Australia Pty LTD. The operating results for Banjo & Matilda (USA), Inc. and Banjo & Matilda Australia Pty LTD have been presented in the accompanying consolidated statement of operations for the three months ended September 30, 2018 and 2017 as discontinued operations and are summarized below: Three Months Ended September 30, 2018 2017 Revenue $ — $ 79,779 Cost of revenue — 19,699 Gross Profit — 60,080 Operating expenses 9,178 100,239 Loss from operations (9,178 ) (40,159 ) Other income (expenses) 3,848 (24,767 ) $ (5,330 ) $ (64,926 ) The assets and liabilities of the discontinued operations at September 30, 2018 and June 30, 2018 are summarized below: September 30, June 30, 2018 2018 Prepaids $ 7,000 $ - Property and equipment, net 5,063 5,385 Total assets $ 12,063 $ 5,385 Cash overdraft $ 7,023 $ 6,563 Trade and other payables 1,032,970 1,035,072 Deposit payable 4,622 4,622 Trade financing 305,874 305,874 Accrued interest 148,501 140,819 Total liabilities $ 1,498,990 $ 1,492,950 PROPERTY AND EQUIPMENT As of September 30, 2018 and June 30, 2018, Property, Plant and Equipment consisted of the following: September 30, June 30, 2018 2018 Property, plant and equipment $ 30,081 $ 30,081 Accumulated depreciation (25,018 ) (24,696 ) $ 5,063 $ 5,385 Depreciation was $322 and $554 for the three months ended September 30, 2018 and 2017, respectively. TRADE AND OTHER PAYABLES As of September 30, 2018 and June 30, 2018, trade and other payable are comprised of the following: September 30, June 30, 2018 2018 Trade payable $ 446,291 $ 446,427 Payroll payable 241,994 241,994 Payroll taxes 218,815 219,19 Employee benefits 92,589 92,837 Other liabilities 33,281 34,619 $ 1,032,970 $ 1,035,072 TRADE FINANCING As of September 30, 2018 and June 30, 2018, trade financing is comprised of the following: September 30, June 30, 2018 2018 Trade Financing - January 7, 2013 $ 49,454 $ 49,454 Trade Financing - August 14, 2014 128,468 128,468 Trade Financing - November 2, 2016 17,981 17,981 Trade Financing - November 3, 2016 2,601 2,601 Trade Financing - November 29, 2016 107,370 107,370 $ 305,874 $ 305,874 Trade Financing – January 7, 2013 On January 7, 2013, the Company entered into a trade financing agreement with a financial institution in Australia with a maximum limit of AUD $200,000 at an interest rate of 20.95% per annum. Upon default of the loan, the Company reached a settlement with its obligation with the entity in the amount of AUD $165,523. Per the settlement, the amount was to be paid through application of its Export Market Development Grant and up to 25% of the Company’s store sales in Australia. As of September 30, 2018, and June 30, 2018, the Company had an outstanding balance of USD $49,454. Trade Financing – August 14, 2014 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 was 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 September 30, 2018, and June 30, 2018, the Company had an outstanding balance of $128,468. The Company renewed the loan term indefinitely until full settlement occurs. As of September 30, 2018, and June 30, 2018, the Company had an accrued interest balance of $63,476 and $58,493, respectively. For the three months ended September 30, 2018 and 2017, the Company recorded interest expense in the amount of $4,883 and $4,883, respectively. Trade Financing – November 2, 2016 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 amortized 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 Merchant holds a security interest in all accounts and proceeds. As of September 30, 2018, and June 30, 2018, the balance owed to the lender amounted to $17,981 and accrued interest of $13,416 and $11,667, respectively. The term has been extended indefinitely until full settlement occurs without penalty. For the three months ended September 30, 2018 and 2017, the Company recorded interest expense in the amount of $1,749 and $1,749, respectively. Trade Financing – November 3, 2016 On November 3, 2016, the Company entered into a payment rights purchase and sale agreement for $72,500 which was due in April 2017. The financing had a purchase price of $50,000 with the purchased amount of $72,500. The Company amortized the excess of the purchased amount over purchase price, over the term of the financing of six months. The Company was required to make daily payments of $575.40 to the lender. As of September 30, 2018, and June 30, 2018, the loan balance owed to the lender of $2,601 is in default. The loan has been charged an interest rate of 16% per annum while in default. During the three months ended September 30, 2018 and 2017, the Company recorded interest expense in the amount of $104 and $312, respectively. As of September 30, 2018 and June 30, 2018, the balance of accrued interest was $5,714 and $5,610, respectively. Trade Financing – November 29, 2016 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 year 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 was amortized over the period of financing. As of September 30, 2018, and June 30, 2018, balance outstanding was $107,370, with $31,219 and $28,007 in accrued interest, respectively. As of September 30, 2018, the loan was in default and charged an interest rate of 12% per annum. During the three months ended September 30, 2018 and 2017, the Company recorded interest expense in the amount of $3,212 and $4,613, respectively.

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES	3 Months Ended
TRADE AND OTHER PAYABLES	Sep. 30, 2018
TRADE AND OTHER PAYABLES
NOTE 5 - TRADE AND OTHER PAYABLES	As of September 30, 2018 and June 30, 2018, trade and other payable are comprised of the following: September 30, June 30, 2018 2018 Trade payable $ 122,317 $ 118,469 Officer compensation 254,946 221,196 Payroll payable 220,094 220,094 $ 597,357 $ 559,759

TRADE FINANCING

TRADE FINANCING	3 Months Ended
TRADE FINANCING	Sep. 30, 2018
TRADE FINANCING
NOTE 6 - TRADE FINANCING	January 4, 2017 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 18%. As of September 30, 2018, and June 30, 2018, the outstanding loan balance was $56,194 and accrued interest was $17,335 and $14,253, respectively. As of July 18, 2018, the loan maturity date has been extended until full settlement occurs without penalty. Effective with the AAT merger closing described in Note 3, the note holder has agreed to convert all outstanding principal and interest into 3,418,889 shares of common stock effected for the post-reverse split. 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.

LOANS PAYABLE

LOANS PAYABLE	3 Months Ended
LOANS PAYABLE	Sep. 30, 2018
LOANS PAYABLE
NOTE 7 - LOANS PAYABLE	As of September 30, 2018 and June 30, 2018, loans payable is comprised of the following: September 30, June 30, 2018 2018 Loan Payable - December 2013 $ 81,993 $ 81,993 Loan Payable - June 2015 498,882 498,882 $ 580,875 $ 580,875 Loan Payable - December 2013 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. The outstanding principal balance as of September 30, 2018 and June 30, 2018 was $81,994. As of September 30, 2018 and June 30, 2018, the accrued interest balance was $189,045 and $173,939, respectively. During the three months ended September 30, 2018 and 2017, the Company recorded interest expense in the amount of $15,106 and $15,272, respectively. Effective with the AAT merger closing described in Note 3, the note holder has agreed to convert all outstanding principal and interest into 200,358 shares of effected for the post-reverse split. 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. Loan Payable – June 2015 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 September 30, 2018 and June 30, 2018 was $498,882. As of September 30, 2018 and June 30, 2018, the accrued interest balance was $169,034 and $141,671, respectively. During the three months ended September 30, 2018 and 2017, the Company recorded interest expense in the amount of $27,363 and $27,726, respectively. Effective with the AAT merger closing described in Note 3, the note holder has agreed to convert all outstanding principal and interest into 31,086,911 shares of common stock effected for the post-reverse split. As of June 30, 2018, the principal was written down by $1,118 to accurately reflect the value of the conversion.

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	3 Months Ended
CONVERTIBLE NOTES PAYABLE	Sep. 30, 2018
CONVERTIBLE NOTES PAYABLE
NOTE 8 - CONVERTIBLE NOTES PAYABLE	As of September 30, 2018 and June 30, 2018, convertible notes payable is comprised of the following: September 30, June 30, 2018 2018 Convertible Notes Payable - August 2014 to September 2018 $ 66,206 $ 58,570 Convertible Notes Payable - August 2016 to June 2018 84,125 84,884 $ 150,331 $ 143,454 Convertible Notes Payable - August 2014 to September 2018 From August 2014 to September 2018, the Company entered into the following convertible loan agreements with a lender: Issuance Date Face Value Interest Rate Term Conversion Terms August 9, 2014 $ 19,000 6 % Six Months 20% Discount to Market December 12, 2014 7,500 6 % Six Months 30% Discount to Market June 22, 2018 31,700 6 % Six Months Fixed Price of .01 Per Share September 20, 2018 8,006 6 % Six Months Fixed Price of .01 Per Share $ 66,206 Accounting Considerations The Company evaluated the agreements under ASC 815 Derivatives and Hedging The outstanding balance as of September 30, 2018 and June 30, 2018 was $66,206 and $58,570, respectively. The accrued interest balance was $6,403 and $5,413 as of September 30, 2018 and June 30, 2018, respectively. During the three months ended September 30, 2018 and 2017, the Company recorded interest expense in the amount of $990 and $552, respectively. 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. Convertible Notes Payable – October 2015 to May 2018 Issuance Date Face Value Interest Rate Term Conversion Terms October 28, 2015 $ 10,000 6 % Six Months 20% Discount to Market; floor of .03 per share August 12, 2016 23,000 6 % Six Months Fixed Price of .03 Per Share January 2, 2017 15,000 6 % Six Months Fixed Price of .03 Per Share February 9, 2017 22,125 6 % Six Months Fixed Price of .03 Per Share May 18, 2018 14,000 6 % Six Months 20% Discount to Market $ 84,125 Accounting Considerations The Company evaluated the agreements under ASC 815 Derivatives and Hedging There were no penalty or interest rate increase due to the default of the loans. The outstanding balance as of September 30, 2018 and June 30, 2018 was $84,124 and $84,884, respectively. The accrued interest was $7,151 and $5,892 as of September 30, 2018 and June 30, 2018, respectively. During the three months ended September 30, 2018 and 2017, the Company recorded interest expense in the amount of $1,744 and $2,096, respectively. 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.

CONVERTIBLE NOTES PAYABLE FROM

CONVERTIBLE NOTES PAYABLE FROM RELATED PARTIES	3 Months Ended
CONVERTIBLE NOTES PAYABLE FROM RELATED PARTIES	Sep. 30, 2018
CONVERTIBLE NOTES PAYABLE FROM RELATED PARTIES
NOTE 9 - CONVERTIBLE NOTES PAYABLE FROM RELATED PARTIES	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 AUD 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. Principal 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 September 30, 2018 and June 30, 2018 was USD $320,730. The interest rate increased from 18% per annum to 22% per annum due to the loan default as of April 30, 2017. 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 September 30, 2018 and June 30, 2018. During the three months ended September 30, 2018 and 2017, the Company recorded interest expense in the amount of $17,592 and $21,478, respectively. Accrued interest as of September 30, 2018 and June 30, 2018 was $190,417 and $172,826 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 has loans payable in the amount of $123,141 to shareholders and officers of the Company as of September 30, 2018 and June 30, 2018. 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 discount of 10% to last 30 days average share priced 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. Accounting Considerations The Company evaluated the agreements under ASC 815 Derivatives and Hedging The accrued interest was $60,689 and $55,998 as of September 30, 2018 and June 30, 2018, respectively. During the three months ended September 30, 2018 and 2017, the Company recorded interest expense in the amount of $4,691 and $6,573, respectively. 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.

SETTLEMENT PAYABLE

SETTLEMENT PAYABLE	3 Months Ended
SETTLEMENT PAYABLE	Sep. 30, 2018
SETTLEMENT PAYABLE
NOTE 10 - SETTLEMENT 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.

COMMITMENTS

COMMITMENTS	3 Months Ended
COMMITMENTS	Sep. 30, 2018
COMMITMENTS
NOTE 11 - COMMITMENTS	The Company leased commercial space in Sydney, Australia that served 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 was AUD $52,000 and the total lease expense for three months ended September 30, 2018 and 2017 was $0 and $6,348, respectively. This lease was terminated in September 2017.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2018
STOCKHOLDERS' DEFICIT
NOTE 12 - 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. Effective with the Spin Out Agreement (See Note 13), the 1,000,000 shares of preferred stock were returned to the Company. Common Stock There have been no changes to the common stock for the three months ended September 30, 2018. The number of shares outstanding at September 30, 2018 and June 30, 2018 was $68,584,149. The balance of Common Stock at September 30, 2018 and June 30, 2018 was $695.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2018
SUBSEQUENT EVENTS
NOTE 13 - SUBSEQUENT EVENTS	Convertible Note Agreement The company entered into a convertible note payable with a noteholder in the amount of $9,000 on May 1, 2019 and matures six months from the inception date. Interest rate on this note is 6% and is payable upon maturity or conversion. The noteholder may convert the note to shares of the company’s common stock at a price no less than $.0033333 a share. Spin Out Agreement Effective June 28, 2019, the Company entered into a Spin Out Agreement with WNPAU Pty Ltd. (“WNPAU”) which is owned by the Company’s former CEO Brendan MacPherson. In connection with the agreement, WNPAU agreed to assume all the assets and liabilities of the Company’s two subsidiaries: Banjo & Matilda (USA), Inc. and Banjo & Matilda Australia Pty LTD in exchange for the return of 1,000,000 shares of Preferred Stock held by Brendan MacPherson and $135,000 of accrued compensation owed to Brendan MacPherson. Convertible Note Agreement The company entered into a convertible note payable with a noteholder in the amount of $14,500 on July 16, 2019 and matures six months from the inception date. Interest rate on this note is 6% and is payable upon maturity or conversion. The noteholder may convert the note to shares of the company’s common stock at a price no less than $.0033333 a share. Convertible Note Agreement The company entered into a convertible note payable with a noteholder in the amount of $10,000 on September 24, 2019 and matures six months from the inception date. Interest rate on this note is 6% and is payable upon maturity or conversion. The noteholder may convert the note to shares of the company’s common stock at a price no less than $.0033333 a share. Merger Agreement On September 30, 2019 the Share Exchange Agreement between AAT and the Company, whereby the Company agreed to acquire all of the membership units of AAT with AAT becoming a wholly owned subsidiary of the Company was considered effective. Note Conversions On September 30, 2019 a noteholder converted $84,125 in principal and $13,740 into 29,360 Series A Preferred Stock in accordance with a settlement agreement reached on March 19, 2018. On September 30, 2019 a noteholder converted $127,690 in principal and $12,734 into 42,128 Series A Preferred Stock in accordance with a settlement agreement reached on March 19, 2018.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Going Concern	The Company’s financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. At September 30, 2018 and June 30, 2018, the Company had no cash and $4,210,348 and $4,076,487 in negative working capital, respectively. For the three months ended September 30, 2018 and 2017, the Company had a net loss of $134,183 and $231,693, respectively. 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 condensed consolidated unaudited 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. These financial statements should be read in conjunction with the company’s latest annual financial statements.
Exchange Gain (Loss)	During the three-month periods ended September 30, 2018 and 2017, the transactions of the Company were denominated in US Dollars.
Foreign Currency Translation and Comprehensive Income (Loss)	During the three-month periods ended September 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 dollars 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 inter-related 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 a customer obtains control of promised goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery.
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 $0 and $7,047 for three months ended September 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 operations. At June 30, 2018, 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 2016. 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, 2014 to the present, generally for three years after they are filed.
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 September 30, 2018 and June 30, 2018, the Company had $0 and $0 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.
Property, Plant & 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. Property and equipment is categorized under assets of discontinued operations in the balance sheet. Additionally, depreciation expense would be included under loss from operations of discontinued operations in the statement of operations.
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 Level 2 Level 3 The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815.
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 the three-month periods ended September 30, 2018 and 2017: Three-month periods ended September 30, September 30, 2018 2017 Basic and diluted Loss from continuing operations $ (128,853 ) $ (166,767 ) Loss from operations of discontinued operations (5,330 ) (64,926 ) Net loss $ (134,183 ) $ (231,693 ) Net loss per share (basic and diluted) Continuing operations $ (0.00 ) $ (0.00 ) Discontinued operations (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Weighted average number of shares outstanding: Basic and diluted 69,584,149 69,584,149
Recently Issued Accounting Pronouncements	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, issued as a new Topic, ASC Topic 606. The new revenue recognition standard supersedes all existing revenue recognition guidance. Under this ASU, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14, issued in August 2015, deferred the effective date of ASU 2014-09 to the first quarter of 2018, with early adoption permitted in the first quarter of 2017. 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. On June 20, 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
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)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Computation of basic and diluted earnings per share	Three-month periods ended September 30, September 30, 2018 2017 Basic and diluted Loss from continuing operations $ (128,853 ) $ (166,767 ) Loss from operations of discontinued operations (5,330 ) (64,926 ) Net loss $ (134,183 ) $ (231,693 ) Net loss per share (basic and diluted) Continuing operations $ (0.00 ) $ (0.00 ) Discontinued operations (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Weighted average number of shares outstanding: Basic and diluted 69,584,149 69,584,149

DISCONTINUED OPERATIONS (Table)

DISCONTINUED OPERATIONS (Table)	3 Months Ended
DISCONTINUED OPERATIONS (Table)	Sep. 30, 2018
DISCONTINUED OPERATIONS (Table)
Schedule of Discontinued operations	Three Months Ended September 30, 2018 2017 Revenue $ — $ 79,779 Cost of revenue — 19,699 Gross Profit — 60,080 Operating expenses 9,178 100,239 Loss from operations (9,178 ) (40,159 ) Other income (expenses) 3,848 (24,767 ) $ (5,330 ) $ (64,926 )
Assets and liabilities of the discontinued operations	September 30, June 30, 2018 2018 Prepaids $ 7,000 $ - Property and equipment, net 5,063 5,385 Total assets $ 12,063 $ 5,385 Cash overdraft $ 7,023 $ 6,563 Trade and other payables 1,032,970 1,035,072 Deposit payable 4,622 4,622 Trade financing 305,874 305,874 Accrued interest 148,501 140,819 Total liabilities $ 1,498,990 $ 1,492,950
Schedule of property and equipment	September 30, June 30, 2018 2018 Property, plant and equipment $ 30,081 $ 30,081 Accumulated depreciation (25,018 ) (24,696 ) $ 5,063 $ 5,385
Schedule of trade and other payables	September 30, June 30, 2018 2018 Trade payable $ 446,291 $ 446,427 Payroll payable 241,994 241,994 Payroll taxes 218,815 219,19 Employee benefits 92,589 92,837 Other liabilities 33,281 34,619 $ 1,032,970 $ 1,035,072
Schedule of trade financing	September 30, June 30, 2018 2018 Trade Financing - January 7, 2013 $ 49,454 $ 49,454 Trade Financing - August 14, 2014 128,468 128,468 Trade Financing - November 2, 2016 17,981 17,981 Trade Financing - November 3, 2016 2,601 2,601 Trade Financing - November 29, 2016 107,370 107,370 $ 305,874 $ 305,874

TRADE AND OTHER PAYABLES (Table

TRADE AND OTHER PAYABLES (Tables)	3 Months Ended
TRADE AND OTHER PAYABLES (Tables)	Sep. 30, 2018
TRADE AND OTHER PAYABLES (Tables)
Schedule of Trade and Other payables	September 30, June 30, 2018 2018 Trade payable $ 122,317 $ 118,469 Officer compensation 254,946 221,196 Payroll payable 220,094 220,094 $ 597,357 $ 559,759

LOANS PAYABLE (Table)

LOANS PAYABLE (Table)	3 Months Ended
LOANS PAYABLE (Table)	Sep. 30, 2018
LOANS PAYABLE
LOANS PAYABLE	September 30, June 30, 2018 2018 Loan Payable - December 2013 $ 81,993 $ 81,993 Loan Payable - June 2015 498,882 498,882 $ 580,875 $ 580,875

CONVERTIBLE NOTES PAYABLE (Tabl

CONVERTIBLE NOTES PAYABLE (Tables)	3 Months Ended
CONVERTIBLE NOTES PAYABLE (Tables)	Sep. 30, 2018
CONVERTIBLE NOTES PAYABLE
Schedule of Convertible Notes Payable	September 30, June 30, 2018 2018 Convertible Notes Payable - August 2014 to September 2018 $ 66,206 $ 58,570 Convertible Notes Payable - August 2016 to June 2018 84,125 84,884 $ 150,331 $ 143,454
Schedule of Convertible Loan Agreement	Issuance Date Face Value Interest Rate Term Conversion Terms August 9, 2014 $ 19,000 6 % Six Months 20% Discount to Market December 12, 2014 7,500 6 % Six Months 30% Discount to Market June 22, 2018 31,700 6 % Six Months Fixed Price of .01 Per Share September 20, 2018 8,006 6 % Six Months Fixed Price of .01 Per Share $ 66,206
Schedule of value of principal and interest conversion	Issuance Date Face Value Interest Rate Term Conversion Terms October 28, 2015 $ 10,000 6 % Six Months 20% Discount to Market; floor of .03 per share August 12, 2016 23,000 6 % Six Months Fixed Price of .03 Per Share January 2, 2017 15,000 6 % Six Months Fixed Price of .03 Per Share February 9, 2017 22,125 6 % Six Months Fixed Price of .03 Per Share May 18, 2018 14,000 6 % Six Months 20% Discount to Market $ 84,125

ORGANIZATION AND NATURE OF BU_2

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)	3 Months Ended
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)	Sep. 30, 2018
Spectrum King, LLC [Member]
Entered into MOU with related party	September 20, 2017
Share Exchange Agreement [Member]
Entered agreement with Spectrum king LLC	March 19, 2018
Entered agreement with American Aviation Technologies, LLC	April 16, 2019
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 ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Basic and Diluted:
Loss from continuing operations	$ (128,853)	$ (166,767)
Loss from operations of discontinued operations	(5,330)	(64,926)
Net loss	$ (134,183)	$ (231,693)
Net loss per share (basic and diluted)
Continuing operations	$ 0	$ 0
Discontinued operations	$ 0	$ 0
Weighted average number of shares outstanding:
Basic and diluted	69,584,149	69,584,149

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Working capital	$ (4,210,348)		$ (4,076,487)
Cash and cash equivalents
Net loss	(134,183)	$ (231,693)
Selling, general and administrative expenses	$ 0	$ 7,047

EXCHANGE AGREEMENT (Details Nar

EXCHANGE AGREEMENT (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
EXCHANGE AGREEMENT (Details Narrative) - USD ($)	Mar. 19, 2018	Sep. 30, 2018
Debt Instrument, Convertible, Conversion Price		$ 0.00001
Debt Conversion, Converted Instrument, Shares Issued	758,672
Banjo & Matilda, Inc and American Aviation Technologies LLC [Member] \| Exchange Agreement [Member]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Business Acquisition, Date of Acquisition Agreement		Mar. 16, 2019
Business Acquisition, Effective Date of Acquisition		Apr. 16, 2019
Business Combination, consideration transferred, Equity Interest of acquirer, series A preferred stock, Percentage		84.40%
Trade payables [Member] \| Series A Preferred Stock [Member]
Debt Conversion, Converted Instrument, Additional amount		$ 39,179
Debt Conversion, Converted Instrument, Amount		$ 620,225
Debt Conversion, Converted Instrument, Shares Issued		25,095
Other convertible debt [Member] \| Series A Preferred Stock [Member]
Debt Conversion, Converted Instrument, Amount		$ 70,883
Debt Conversion, Converted Instrument, Shares Issued		14,296
Convertible loans from related parties [Member] \| Series A Preferred Stock [Member]
Debt Conversion, Converted Instrument, Amount		$ 320,730
Debt Conversion, Converted Instrument, Shares Issued		18,682
Loans from related parties [Member] \| Series A Preferred Stock [Member]
Debt Conversion, Converted Instrument, Amount		$ 123,141
Debt Conversion, Converted Instrument, Shares Issued		11,917
Loans Payable [Member] \| Series A Preferred Stock [Member]
Debt Conversion, Converted Instrument, Amount		$ 691,828
Debt Conversion, Converted Instrument, Shares Issued		59,869
Accrued interest [Member] \| Series A Preferred Stock [Member]
Debt Conversion, Converted Instrument, Amount		$ 569,991
Debt Conversion, Converted Instrument, Shares Issued		29,314

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended
DISCONTINUED OPERATIONS (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Operating expenses	$ 59,898	$ 91,421
Loss from operations	(59,898)	(91,421)
Total operating income expenses, net	(68,955)	(75,346)
Discontinued operation [Member]
Revenue		79,779
Cost of revenue		19,699
Gross Profit		60,080
Operating expenses	9,178	100,239
Loss from operations	(9,178)	(40,159)
Other income (expenses)	3,848	(24,767)
Total operating income expenses, net	$ (5,330)	$ (64,926)

DISCONTINUED OPERATIONS (Deta_2

DISCONTINUED OPERATIONS (Details 1) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Discontinued operations:
Prepaids	$ 7,000
Property and equipment, net	5,063	5,385
Total assets	12,063	5,385
Cash overdraft	7,023	6,563
Trade and other payable	1,032,970	1,035,072
Deposit payable	4,622	4,622
Trade financing	305,874	305,874
Accrued interest	148,501	140,819
Total liabilities	$ 1,498,990	$ 1,492,950

DISCONTINUED OPERATIONS (Deta_3

DISCONTINUED OPERATIONS (Details 2) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Discontinued operations:
Property, plant and equipment	$ 30,081	$ 30,081
Accumulated depreciation	(25,018)	(24,696)
Property and equipment, net	$ 5,063	$ 5,385

DISCONTINUED OPERATIONS (Deta_4

DISCONTINUED OPERATIONS (Details 3) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Discontinued operations:
Trade payable	$ 446,291	$ 446,427
Payroll payable	241,994	241,994
Payroll taxes	218,815	21,919
Employee benefits	92,589	92,837
Other liabilities	33,281	34,619
Trade and other payable, net	$ 1,032,970	$ 1,035,072

DISCONTINUED OPERATIONS (Deta_5

DISCONTINUED OPERATIONS (Details 4) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Trade financing	$ 305,874	$ 305,874
January 7, 2013 [Member]
Trade financing	49,454	49,454
August 14, 2014 [Member]
Trade financing	128,468	128,468
November 2, 2016 [Member]
Trade financing	17,981	17,981
November 3, 2016 [Member]
Trade financing	2,601	2,601
November 29, 2016 [Member]
Trade financing	$ 107,370	$ 107,370

DISCONTINUED OPERATIONS (Deta_6

DISCONTINUED OPERATIONS (Details Narrative)	Nov. 03, 2016USD ($)	Nov. 02, 2016USD ($)	Aug. 14, 2014USD ($)	Nov. 29, 2016USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jan. 07, 2013AUD ($)
Depreciation					$ 322	$ 554
Accrued interest					60,689			$ 55,998
Trade financing					305,874			305,874
Settlement obligation					$ 250,000			250,000
Consignment Agreement One [Member]
Debt default, description
Interest expense					$ 3,212		4,613
Accrued interest					28,007			28,007
Balance outstanding loan					107,370			31,219
Purchase price				$ 26,313
Purchase amount				21,928
Difference between purchase amount and purchase price				4,385
Merchant Agreement [Member]
Interest expense					1,749		1,749
Accrued interest					13,416			11,667
Balance outstanding loan					17,981			56,194
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					63,476			58,493
Trade financing					128,468
Purchase And Sale Agreement [Member]
Interest expense					104		312
Accrued interest					5,714			5,610
Balance outstanding loan					$ 2,601			$ 2,601
Purchase price	$ 50,000
Purchase amount	$ 72,500
Excess of purchase amount over the purchase price, term	6 months
Interest rate					16.00%			16.00%
Payment for purchase and sale agreement	$ 72,500
Payment to lender, daily	$ 575
Financial agreement [Member]
Interest expense					$ 4,883		$ 4,883
Balance outstanding loan					$ 49,454			$ 49,454
Interest rate									20.95%
Settlement obligation									$ 165,523
Agreement amount									$ 200,000
Total maximum facility			$ 1,500,000
Sales invoiced			1,000,000
Purchase order financing			$ 500,000
Trade finance agreement description			Original term was 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

TRADE AND OTHER PAYABLES (Detai

TRADE AND OTHER PAYABLES (Details) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Trade and other payables	$ 597,357	$ 559,759
Trade payable [Member]
Trade and other payables	122,317	118,469
Officer compensation [Member]
Trade and other payables	254,946	221,196
Payroll payable [Member]
Trade and other payables	$ 220,094	$ 220,094

TRADE FINANCING (Details Narrat

TRADE FINANCING (Details Narrative) - USD ($)	1 Months Ended
TRADE FINANCING (Details Narrative) - USD ($)	Jul. 18, 2018	Mar. 19, 2018	Sep. 30, 2018	Jun. 30, 2018	Jan. 04, 2017
Accrued interest			$ 60,689	$ 55,998
Debt Conversion, Converted Instrument, Shares Issued		758,672
Note Purchase Agreement [Member]
Accrued interest			17,335	14,253
Debt Conversion, Converted Instrument, Shares Issued	3,418,889
Balance outstanding loan			$ 56,194	56,194
Interest rate					18.00%
Written down debt interest				349
Written down debt principal				$ 126
Agreement amount					$ 65,000

LOANS PAYABLE (Details)

LOANS PAYABLE (Details) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Loan payable	$ 580,875	$ 580,875
Loan Payable [Member] \| December 2013 [Member]
Loan payable	81,993	81,993
Loan Payable [Member] \| June 2015 [Member]
Loan payable	$ 498,882	$ 498,882

LOANS PAYABLE (Details Narrativ

LOANS PAYABLE (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
LOANS PAYABLE (Details Narrative) - USD ($)	Mar. 19, 2018	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
Accrued interest		$ 60,689		$ 55,998
Debt conversion	758,672
Interest expense		(46,672)	$ (75,346)
December 2013 [Member]
Accrued interest		189,045		173,939
Interest expense		15,106	15,272
Written down debt principal				20,152
Written down debt interest				42,749
Outstanding balance, Short-term loan arrangement		81,994		81,994
Note require interest payment		5,000
Interest chargeable amount per day		166
Short-term loan arrangement, Amount		$ 100,000
Debt conversion		200,358
Debt description		Terms of the note require interest payment of $5,000 on the repayment date, 30 days after the note date.
June 2015 [Member]
Accrued interest		$ 169,034		141,671
Written down debt principal				1,118
Outstanding balance, Short-term loan arrangement		$ 498,882		$ 498,882
Debt conversion		31,086,911
Debt description		The note bears interest at the rate of 18% per annum and was due on or before July 1, 2017.
Interest expense		$ 27,363	$ 27,726
Common stock price per share		$ 0.08
Interest rate		18.00%
Common stock warrant purchase		6,000,000
Promissory note payable		$ 500,000

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Convertible Notes Payable	$ 150,331	$ 143,454
Convertible Notes Payable [Member]
Convertible Notes Payable	66,206	58,570
Convertible Notes Payable - August 2016 to June 2018	$ 84,125	$ 84,884

CONVERTIBLE NOTES PAYABLE (De_2

CONVERTIBLE NOTES PAYABLE (Details 1)	3 Months Ended
CONVERTIBLE NOTES PAYABLE (Details 1)	Sep. 30, 2018USD ($)
Face value	$ 66,206
Convertible Notes Payable [Member] \| October 2015 to May 2018 [Member]
Face value	$ 19,000
Issuance date	Aug. 9, 2014
Interest Rate	6.00%
Term	6 months
Conversion Terms	20% Discount to Market
Convertible Notes Payable One [Member] \| August 2014 to September 2018 [Member]
Face value	$ 7,500
Issuance date	Dec. 12, 2014
Interest Rate	6.00%
Term	6 months
Conversion Terms	30% Discount to Market
Convertible Notes Payable Two [Member] \| October 2015 to May 2018 [Member]
Face value	$ 31,700
Issuance date	Jun. 22, 2018
Interest Rate	6.00%
Term	6 months
Conversion Terms	Fixed Price of .01 Per Share
Convertible Notes Payable Three [Member] \| August 2014 to September 2018 [Member]
Face value	$ 8,006
Issuance date	Sep. 20, 2018
Interest Rate	6.00%
Term	6 months
Conversion Terms	Fixed Price of .01 Per Share

CONVERTIBLE NOTES PAYABLE (De_3

CONVERTIBLE NOTES PAYABLE (Details 2)	3 Months Ended
CONVERTIBLE NOTES PAYABLE (Details 2)	Sep. 30, 2018USD ($)
Face value	$ 84,125
Convertible Notes Payable [Member] \| October 2015 to May 2018 [Member]
Face value	$ 10,000
Issuance date	Oct. 28, 2015
Interest Rate	6.00%
Term	6 months
Conversion Terms	20% Discount to Market; floor of .03 per share
Convertible Notes Payable One [Member] \| October 2015 to May 2018 [Member]
Face value	$ 23,000
Issuance date	Aug. 12, 2016
Interest Rate	6.00%
Term	6 months
Conversion Terms	Fixed Price of .03 Per Share
Convertible Notes Payable Two [Member] \| October 2015 to May 2018 [Member]
Face value	$ 15,000
Issuance date	Jan. 2, 2017
Interest Rate	6.00%
Term	6 months
Conversion Terms	Fixed Price of .03 Per Share
Convertible Notes Payable Three [Member] \| October 2015 to May 2018 [Member]
Face value	$ 22,125
Issuance date	Feb. 9, 2017
Interest Rate	6.00%
Term	6 months
Conversion Terms	Fixed Price of .03 Per Share
Convertible Notes Payable Four [Member] \| October 2015 to May 2018 [Member]
Face value	$ 14,000
Issuance date	May 18, 2018
Interest Rate	6.00%
Term	6 months
Conversion Terms	20% Discount to Market

CONVERTIBLE NOTES PAYABLE (De_4

CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	Mar. 19, 2018	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
Debt conversion	758,672
Accrued interest		$ 60,689		$ 55,998
March 19, 2018 [Member] \| Note Holder One [Member]
Outstanding balance, Short-term loan arrangement		$ 84,124		84,884
Debt conversion		29,360
Accrued interest		$ 7,151		5,892
Interest expense		1,744	$ 2,096
Written down debt principal				10,758
Written down debt interest				894
March 19, 2018 [Member] \| Note Holder [Member]
Outstanding balance, Short-term loan arrangement		$ 66,206		58,570
Debt conversion		42,128
Accrued interest		$ 6,403		5,413
Interest expense		990	$ 552
Written down debt principal				9,630
Written down debt interest				$ 1,940

CONVERTIBLE NOTES PAYABLE FRO_2

CONVERTIBLE NOTES PAYABLE FROM RELATED PARTIES (Details Narrative)	1 Months Ended		3 Months Ended
	Jun. 30, 2018USD ($)	Mar. 19, 2018shares	Sep. 30, 2018USD ($)$ / shares	Sep. 30, 2017USD ($)	Sep. 30, 2018AUD ($)
Debt conversion \| shares		758,672
Loan from related parties	$ 320,730		$ 320,730
Accrued interest	55,998		60,689
Additional Convertible note debt			80,909
Amortization of debt discount				$ 12,534
Interest expense			$ (46,672)	(75,346)
In March, 2015 [Member]
Accrued interest					$ 526,272
Common stock price per share \| $ / shares			$ 0.05
In April 2016 [Member]
Interest principal payment weekly					9,929
Related Party Payable [Member]
Accrued interest	172,826		$ 190,417
Interest Rate			15.00%
Amortization of debt discount	15,432		$ 0
Loan from related parties	123,141		$ 123,141
Discount rate, description			The outstanding balance, including accrued interest, may be converted into common shares of Banjo & Matilda, Inc. at a discount of 10% to last 30 days average share priced rate
Maturity date			Jun. 30, 2014
Written down debt principal	66,599
Written down debt interest	$ 35,887
Interest expense			$ 17,592	21,478
Related Party Payable [Member] \| Convertible Note [Member]
Outstanding balance, Short-term loan arrangement					$ 370,000
Related Party Payable [Member] \| Minimum [Member]
Interest Rate			6.00%
Related Party Payable [Member] \| Maximum [Member]
Interest Rate			15.00%
Related Party Payable [Member] \| Lender [Member]
Accrued interest			$ 4,691	$ 6,573
Written down debt principal			47,485
Written down debt interest			$ 21,594

SETTLEMENT PAYABLE (Details Nar

SETTLEMENT PAYABLE (Details Narrative) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Settlement Payable	$ 250,000	$ 250,000
Settlement Agreements [Member] \| February 28, 2018 [Member]
Settlement Payable	$ 250,000

COMMITMENTS (Details Narrative)

COMMITMENTS (Details Narrative)	3 Months Ended
COMMITMENTS (Details Narrative)	Sep. 30, 2019AUD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
COMMITMENTS
Annual lease rent	$ 52,000
Rent expense		$ 0	$ 6,348
Lease expiration date	Oct. 31, 2014
Lessee, operating lease, remaining lease term	3 years

STOCKHOLDERS EQUITY (Details Na

STOCKHOLDERS EQUITY (Details Narrative) - USD ($)	1 Months Ended
STOCKHOLDERS EQUITY (Details Narrative) - USD ($)	Nov. 15, 2013	Sep. 30, 2018	Jun. 30, 2018	Nov. 15, 2016
Common stock, shares outstanding		69,584,149	69,584,149
Common Stock Value		$ 695	$ 695
Preferred stock, shares issued		1,000,000	1,000,000
Chief Executive Officer [Member] \| Employment Agreement [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
Treasury Stock, Preferred, Shares				1,000,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jun. 28, 2019	Mar. 19, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Debt conversion		758,672
Debt Instrument, Convertible, Conversion Price				$ 0.00001
Subsequent Event [Member] \| Convertible Note Payable [Member] \| September 24 2019 [Member]
Issuance of debt			$ 10,000
Interest rate			6.00%
Subsequent Event [Member] \| Convertible Note Payable [Member] \| September 24 2019 [Member] \| Minimum [Member]
Debt Instrument, Convertible, Conversion Price			$ 0.0033333
Subsequent Event [Member] \| Convertible Note Payable [Member] \| July 16 2019 [Member]
Issuance of debt			$ 14,500
Interest rate			6.00%
Subsequent Event [Member] \| Convertible Note Payable [Member] \| July 16 2019 [Member] \| Minimum [Member]
Debt Instrument, Convertible, Conversion Price			$ 0.0033333
Subsequent Event [Member] \| Convertible Note Payable [Member] \| May 1 2019 [Member]
Issuance of debt			$ 9,000
Interest rate			6.00%
Subsequent Event [Member] \| Convertible Note Payable [Member] \| May 1 2019 [Member] \| Minimum [Member]
Debt Instrument, Convertible, Conversion Price			$ 0.0033333
Subsequent Event [Member] \| Noteholder One [Member]
Convertible debt instrument, accrued interest converted amount			$ 12,734
Convertible debt instrument, principal amount			127,960
Subsequent Event [Member] \| Noteholder [Member]
Convertible debt instrument, accrued interest converted amount			13,740
Convertible debt instrument, principal amount			$ 84,125
Subsequent Event [Member] \| Settlement Agreement [Member] \| Noteholder One [Member] \| Series A Preferred Stock [Member]
Debt conversion			42,128
Subsequent Event [Member] \| Settlement Agreement [Member] \| Noteholder [Member] \| Series A Preferred Stock [Member]
Debt conversion			29,360
Subsequent Event [Member] \| Chief Executive Officer [Member] \| Spin Out Agreement [Member]
Treasury stock, preferred, shares	1,000,000
Accrued compensation	$ 135,000