Xeriant (XERI) 10-Q 8 May 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2019	May 08, 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	Yes
Document Period End Date	Dec. 31, 2019
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity Common Stock Shares Outstanding		69,584,149
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Current assets
Cash	$ 176,827	$ 3,029
Deposits	12,546
Total current assets	189,373	3,029
Operating lease right-of-use asset	230,269
Total assets	419,642	3,029
Current liabilities
Accounts payable and accrued liabilities	53,966	378
Accrued liability, related party	3,001	1,500
Convertible notes payable, net of discount	133,952
Convertible notes payable, related party, net of discount	55,022	35,000
Lease liability, current	31,696
Total current liabilities	277,637	36,878
Lease liability, long-term	203,409
Total liabilities	481,046	36,878
Commitments and contingencies (Note 7)
Stockholders' deficit
Common stock, $0.00001 par value; 100,000,000 shares authorized; 69,584,149 and 0 shares issued and outstanding at December 31, 2019 and June 30, 2019, respectively	696
Additional paid in capital	318,821	50,907
Accumulated deficit	(380,952)	(84,756)
Total stockholders' deficit	(61,404)	(33,849)
Total liabilities and stockholders' deficit	419,642	3,029
Series A Preferred Stock [Member]
Stockholders' deficit
Series A Preferred stock, $0.00001 par value; 100,000,000 shares authorized; 3,500,000 designated; 3,113,368 and 0 shares issued and outstanding at December 31, 2019 and June 30, 2019, respectively	$ 31

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Jun. 30, 2019
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	0
Common stock, shares outstanding	69,584,149	0
Series A Preferred Stock [Member]
Stockholders' deficit
Preferred stock, shares par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares designated	3,500,000	3,500,000
Preferred stock, shares issued	3,113,368	0
Preferred stock, shares outstanding	3,113,368	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		5 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2019
Operating expenses:
Research and development expense		$ 1,982	$ 1,982	$ 6,339
Professional fees	85,433	22,696	22,696	95,993
Other general and administrative expenses	38,126	427	427	38,960
Total operating expenses	123,559	25,105	25,105	141,292
Operating loss	(123,559)	(25,105)	(25,105)	(141,292)
Operating (expenses):
Amortization of debt discount	(133,952)			(133,952)
Amortization of debt discount, related party	(14,265)			(14,265)
Interest expense	(2,862)			(4,064)
Interest expense, related party	(2,393)			(2,623)
Total other (expense)	(153,472)			(154,904)
Net loss	$ (277,031)	$ (25,105)	$ (25,105)	$ (296,196)
Net loss per common share - basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	69,584,149	69,584,149	69,584,149	69,584,149

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Aug. 06, 2018
Balance, amount at Aug. 06, 2018	$ 50,200			$ 50,200
Net Loss
Balance, shares at Sep. 30, 2018
Balance, amount at Sep. 30, 2018	50,200			50,200
Net Loss	(25,105)				(25,105)
Balance, shares at Dec. 31, 2018
Balance, amount at Dec. 31, 2018	25,095			50,200	(25,105)
Balance, shares at Jun. 30, 2019
Balance, amount at Jun. 30, 2019	(33,849)			50,907	(84,756)
Net Loss	(19,166)				(19,166)
Effect of reverse merger, shares		3,113,637	69,584,149
Effect of reverse merger, amount	(49,902)	$ 31	$ 696	(50,629)
Balance, shares at Sep. 30, 2019		3,113,637	69,584,149
Balance, amount at Sep. 30, 2019	(102,917)	$ 31	$ 696	278	(103,922)
Net Loss	(277,030)				(277,030)
Fair value of beneficial conversion feature associated with convertible debt	318,543			318,543
Balance, shares at Dec. 31, 2019		3,113,637	69,584,149
Balance, amount at Dec. 31, 2019	$ (61,404)	$ 31	$ 696	$ 318,821	$ (380,952)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	5 Months Ended	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Cash Flows from Operating Activities
Net Loss	$ (25,105)	$ (296,196)
Adjustments to reconcile net loss to net cash used by operating activities:
Amortization of debt discount		133,952
Amortization of debt discount, related party		14,265
Changes in operating assets & liabilities
Deposits		(12,546)
Prepaid rent associated with operating lease right-of-use asset		4,837
Accounts payable and accrued expenses		3,685
Accrued expenses, related parties		1,501
Net cash used by operating activities	(25,105)	(150,502)
Cash Flows from Financing Activities
Proceeds from convertible notes payable		291,300
Proceeds from convertible notes payable, related party		33,000
Proceeds from sale of equity	50,200
Net cash provided by financing activities	50,200	324,300
Increase in Cash	25,095	173,798
Cash at beginning of period		3,029
Cash at end of period	25,095	176,827
Supplemental Cash Flow Information
Cash paid for interest

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
	Dec. 31, 2019
ORGANIZATION AND NATURE OF BUSINESS
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS	Banjo & Matilda, Inc. was originally incorporated in Nevada on December 18, 2009 under the name Eastern World Group, Inc. and changed its name to Banjo & Matilda, Inc. on September 24, 2013. On November 14, 2013, we entered into a share exchange agreement (the “Exchange Agreement”) with Banjo & Matilda Pty Ltd, (“Banjo & Matilda”) and the shareholders of Banjo & Matilda (“B&M Shareholders”). Pursuant to the Exchange Agreement, 100% of the issued and outstanding capital stock of Banjo & Matilda was acquired, making it a wholly-owned subsidiary. There was no prior relationship between the Company and its affiliates and Banjo & Matilda and its affiliates. In consideration for the purchase of 100% of the issued and outstanding capital stock of Banjo & Matilda under the Exchange Agreement, we issued B&M Shareholders an aggregate of 24,338,872 restricted shares of common stock of the Company. On July 1 st Following the worldwide downturn of the retail clothing business model, in June of 2017, Banjo & Matilda, Inc. began to seek out additional businesses to acquire as subsidiaries to expand and refocus its operations to generate more revenue and profit. 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 for the acquisition of Spectrum King, LLC as a wholly-owned subsidiary, a pioneer of full spectrum LED grow lights, specialized in designing, manufacturing and selling high-end LED grow lights for indoor/greenhouse applications with both the Agriculture and Horticulture industries. On March 19, 2018, Banjo & Matilda, Inc. entered into a Share Exchange Agreement with Spectrum King, LLC, however this transaction failed to close. On April 16, 2019, Banjo & Matilda, Inc. entered into a Share Exchange Agreement with American Aviation Technologies, LLC (“AAT”), an aircraft design and development company focused on the emerging segment of the aviation industry of autonomous and semi-autonomous vertical take-off and landing (VTOL) unmanned aerial vehicles (UAVs). 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. Banjo & Matilda, Inc. is an aircraft design and development company focused on the emerging segment of the aviation industry of autonomous and semi-autonomous vertical take-off and landing (VTOL) unmanned aerial vehicles (UAVs). This segment of the aviation industry is attracting significant investment in the development of autonomous and semi-autonomous vertical take-off and landing (VTOL) unmanned aerial vehicles (UAVs). The quintessence of contemporary aeronautical science and engineering, these mostly electric or hybrid-electric aircraft include small remotely controlled UAVs as well as larger passenger and cargo UAVs, which are targeting short-haul, on-demand transport of passengers and freight, called urban aerial mobility (UAM). The feasibility of these more lightweight and efficient aircraft designs is made possible through advances in composite materials, additive manufacturing (3D printing), miniaturization of electronics, computer processing speed, battery power and electromagnetic propulsion. The UAV has become a viable, low cost alternative in many VTOL applications previously dominated by the helicopter, including aerial photography and videography. Among its advantages in aerial filming are its size, acoustics, low cost of operation, low altitude flying and superior maneuverability. Because of UAVs’ explosive growth over the past few years and the anticipated ubiquity in the future, new regulations are being formulated to allow their safe integration into low altitude civil airspace. Stakeholders shaping this integration process include aircraft manufacturers, ridesharing companies, governmental regulatory agencies and civil transportation authorities, all of whom are working toward establishing standards and overcoming the variety of issues involved with its implementation. Key technologies impacting the development and implementation of this VTOL aircraft segment for fully autonomous applications include high speed (5G) data transmission and artificial intelligence. Also drawing interest is the development of VTOL and hover capable rotorcraft that can accomplish many of the civilian and military transport functions of a helicopter, but are faster, quieter, less complex to operate and safer on the ground. Helicopters have been around for over 80 years and have been improved significantly with advanced flight control systems but remain extremely complicated to fly and have performance limitations based on their fundamental flight principles. Due to a condition called retreating blade stall, also known as dissymmetry of lift, helicopters have a maximum forward speed of about 250 miles per hour. Additionally, helicopters produce high noise levels, due primarily to rotor blade vortex interaction and vibration, and have high operating costs. The acquisition of American Aviation Technologies, LLC (“AAT”), which included the “Halo” patent, was undertaken to provide a foundation for the Company’s foray into aerospace industry. The “Halo” patent was issued in October 2019 after AAT had acquired all rights to the Halo aircraft design, including any prospective patents or applications for patents, through an intellectual property assignment by its inventor in 2018. As a scalable and multi-purpose platform, the aircraft’s size and capabilities can be expanded depending on the mission requirements, from a small frame UAV (or drone) to potentially a heavy lift cargo and even passenger transport aircraft, either manned or unmanned. Halo is expected to compete favorably with and exceed the performance of other VTOL aircraft in terms of speed, acoustics, maneuverability, efficiency, duration and safety. The Halo platform is essentially a powered lift type of system with characteristics of tiltrotors and tiltwings and differs from rotorcraft such as the helicopter in its lift and forward propulsion mechanisms during horizontal flight, which has several advantages. Powered lift is one of seven main categories of aircraft classifications designated by the U.S. Federal Aviation Administration (FAA) and is defined as “a heavier-than-air aircraft capable of vertical take off and landing (VTOL) and low speed flight that depends principally on engine-driven lift devices or engine thrust for lift during these flight regimes and on non-rotating airfoils for lift during horizontal flight.” In tiltrotors and tiltwings one or more powered rotors are used for both lift and forward propulsion, essentially combining the vertical take off and landing capability of a helicopter with the efficiency, range, speed and cruise altitude of a conventional fixed-wing aircraft. For vertical flight, the rotors are horizontally angled to provide thrust upwards, lifting in the manner that a helicopter rotor operates. As the aircraft gains speed and altitude, the rotors progressively rotate or tilt forward, either moving independently of the wing or integrated and moving with the wing, eventually becoming perpendicular to the fuselage of the aircraft and functioning similar to a propeller in a vertical plane of orientation. Following the transition from vertical to forward flight mode, the airfoil-shaped wing generates the aerodynamic forces for lift and the rotor supplies the thrust. The wing’s greater efficiency, in conjunction with the rotor positioning, assists these aircraft in achieving higher forward speeds than helicopters, which are limited due to retreating blade stall. Tiltrotors and tiltwings are also inherently quieter in forward flight. The Company is a member and tenant of the Research Park at Florida Atlantic University (FAU) in Boca Raton, Florida, which is part of the university and adjacent to the Boca Raton Airport. FAU is one of the top engineering schools in the state, and part of the National Science Foundation’s Industry/University Cooperative Research Center Program called the Center for Advanced Knowledge Enablement (CAKE). The 70-acre Research Park is home to many technology companies and research-based organizations. FAU recently opened a center for Artificial Intelligence and Connected Assured Autonomy through their College of Engineering and Computer Science, which is applicable to advanced aircraft systems. The Company will collaborate with FAU’s academic team, both faculty and students, through a series of joint research initiatives. The relationship with FAU would also potentially assist with access to grant programs and financing opportunities.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation The unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the unaudited condensed financial statements have been included. Such adjustments are of a normal, recurring nature. The unaudited condensed consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. These financial statements should be read in conjunction with the company’s latest annual financial statements. Principles of Consolidation The condensed consolidated unaudited financial statements include the accounts of Banjo & Matilda, Inc. (“Banjo” or “the Company”) and its wholly owned subsidiary American Aviation Technologies, LLC, 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. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make 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. The most significant assumptions and estimates relate to the valuation of beneficial conversion features associated with convertible debt. Actual results could differ from these estimates. Fair Value Measurements and Fair Value of Financial Instruments The Company adopted ASC Topic 820, Fair Value Measurements. ASC Topic 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2: Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3: Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The estimated fair value of certain financial instruments, including all current liabilities are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. Deferred Taxes The Company follows Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10”) for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability during each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse and are considered immaterial. As of December 31, 2019 there are no deferred tax assets. Cash and Cash Equivalents For purposes of the Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company has no cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts The Company monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, and other information. The allowance for doubtful accounts is estimated based on an assessment of the Company’s ability to collect on customer accounts receivable. There is judgment involved with estimating the allowance for doubtful accounts and if the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues its collection. The allowance for doubtful accounts is created by forming a credit balance which is deducted from the total receivables balance in the balance sheet. As of December 31, 2019 and June, 30, 2019 there are no accounts receivable. Revenue Recognition Revenue includes product sales. The Company recognizes revenue from product sales in accordance with Topic 606 “Revenue Recognition in Financial Statements” which considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the services have been rendered and all required milestones achieved, (iii) the sales price is fixed or determinable, and (iv) Collectability is reasonably assured. As of December 31, 2019 and June 30, 2019, the Company has no revenue. Convertible Debentures If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 “Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt. During the six months ended December 31, 2019, the Company recorded a BCF in the amount of $318,543. Fair Value of Financial Instruments Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments. The carrying value of cash, accounts payable and accrued liabilities as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) and Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”), which permits entities to choose to measure many financial instruments and certain other items at fair value. Research and Development Expenses Expenditures for research and development are expensed as incurred. The Company incurred research and development expenses of $6,339 for the six months ended December 31, 2019 and $1,982 for the period from inception (August 6, 2018) through December 31, 2018. Advertising, Marketing and Public Relations The Company expenses advertising and marketing costs as they are incurred. There Company recorded advertising expenses in the amount of $1,211 for the six months ended December 31, 2019 and $0 for the period from inception (August 6, 2018) through December 31, 2018. Offering Costs Costs incurred in connection with raising capital by the issuance of common stock are recorded as contra equity and deducted from the capital raised. There were no offering costs for the six months ended December 31, 2019 and from inception (August 6, 2018) through December 31, 2018, respectively. Income Taxes The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component of general and administrative expenses. Our consolidated federal tax return and any state tax returns are not currently under examination. The Company has adopted FASB ASC 740-10, Accounting for Income Taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually from differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and 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. Recent Accounting Pronouncements In February 2016, FASB issued ASC 842 that requires lessees to recognize lease assets and corresponding lease liabilities on the balance sheet for all leases with terms of more than 12 months. The update, which supersedes existing lease guidance, will continue to classify leases as either finance or operating, with the classification determining the pattern of expense recognition in the income statement. The ASU will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted, and is applicable on a modified retrospective basis with various optional practical expedients. The Company has assessed the impact of this standard. The Company entered into a new lease agreement commencing on November 1, 2019 which falls under this current guidance and has been implemented for the quarter ended December 31, 2019. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers 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.

OPERATING LEASE RIGHT-OF-USE AS

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY	6 Months Ended
	Dec. 31, 2019
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY
NOTE 3 - OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY	The Company leases 2,911 square feet of office space located at Innovation Centre No. 1, 3998 FAU Boulevard, Boca Raton, Florida. The Company entered into a lease agreement commencing on November 1, 2019 through January 1, 2025 in which the first three months of rent are abated. The base month rents of $4,367 from February 1, 2020 to October 1, 2020, $4,498 from November 1, 2020 to October 1, 2021, $4,633 from November 1, 2021 to October 1, 2022, $4,771 from November 1, 2022 to October 1, 2023, $4,915 from November 1, 2023 to October 1, 2024, and $5,063 from November 1, 2024 to January 1, 2025. Under the terms of the lease, the base rent is subject to sales tax. Additionally, the Company is responsible to pay common area maintenance, which is a variable expense. Operating lease right-of-use asset and liability are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is our incremental borrowing rate, estimated to be 10%, as the interest rate implicit in most of our leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. Since the common area maintenance expenses are expenses that do not depend on an index or rate, they are excluded from the measurement of the lease liability and recognized in other general and administrative expenses on the statements of operations. At inception the Company paid prepaid rent in the amount of $4,659, which is netted against the operating lease right of use asset balance. Right-of- use asset is summarized below: December 31, 2019 Office lease $ 230,269 Less accumulated amortization - Right-of-use assets, net $ 230,269 Operating lease liability is summarized below: December 31, 2019 Office lease $ 235,104 Less: current portion (31,696 ) Long term portion 203,408 Maturity of the lease liability is as follows: Fiscal year ending June 30, 2020 $ 23,295 Fiscal year ending June 30, 2021 57,027 Fiscal year ending June 30, 2022 58,746 Fiscal year ending June 30, 2023 60,506 Fiscal year ending June 30, 2024 62,318 Fiscal year ending June 30, 2025 37,182 299,073 Plus: Present value discount (63,969 ) Lease liability $ 235,104

EXCHANGE AGREEMENT

EXCHANGE AGREEMENT	6 Months Ended
	Dec. 31, 2019
EXCHANGE AGREEMENT
NOTE 4 - EXCHANGE AGREEMENT	On April 18, 2019, Banjo & Matilda, Inc, and American Aviation Technologies, LLC (“AAT”) entered into a Share Exchange Agreement (“Agreement”). The agreement, which was effective on September 30, 2019, was pursuant to which Banjo acquired 100% of our issued and outstanding membership units in exchange for the issuance of Banjo shares of its Series A Preferred Stock constituting 86.39% of the total voting power of Banjo capital stock to be outstanding upon closing, after giving effect to the consummation of concurrent debt settlement and other capital stock issuances but before the issuance of shares of capital stock for investor relations purposes. As a result of the Exchange Agreement, the Company will become a wholly owned subsidiary of Banjo. The Exchange Agreement is subject to the satisfaction of certain conditions as set forth in the Exchange Agreement. At closing, two additional directors will be added, resulting in a total of 4 directors serving post-closing. Consummation of the Exchange Agreement was effective on September 30, 2019. Pursuant to the Exchange Agreement, the members of AAT received 2,750,000 shares of the Banjo & Matilda, Inc.’s Series A Preferred Stock to the members of AAT in exchange for the 10,000,000 member units. On September 30, 2019 just prior to the exchange, Banjo issued 170,000 shares of preferred stock as compensation and 193,637 shares of preferred stock in satisfaction of $2,608,224 in liabilities.

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	6 Months Ended
	Dec. 31, 2019
CONVERTIBLE NOTES PAYABLE
NOTE 5 - CONVERTIBLE NOTES PAYABLE	The following table illustrates the carrying values for the convertible notes payable as of December 31, 2019: December 31, Convertible Notes Payable 2019 Convertible notes payable issued September 27, 2019 (6% interest) $ 93,000 Convertible notes payable issued September 30, 2019 (6% interest) 60,000 Convertible notes payable issued October 1, 2019 (6% interest) 53,300 Convertible notes payable issued October 4, 2019 (6% interest) 45,000 Convertible notes payable issued November 22, 2019 (6% interest) 40,000 Total face value 291,300 Less unamortized discount (157,348 ) Carrying value $ 133,952 Between September 27, 2019 and November 22, 2019, AAT issued convertible notes payable with an aggregate face value of $291,300 with a coupon rate of 6%. The notes have a maturity date of six months. The agreements provided that in the event AAT is merged into Banjo (“Company”), at any time prior to the Maturity Date the holder has the option to convert the principal balance and any accrued interest at a conversion price of $.0033 per share. The Company evaluated the agreement under ASC 815 Derivatives and Hedging (“ASC 815”). ASC 815 generally requires the analysis embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract. None of the embedded terms required bifurcation and liability classification. However, the Company was required to determine if the debt contained a beneficial conversion feature (“BCF”), which is based on the intrinsic value on the date of issuance. The Company recorded a beneficial conversion feature in the amount of $291,300 related to these notes. Additionally, for the six months ended December 31, 2019 the Company recorded $133,952 in amortization of debt discount related to the BCF. For the six months ended December 31, 2019 the Company recorded $4,064 in interest expense.

CONVERTIBLE NOTES PAYABLE, RELA

CONVERTIBLE NOTES PAYABLE, RELATED PARTY	6 Months Ended
	Dec. 31, 2019
CONVERTIBLE NOTES PAYABLE, RELATED PARTY
NOTE 6 - CONVERTIBLE NOTES PAYABLE, RELATED PARTY	The following table illustrates the carrying values for the convertible notes payable, related party as of December 31, 2019 and June 30, 2019: December 31, June 30, Convertible Notes Payable 2019 2019 Convertible notes payable issued March 4, 2019 (8% interest) $ 25,000 $ 25,000 Convertible notes payable issued May 31, 2019 (8% interest) 10,000 10,000 Convertible notes payable issued July 5, 2019 (8% interest) 5,000 - Convertible notes payable issued August 5, 2019 (8% interest) 5,000 - Convertible notes payable issued September 5, 2019 (8% interest) 5,000 - Convertible notes payable issued September 23, 2019 (8% interest) 18,000 - Total face value 68,000 35,000 Less unamortized discount (12,978 ) - Carrying value $ 55,022 $ 35,000 Between March 4, 2019 and September 23, 2019, AAT issued convertible notes payable with an aggregate face value of $68,000 with a coupon rate of 8% to a related party. The agreements provided that in the event AAT is merged into Banjo (“Company”), at any time prior to the Maturity Date the holder has the option to convert the principal balance and any accrued interest at a conversion price of $.0033 per share. The Company evaluated the agreement under ASC 815 Derivatives and Hedging (“ASC 815”). ASC 815 generally requires the analysis embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract. None of the embedded terms required bifurcation and liability classification. However, the Company was required to determine if the debt contained a beneficial conversion feature (“BCF”), which is based on the intrinsic value on the date of issuance. The Company recorded a beneficial conversion feature in the amount of $27,243 related to these notes. Additionally, for the six months ended December 31, 2019 the Company recorded $14,265 in amortization of debt discount related to the BCF. For the six months ended December 31, 2019 the Company recorded $2,623 in interest expense.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
NOTE 7 - COMMITMENTS AND CONTINGENCIES	During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with FASB ASC 450-20-50, Contingencies

EQUITY

EQUITY	6 Months Ended
	Dec. 31, 2019
EQUITY
NOTE 8 - EQUITY	Preferred Stock There are 100,000,000 shares authorized as preferred stock, of which 3,500,000 are designated as Series A Preferred Stock having a par value of $0.00001 per share. The Series A preferred stock has the following rights: · Voting · Dividends: · Conversion · The shares of Series A Preferred Stock are redeemable at the option of the Corporation at any time after September 30, 2022 upon not less than 30 days written notice to the holders. It is not mandatorily redeemable. As of December 31, 2019 and June 30, 2019, the Company has 3,113,638 and 0 shares of Series A Preferred Stock issued and outstanding, respectively. The balance of Preferred Stock at December 31, 2019 and June 30, 2019 was $31 and $0, respectively. Common Stock There have been no changes to the common stock for six months ended December 31, 2019. The Company currently has 100,000,000 common shares authorized with a par value of $0.00001 per share. The number of shares outstanding at December 31, 2019 and June 30, 2019 was 69,584,149 and 0, respectively. The balance of Common Stock at December 31, 2019 and June 30, 2019 was $696 and $0, respectively.

GOING CONCERN MATTERS

GOING CONCERN MATTERS	6 Months Ended
	Dec. 31, 2019
GOING CONCERN MATTERS
NOTE 9 - GOING CONCERN MATTERS	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 December 31, 2019 and June 30, 2019, the Company had $176,827 and $3,029 in cash and $88,264 and $33,849 in negative working capital, respectively. For the six months ended December 31, 2019 and from inception (August 6, 2018) through December 31, 2018, the Company had a net loss of $296,196 and $25,105, respectively. For the three months ended December 31, 2019 and 2018, the Company had a net loss of $277,031 and $25,105, respectively. Continued losses may adversely affect the liquidity of the Company in the future. Therefore, the factors noted above raise substantial doubt about our ability to continue as a going concern. The recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheets is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to raise additional capital, obtain financing and to succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s existence is dependent upon management’s ability to develop profitable operations and resolve its liquidity problems.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Dec. 31, 2019
SUBSEQUENT EVENTS
NOTE 10 - SUBSEQUENT EVENTS	Between March 2, 2020 and April 23, 2020, AAT issued convertible notes payable with an aggregate face value of $51,629 with a coupon rate of 6%. The notes have a maturity date of six months. The agreements provided that in the event AAT is merged into Banjo (“Company”), at any time prior to the Maturity Date the holder has the option to convert the principal balance and any accrued interest at a conversion price of $.0033 per share.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the unaudited condensed financial statements have been included. Such adjustments are of a normal, recurring nature. The unaudited condensed consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. These financial statements should be read in conjunction with the company’s latest annual financial statements.
Principles of Consolidation	The condensed consolidated unaudited financial statements include the accounts of Banjo & Matilda, Inc. (“Banjo” or “the Company”) and its wholly owned subsidiary American Aviation Technologies, LLC, 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.
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make 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. The most significant assumptions and estimates relate to the valuation of beneficial conversion features associated with convertible debt. Actual results could differ from these estimates.
Fair Value Measurements and Fair Value of Financial Instruments	The Company adopted ASC Topic 820, Fair Value Measurements. ASC Topic 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2: Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3: Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The estimated fair value of certain financial instruments, including all current liabilities are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
Deferred Taxes	The Company follows Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10”) for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability during each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse and are considered immaterial. As of December 31, 2019 there are no deferred tax assets.
Cash and Cash Equivalents	For purposes of the Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company has no cash equivalents.
Accounts Receivable and Allowance for Doubtful Accounts	The Company monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, and other information. The allowance for doubtful accounts is estimated based on an assessment of the Company’s ability to collect on customer accounts receivable. There is judgment involved with estimating the allowance for doubtful accounts and if the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues its collection. The allowance for doubtful accounts is created by forming a credit balance which is deducted from the total receivables balance in the balance sheet. As of December 31, 2019 and June, 30, 2019 there are no accounts receivable.
Revenue Recognition	Revenue includes product sales. The Company recognizes revenue from product sales in accordance with Topic 606 “Revenue Recognition in Financial Statements” which considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the services have been rendered and all required milestones achieved, (iii) the sales price is fixed or determinable, and (iv) Collectability is reasonably assured. As of December 31, 2019 and June 30, 2019, the Company has no revenue.
Convertible Debentures	If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 “Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt. During the six months ended December 31, 2019, the Company recorded a BCF in the amount of $318,543.
Fair Value of Financial Instruments	Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments. The carrying value of cash, accounts payable and accrued liabilities as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) and Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”), which permits entities to choose to measure many financial instruments and certain other items at fair value.
Research and Development Expenses	Expenditures for research and development are expensed as incurred. The Company incurred research and development expenses of $6,339 for the six months ended December 31, 2019 and $1,982 for the period from inception (August 6, 2018) through December 31, 2018.
Advertising, Marketing and Public Relations	The Company expenses advertising and marketing costs as they are incurred. There Company recorded advertising expenses in the amount of $1,211 for the six months ended December 31, 2019 and $0 for the period from inception (August 6, 2018) through December 31, 2018.
Offering Costs	Costs incurred in connection with raising capital by the issuance of common stock are recorded as contra equity and deducted from the capital raised. There were no offering costs for the six months ended December 31, 2019 and from inception (August 6, 2018) through December 31, 2018, respectively.
Income Taxes	The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component of general and administrative expenses. Our consolidated federal tax return and any state tax returns are not currently under examination. The Company has adopted FASB ASC 740-10, Accounting for Income Taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually from differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and 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.
Recent Accounting Pronouncements	In February 2016, FASB issued ASC 842 that requires lessees to recognize lease assets and corresponding lease liabilities on the balance sheet for all leases with terms of more than 12 months. The update, which supersedes existing lease guidance, will continue to classify leases as either finance or operating, with the classification determining the pattern of expense recognition in the income statement. The ASU will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted, and is applicable on a modified retrospective basis with various optional practical expedients. The Company has assessed the impact of this standard. The Company entered into a new lease agreement commencing on November 1, 2019 which falls under this current guidance and has been implemented for the quarter ended December 31, 2019. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers 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.

OPERATING LEASE RIGHT-OF-USE _2

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY (Tables)	6 Months Ended
	Dec. 31, 2019
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY (Tables)
Summary of Right-of-use assets, net	December 31, 2019 Office lease $ 230,269 Less accumulated amortization - Right-of-use assets, net $ 230,269
Summary of Operating lease liability	December 31, 2019 Office lease $ 235,104 Less: current portion (31,696 ) Long term portion 203,408 Maturity of the lease liability is as follows: Fiscal year ending June 30, 2020 $ 23,295 Fiscal year ending June 30, 2021 57,027 Fiscal year ending June 30, 2022 58,746 Fiscal year ending June 30, 2023 60,506 Fiscal year ending June 30, 2024 62,318 Fiscal year ending June 30, 2025 37,182 299,073 Plus: Present value discount (63,969 ) Lease liability $ 235,104

CONVERTIBLE NOTES PAYABLE (Tabl

CONVERTIBLE NOTES PAYABLE (Tables)	6 Months Ended
	Dec. 31, 2019
CONVERTIBLE NOTES PAYABLE (Tables)
Schedule of convertible notes payable	December 31, Convertible Notes Payable 2019 Convertible notes payable issued September 27, 2019 (6% interest) $ 93,000 Convertible notes payable issued September 30, 2019 (6% interest) 60,000 Convertible notes payable issued October 1, 2019 (6% interest) 53,300 Convertible notes payable issued October 4, 2019 (6% interest) 45,000 Convertible notes payable issued November 22, 2019 (6% interest) 40,000 Total face value 291,300 Less unamortized discount (157,348 ) Carrying value $ 133,952

CONVERTIBLE NOTES PAYABLE, RE_2

CONVERTIBLE NOTES PAYABLE, RELATED PARTY (Tables)	6 Months Ended
	Dec. 31, 2019
CONVERTIBLE NOTES PAYABLE, RELATED PARTY (Tables)
Schedule of convertible notes payable, related party	December 31, June 30, Convertible Notes Payable 2019 2019 Convertible notes payable issued March 4, 2019 (8% interest) $ 25,000 $ 25,000 Convertible notes payable issued May 31, 2019 (8% interest) 10,000 10,000 Convertible notes payable issued July 5, 2019 (8% interest) 5,000 - Convertible notes payable issued August 5, 2019 (8% interest) 5,000 - Convertible notes payable issued September 5, 2019 (8% interest) 5,000 - Convertible notes payable issued September 23, 2019 (8% interest) 18,000 - Total face value 68,000 35,000 Less unamortized discount (12,978 ) - Carrying value $ 55,022 $ 35,000

ORGANIZATION AND NATURE OF BU_2

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)	6 Months Ended
	Dec. 31, 2019shares
Banjo and Matilda, Inc. [Member]
Date of Incorporation	Dec. 18, 2009
State Country Name	Nevada
Share Exchange Agreement [Member] | Banjo & Matilda Pty Ltd. [Member] | B&M Shareholders [Member]
Ownership Percentage	100.00%
Date of Incorporation	Nov. 14, 2013
Restricted shares of common stock	24,338,872

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		5 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Research and development expenses		$ 1,982	$ 1,982	$ 6,339
Income tax description				Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized.
Debt Instrument, Convertible, Beneficial Conversion Feature				$ 318,543
Advertising expenses			$ 0	$ 1,211

OPERATING LEASE RIGHT-OF-USE _3

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY (Details) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Office lease	$ 230,269
Less accumulated amortization
Right-of-use assets, net	$ 230,269

OPERATING LEASE RIGHT-OF-USE _4

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY (Details 1)	Dec. 31, 2019USD ($)
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY (Details 1)
Office lease	$ 235,104
Less: current portion	(31,696)
Long term portion	203,408
Maturity of the lease liability is as follows:
Fiscal year ending June 30, 2020	23,295
Fiscal year ending June 30, 2021	57,027
Fiscal year ending June 30, 2022	58,746
Fiscal year ending June 30, 2023	60,506
Fiscal year ending June 30, 2024	62,318
Fiscal year ending June 30, 2025	37,182
Lease liability, Gross	299,073
Plus: Present value discount	(63,969)
Lease liability	$ 235,104

OPERATING LEASE RIGHT-OF-USE _5

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY (Details Narrative) - USD ($)	2 Months Ended	6 Months Ended	8 Months Ended	11 Months Ended
	Jan. 01, 2025	Dec. 31, 2019	Oct. 01, 2020	Oct. 01, 2024	Oct. 01, 2023	Oct. 01, 2022	Oct. 01, 2021
Borrowing, Interest Rate		10.00%
Prepaid rent		$ 4,659
Lease Agreements [Member] | November 1, 2019 through January 1, 2025 [Member]
Base rent, Yearly	$ 5,063		$ 4,367	$ 4,915	$ 4,771	$ 4,633	$ 4,498
Capital Leases, Description		The Company leases 2,911 square feet of office space located at Innovation Centre No. 1, 3998 FAU Boulevard, Boca Raton, Florida.

EXCHANGE AGREEMENT (Details Nar

EXCHANGE AGREEMENT (Details Narrative) - USD ($)	1 Months Ended
	Apr. 18, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019
Series A Preferred Stock [Member]
Preferred stock, shares issued		3,113,368		0
Banjo & Matilda, Inc and American Aviation Technologies LLC [Member] | Exchange Agreement [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, consideration transferred, Equity Interest of acquirer, series A preferred stock, Percentage	86.39%
Number of directors	4
Banjo & Matilda, Inc and American Aviation Technologies LLC [Member] | Series A Preferred Stock [Member]
Preferred stock, shares issued as compensation			170,000
Preferred stock, shares issued			193,637
Liabilities			$ 2,608,224
Banjo & Matilda, Inc and American Aviation Technologies LLC [Member] | Series A Preferred Stock [Member] | Exchange Agreement [Member]
Preferred stock, shares received in exchange			2,750,000
Preferred stock, exchange units			$ 10,000,000

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Total face value	$ 291,300
Less unamortized discount	(157,348)
Carrying value	133,952
Convertible Notes Payable [Member]
Carrying value	93,000
Convertible Notes Payable One [Member]
Carrying value	60,000
Convertible Notes Payable Two [Member]
Carrying value	53,300
Convertible Notes Payable Three [Member]
Carrying value	45,000
Convertible Notes Payable Four [Member]
Carrying value	$ 40,000

CONVERTIBLE NOTES PAYABLE (De_2

CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	3 Months Ended		5 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2019
Debt Instrument, Convertible, Beneficial Conversion Feature				$ 318,543
Interest expense	$ 2,862			4,064
Amortization of debt discount	$ 133,952			133,952
Proceeds from convertible notes payable				291,300
Convertible Notes Payable [Member]
Debt Instrument, Convertible, Beneficial Conversion Feature				291,300
Interest expense				4,064
Amortization of debt discount				$ 133,952
Convertible Notes Payable [Member] | Between September 27, 2019 and November 22, 2019 [Member]
Interest rate	6.00%			6.00%
Maturity period				6 months
Proceeds from convertible notes payable				$ 291,300
Conversion price	$ 0.033			$ 0.033

CONVERTIBLE NOTES PAYABLE, RE_3

CONVERTIBLE NOTES PAYABLE, RELATED PARTY (Details) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Total face value	$ 68,000	$ 35,000
Less unamortized discount	(12,978)
Convertible notes payable	55,022	35,000
Convertible Notes Payable, Related Party [Member]
Convertible notes payable	25,000	25,000
Convertible Notes Payable, Related Party One [Member]
Convertible notes payable	10,000	$ 10,000
Convertible Notes Payable, Related Party Two [Member]
Convertible notes payable	5,000
Convertible Notes Payable, Related Party Three [Member]
Convertible notes payable	5,000
Convertible Notes Payable, Related Party Four [Member]
Convertible notes payable	5,000
Convertible Notes Payable, Related Party Five [Member]
Convertible notes payable	$ 18,000

CONVERTIBLE NOTES PAYABLE, RE_4

CONVERTIBLE NOTES PAYABLE, RELATED PARTY (Details Narrative) - USD ($)	3 Months Ended		5 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2019
Amortization of debt discount, related party				$ (14,265)
Debt Instrument, Convertible, Beneficial Conversion Feature				318,543
Interest expense	$ (2,862)			(4,064)
Proceeeds from Convertible notes payable				291,300
Convertible Notes Payable, Related Party [Member]
Amortization of debt discount, related party				14,265
Debt Instrument, Convertible, Beneficial Conversion Feature				27,243
Interest expense				2,623
Convertible Notes Payable, Related Party [Member] | March 4, 2019 and September 23, 2019 [Member]
Proceeeds from Convertible notes payable				$ 68,000
Conversion price	$ 0.033			$ 0.033
Interest rate	8.00%			8.00%

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)	6 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Common stock, shares par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	69,584,149	0
Common stock value	$ 696
Series A Preferred Stock [Member]
Preferred stock, shares issued	3,113,368	0
Preferred stock, shares outstanding	3,113,368	0
Common stock, conversion description	Each share of Series A Preferred Stock is convertible, at the option of the holder thereof, at any time into shares of Common Stock on a 1:1,000 basis.
Preferred stock, shares designated	3,500,000	3,500,000
Common stock, Dividend description	The Series A Preferred Stockholders are treated the same as the Common Stock holders except at the dividend on each share of Series A Convertible Preferred Stock is equal to the amount of the dividend declared and paid on each share of Common Stock multiplied by the Conversion Rate.
Preferred stock, shares par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock	$ 31

GOING CONCERN MATTERS (Details

GOING CONCERN MATTERS (Details Narrative) - USD ($)	3 Months Ended		5 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2019
GOING CONCERN MATTERS
Cash	$ 176,827			$ 176,827	$ 3,029
Working capital deficit	(88,264)			(88,264)	$ (33,849)
Net Loss	$ (277,031)	$ (25,105)	$ (25,105)	$ (296,196)

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	6 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Convertible notes payable	$ 133,952
Subsequent Event [Member] | Between March 2, 2020 and April 23, 2020 [Member]
Conversion price	$ 0.0033
Convertible notes payable	$ 51,629
Coupon rate	6.00%
Maturity period	6 months