Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | APPYEA, INC | |
Entity Central Index Key | 1,568,969 | |
Trading Symbol | apyp | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 464,667,527 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 20,595 | $ 14,637 |
Prepaid expenses | 36,000 | 4,167 |
Total Current Assets | 56,595 | 18,804 |
Fixed assets, net of accumulated depreciation of $208,018 and $175,226 | 49,852 | 82,644 |
TOTAL ASSETS | 106,447 | 101,448 |
Current Liabilities: | ||
Accounts payable | 3,858 | 4,643 |
Accrued salary | 104,000 | 32,000 |
Convertible loans and accrued interest, net of unamortized discounts of $19,674 and $0, respectively | 187,949 | 454 |
Due to related party | 42,808 | |
Derivative liability | 8,736 | 1,452 |
Total Current Liabilities | 347,351 | 38,549 |
Total Liabilities | 347,351 | 38,549 |
Stockholders' Equity (Deficit): | ||
Convertible preferred stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 shares issued and outstanding at March 31, 2017 and June 30, 2016, respectively | 500 | 500 |
Common stock, $0.0001 par value, 750,000,000 shares authorized, 464,667,527 shares issued and outstanding at March 31, 2017 and June 30, 2016, respectively | 46,466 | 46,466 |
Additional paid-in capital | 4,098,473 | 4,098,473 |
Stock payable, 10,000,000 common shares | 24,000 | |
Accumulated deficit | (4,410,343) | (4,082,540) |
Total Stockholders' Equity (Deficit) | (240,904) | 62,899 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 106,447 | $ 101,448 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation of fixed assets (in dollars) | $ 208,018 | $ 175,226 |
Unamortized discounts (in dollars) | $ 19,674 | $ 0 |
Convertible preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Convertible preferred stock, shares issued | 5,000,000 | 5,000,000 |
Convertible preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 464,667,527 | 464,667,527 |
Common stock, shares outstanding | 464,667,527 | 464,667,527 |
Stock payable, common shares | 10,000,000 | 10,000,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||||
Revenues | $ 178 | $ 3,554 | $ 719 | $ 5,412 |
Operating Expenses | ||||
Sales and marketing | 820 | 7,206 | ||
Legal and professional fees | 91,308 | 96,653 | 177,811 | 1,823,046 |
General and administrative | 44,383 | 14,955 | 105,640 | 22,618 |
Loss on sales of fixed assets | 3,914 | 3,914 | ||
Depreciation | 10,808 | 18,084 | 32,792 | 55,814 |
Total Operating Expenses | 146,499 | 134,426 | 316,243 | 1,912,598 |
Loss from operations | (146,321) | (130,872) | (315,524) | (1,907,186) |
Other Income (Expense) | ||||
Change in fair value of derivative liabilities | 5,276 | (1,985) | 4,216 | (334,475) |
Interest expense | (10,506) | (74,229) | (16,495) | (193,313) |
Total Other Income (Expense) | (5,230) | (76,214) | (12,279) | (527,788) |
Net Loss | $ (151,551) | $ (207,086) | $ (327,803) | $ (2,434,974) |
Net Loss Per Common Share: Basic and Diluted | $ 0 | $ 0 | $ 0 | $ (0.03) |
Weighted Average Number of Common Shares Outstanding: Basic and Diluted | 464,667,527 | 116,445,060 | 464,667,527 | 75,757,332 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (327,803) | $ (2,434,974) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 32,792 | 55,814 |
Stock-based compensation | 24,000 | 337,500 |
Convertible note issued for services | 25,000 | |
Amortization of stock issued for prepaid services | 1,447,291 | |
Amortization of deferred financing cost | 13,202 | |
Amortization of debt discounts | 9,326 | 166,079 |
Loss on sales of fixed assets | 3,914 | |
Change in fair value of derivative liabilities | (4,216) | 334,475 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 339 | |
Prepaid expenses | (31,833) | (2,930) |
Accounts payable | (785) | (3,102) |
Accrued salary | 72,000 | |
Accrued interest | 7,169 | 14,032 |
Net Cash Used in Operating Activities | (194,350) | (68,360) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceed from sales of fixed assets | 700 | |
Purchase of mobile application software | (20,000) | |
Net cash used in Investing Activities | (19,300) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from convertible notes payable, net of original issue discounts | 157,500 | 106,750 |
Payment of deferred financing costs | (14,852) | |
Proceeds from related party | 59,617 | |
Repayment of loan to related party | (16,809) | |
Net cash provided by Financing Activities | 200,308 | 91,898 |
Net cash increase (decrease) for period | 5,958 | 4,238 |
Cash at beginning of period | 14,637 | 265 |
Cash at end of period | 20,595 | 4,503 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | ||
Cash paid for interest | ||
NON CASH INVESTING AND FINANCING ACTIVITIES | ||
Purchase of mobile application software in exchange for a convertible loan | 58,000 | |
Issuance of common stock for deferred financing costs | 3,850 | |
Issuance of common stock for conversion of debt and accrued interest | 170,170 | |
Resolution of derivative liability upon conversion of debt | 474,261 | |
Derivative liability recognized as debt discount | $ 11,500 | 164,750 |
Cancelation of issuance of common stock for services | $ 172 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS AppYea, Inc. (“AppYea”, “the Company”, “we” or “us”) was incorporated in the State of South Dakota on November 26, 2012, to engage in the acquisition, purchase, maintenance and creation of mobile software applications. The Company is in the development stage with no significant revenues and a limited operating history. The Company’s common stock is traded on the OTC Markets (www.otcmarkets.com) under the symbol “APYP”. The first day of trading on the OTC Markets was December 15, 2014. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the company’s management, the accompanying unaudited interim financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the company as of March 31, 2017 and the results of operations and cash flows for the periods presented. The results of operations for the nine months ended March 31, 2017 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included in the company’s Annual Report on Form 10-K for the year ended June 30, 2016 filed with the SEC on September 30, 2016. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 assumptions about the valuation and recognition of stock-based compensation expense, the valuation and recognition of derivative liability, valuation allowance for deferred tax assets and useful life of fixed assets. |
GOING CONCERN AND LIQUIDITY
GOING CONCERN AND LIQUIDITY | 9 Months Ended |
Mar. 31, 2017 | |
Going Concern And Liquidity [Abstract] | |
GOING CONCERN AND LIQUIDITY | 3. GOING CONCERN AND LIQUIDITY At March 31, 2017, the Company had cash of $20,595 and current liabilities of $347,351 and a working capital deficit of $290,756. The Company has generated net losses since inception. The Company anticipates future losses in its business. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. There is no assurance that this series of events will be satisfactorily completed. |
FIXED ASSETS
FIXED ASSETS | 9 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | 4. FIXED ASSETS As at March 31, 2017 and June 30, 2016, the balance of fixed assets represented mobile application software as follows: March 31, June 30, Mobile applications $ 257,870 $ 257,870 Accumulated depreciation (208,018 ) (175,226 ) Fixed assets, net $ 49,852 $ 82,644 Depreciation expense for nine months ended March 31, 2017, and 2016, was $32,792 and $55,814, respectively. |
CONVERTIBLE LOANS
CONVERTIBLE LOANS | 9 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE LOANS | 5. CONVERTIBLE LOANS At March 31, 2017 and June 30, 2016, convertible loans consisted of the following: March 31, June 30, March 2015 Note $ - $ - November 2016 Note 200,000 - Total convertible notes payable 200,000 - Accrued interest 7,623 454 Less: Unamortized debt discount (19,674 ) - Total convertible notes 187,949 454 Less: current portion of convertible notes 187,949 454 Long-term convertible notes $ - $ - During the nine months ended March 31, 2017 and 2016, the Company recognized interest expense of $7,169 and $12,713 and amortization of discount, included in interest expense, of $9,326 and $166,079, respectively. November 2016 Note On November 15, 2016, the Company entered into four separate agreements with Greentree Financial Group, Inc., consisting of a Financial Advisory Agreement, a Loan Agreement, a Convertible Promissory Note, and a Warrant. The Loan Agreement allows for the Company to borrow up to $250,000 from Greentree, which will be evidenced by various promissory notes, which will automatically mature 12 months from the date of applicable Note, will accrue interest at a rate of 12% per annum, and will include an original issuance discount (“OID”) of 10%. In addition, the promissory notes will be convertible at a price equal to 55% of the lowest trading price during the 10 trading days immediately prior to a conversion date. Note may not be converted prior to 6 months from its issuance. There is a 10% prepayment penalty associated with each of the promissory notes. Each promissory note conversion shall result in $1,500 being added to the principal of each promissory note converted. An initial promissory note of $100,000 and the note of $25,000 for a financial advisory service were issued on November 15, 2016. On January 26, 2017, the Company issued convertible note of $75,000 according to the loan agreement on November 15, 2016 and the Company received cash of $67,500 and recognized OID of $7,500. The warrant issued to Greentree allows for the purchase of up to 5,000,000 shares of the Company’s common stock for a three year period, expiring on November 15, 2019, with an exercise price of $0.03 per share. The warrants also contain a cashless exercise feature, based on a cashless exercise formula. The Company determined that the exercise feature of the warrants met the definition of a liability in accordance with ASC Topic No. 815 - 40, Derivatives and Hedging - Contracts in Entity’s Own Stock. The Company will bifurcate the embedded conversion option in the note once the note becomes convertible and account for it as a derivative liability. The fair value of the warrants was recorded as a debt discount being amortized to interest expense over the term of the note. The Company valued the warrants using the Black Scholes valuation model. The fair value of the derivative liability for the warrants on November 15, 2016 amounted to $11,500. The derivative liability was recognized as a debt discount to the notes. Warrants A summary of activity during the period ended March 31, 2017 follows: Warrant Outstanding Shares Weighted Average Exercise Price Outstanding, June 30, 2016 - $ - Granted 5,000,000 0.03 Exercised - - Forfeited/canceled - - Outstanding, March 31, 2017 5,000,000 $ 0.03 The following table summarizes information relating to outstanding and exercisable warrants as of March 31, 2017: Warrants Outstanding Warrants Exercisable Number of Weighted Average Remaining Contractual life Weighted Average Number of Weighted Average Shares (in years) Exercise Price Shares Exercise Price 5,000,000 2.63 $ 0.03 5,000,000 $ 0.03 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 9 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITIES | 6. DERIVATIVE LIABILITIES The Company analyzed the conversion option for derivative accounting consideration under ASC 815, Derivatives and Hedging, and hedging, and determined that the instrument should be classified as a liability since the conversion option becomes effective at issuance resulting in there being no explicit limit to the number of shares to be delivered upon settlement of the above conversion options. Fair Value Assumptions Used in Accounting for Derivative Liabilities. ASC 815 requires we assess the fair market value of derivative liability at the end of each reporting period and recognize any change in the fair market value as other income or expense item. The Company determined our derivative liabilities to be a Level 3 fair value measurement and used the Black-Scholes pricing model to calculate the fair value as of March 31, 2017. The Black-Scholes model requires six basic data inputs: the exercise or strike price, time to expiration, the risk free interest rate, the current stock price, the estimated volatility of the stock price in the future, and the dividend rate. Changes to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each convertible note is estimated using the Black-Scholes valuation model. At March 31, 2017, the estimated fair values of the liabilities measured on a recurring basis are as follows: Nine Months Year March 31, June 30, Expected term 2.63 - 3.00 years 0.00 - 1.00 years Expected average volatility 528%-567 % 25%-1,390 % Expected dividend yield - - Risk-free interest rate 1.28%-1.50 % 0.00%-0.57 % At March 31, 2017, the estimated fair values of the liabilities measured on a recurring basis are as follows: Fair Value Measurements at March 31, 2017 Quoted Significant Significant March 31, Active Observable Unobservable 2017 (Level 1) (Level 2) (Level 3) March 2015 Note $ 1,237 $ - $ - $ 1,237 Warrants -Issued in fiscal year 2017 7,499 - - 7,499 Total liabilities $ 8,736 $ - $ - $ 8,736 The following table summarizes the changes in the derivative liabilities during the nine months ended March 31, 2017: Balance - June 30, 2016 $ 1,452 Addition of new derivatives recognized as debt discounts 11,500 Gain on change in fair value of the derivative (4,216 ) Balance - March 31, 2017 $ 8,736 The aggregate gain on derivatives during the nine months ended March 31, 2017 was $4,216. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 7. COMMITMENTS AND CONTINGENCIES Leases and Long term Contracts The Company has not entered into any long term leases, contracts or commitments. Legal To the best of the Company’s knowledge and belief, no legal proceedings are currently pending or threatened. Rent As of January 30, 2013, the Company leases office space at $200 per month with three-month terms, which shall be automatically extended for successive three-month periods unless there is the notice to cancel. The lease can be cancelled at any time by either party with 30 days’ notice prior to expiration of an applicable term. For the nine months ended March 31, 2017 and 2015, the Company incurred $1,820 and $1,882, respectively. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 9 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | 8. SHAREHOLDERS’ EQUITY Convertible Preferred Stock The Company is authorized to issue 5,000,000 shares of convertible preferred stock at a par value of $0.0001. Each convertible preferred share is convertible into 1,500 shares of common stock and has the voting rights of 1,000 shares of common stock. As at March 31, 2017, and June 30, 2016, 5,000,000 shares of the Company’s convertible preferred stock were issued and outstanding. Common Stock The Company is authorized to issue 750,000,000 shares of common stock at a par value of $0.0001. As at March 31, 2017, and June 30, 2016, 464,667,527 shares of the Company’s common stock were issued and outstanding, respectively. Stock payable The Company had insufficient authorized shares as of March 31, 2017 and as a result, the Company had $24,000 in stock payable for which it is obligated to issue 10,000,000 shares of common stock for consulting services. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS In March 2016, the Company appointed current CEO and approved a base compensation package of $8,000 per month for CEO. As of March 31, 2017, and June 30, 2016, the Company recorded accrued salary of $104,000 and $32,000, respectively. During the period ended March 31, 2017, the Company borrowed a total amount of $56,617 from Evergreen Venture Partners LLC (“EVP”), which the CEO is the majority owner, and repaid $16,809. This loan is a non-interest bearing and due on demand. As of March 31, 2017, and June 30, 2016, the Company owed EVP, a related party $42,808 and $0, respectively. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 assumptions about the valuation and recognition of stock-based compensation expense, the valuation and recognition of derivative liability, valuation allowance for deferred tax assets and useful life of fixed assets. |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of balance of fixed assets | March 31, June 30, Mobile applications $ 257,870 $ 257,870 Accumulated depreciation (208,018 ) (175,226 ) Fixed assets, net $ 49,852 $ 82,644 |
CONVERTIBLE LOANS (Tables)
CONVERTIBLE LOANS (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of convertible loan | March 31, June 30, March 2015 Note $ - $ - November 2016 Note 200,000 - Total convertible notes payable 200,000 - Accrued interest 7,623 454 Less: Unamortized debt discount (19,674 ) - Total convertible notes 187,949 454 Less: current portion of convertible notes 187,949 454 Long-term convertible notes $ - $ - |
Schedule of warrants activity | Warrant Outstanding Shares Weighted Average Exercise Price Outstanding, June 30, 2016 - $ - Granted 5,000,000 0.03 Exercised - - Forfeited/canceled - - Outstanding, March 31, 2017 5,000,000 $ 0.03 |
Schedule of outstanding and exercisable warrants | Warrants Outstanding Warrants Exercisable Number of Weighted Average Remaining Contractual life Weighted Average Number of Weighted Average Shares (in years) Exercise Price Shares Exercise Price 5,000,000 2.63 $ 0.03 5,000,000 $ 0.03 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of weighted-average assumptions used for options granted | Nine Months Year March 31, June 30, Expected term 2.63 - 3.00 years 0.00 - 1.00 years Expected average volatility 528%-567 % 25%-1,390 % Expected dividend yield - - Risk-free interest rate 1.28%-1.50 % 0.00%-0.57 % |
Schedule of estimated fair values of the liabilities measured on a recurring basis | Fair Value Measurements at March 31, 2017 Quoted Significant Significant March 31, Active Observable Unobservable 2017 (Level 1) (Level 2) (Level 3) March 2015 Note $ 1,237 $ - $ - $ 1,237 Warrants -Issued in fiscal year 2017 7,499 - - 7,499 Total liabilities $ 8,736 $ - $ - $ 8,736 |
Schedule of derivative liabilities included in the balance sheet | Balance - June 30, 2016 $ 1,452 Addition of new derivatives recognized as debt discounts 11,500 Gain on change in fair value of the derivative (4,216 ) Balance - March 31, 2017 $ 8,736 |
GOING CONCERN AND LIQUIDITY (De
GOING CONCERN AND LIQUIDITY (Detail Textuals) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 |
Going Concern And Liquidity [Abstract] | ||||
Cash | $ 20,595 | $ 14,637 | $ 4,503 | $ 265 |
Current liabilities | 347,351 | $ 38,549 | ||
Working capital deficit | $ 290,756 |
FIXED ASSETS - Fixed assets bal
FIXED ASSETS - Fixed assets balance of mobile application software (Details) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ (208,018) | $ (175,226) |
Fixed assets, net | 49,852 | 82,644 |
Mobile applications | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 257,870 | $ 257,870 |
FIXED ASSETS (Detail Textuals)
FIXED ASSETS (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 10,808 | $ 18,084 | $ 32,792 | $ 55,814 |
CONVERTIBLE LOANS (Details)
CONVERTIBLE LOANS (Details) - USD ($) | Mar. 31, 2017 | Jan. 26, 2017 | Jun. 30, 2016 |
Short-term Debt [Line Items] | |||
Total convertible notes payable | $ 200,000 | ||
Accrued interest | 7,623 | 454 | |
Less: Unamortized debt discount | (19,674) | ||
Total convertible notes | 187,949 | 454 | |
Less: current portion of convertible notes | 187,949 | 454 | |
Long-term convertible notes | |||
Convertible promissory note payable | March 2015 Note | |||
Short-term Debt [Line Items] | |||
Total convertible notes payable | |||
Convertible promissory note payable | November 2016 Note | |||
Short-term Debt [Line Items] | |||
Total convertible notes payable | $ 200,000 | ||
Less: Unamortized debt discount | $ (7,500) |
CONVERTIBLE LOANS (Details 1)
CONVERTIBLE LOANS (Details 1) | 9 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Warrant Outstanding, Weighted Average Exercise Price | |
Outstanding, March 31, 2017 | $ 3 |
Warrants | |
Warrant Outstanding, Shares | |
Outstanding, June 30, 2016 | shares | |
Granted | shares | 5,000,000 |
Exercised | shares | |
Forfeited/canceled | shares | |
Outstanding, March 31, 2017 | shares | 5,000,000 |
Warrant Outstanding, Weighted Average Exercise Price | |
Outstanding, June 30, 2016 | |
Granted | 0.03 |
Exercised | |
Forfeited/canceled | |
Outstanding, March 31, 2017 | $ 0.03 |
CONVERTIBLE LOANS (Details 2)
CONVERTIBLE LOANS (Details 2) - $ / shares | 9 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2016 | |
Class of Warrant or Right [Line Items] | ||
Warrants Outstanding, Weighted Average Exercise Price | $ 3 | |
Warrants | ||
Class of Warrant or Right [Line Items] | ||
Warrants Outstanding, Number of Shares | 5,000,000 | |
Warrants Outstanding, Weighted Average Remaining Contractual life (in years) | 2 years 7 months 17 days | |
Warrants Outstanding, Weighted Average Exercise Price | $ 0.03 | |
Warrants Exercisable, Number of Shares | 5,000,000 | |
Warrants Exercisable, Weighted Average Exercise Price | $ 0.03 |
CONVERTIBLE LOANS (Detail Textu
CONVERTIBLE LOANS (Detail Textuals) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Nov. 15, 2016USD ($)days$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | Jan. 26, 2017USD ($) | Jun. 30, 2016USD ($) | |
Short-term Debt [Line Items] | |||||||
Convertible note issued for services | $ 25,000 | ||||||
Number of common stock called by warrants | shares | 5,000,000 | 5,000,000 | |||||
Exercise price of warrants | $ / shares | $ 3 | $ 3 | |||||
Interest expense | $ 10,506 | $ 74,229 | $ 16,495 | $ 193,313 | |||
Amortization of debt discounts | 9,326 | $ 166,079 | |||||
Debt discount | $ 19,674 | 19,674 | |||||
Term of warrant | 3 years | ||||||
Convertible promissory note payable | |||||||
Short-term Debt [Line Items] | |||||||
Interest expense | $ 7,169 | $ 12,713 | |||||
Convertible promissory note payable | November 2016 Note | |||||||
Short-term Debt [Line Items] | |||||||
Convertible promissory note payable, issued | $ 75,000 | ||||||
Cash | 67,500 | ||||||
Debt discount | $ 7,500 | ||||||
Convertible promissory note payable | November 2016 Note | Greentree Financial Group, Inc | |||||||
Short-term Debt [Line Items] | |||||||
Convertible promissory note payable, issued | $ 250,000 | ||||||
Interest rate | 12.00% | ||||||
Discount percentage of lowest traded price | 55.00% | ||||||
Number of trading days for lowest traded price | days | 10 | ||||||
Note convertible, threshold consecutive period | 6 months | ||||||
Conversion features, value | $ 1,500 | ||||||
Percentage of issuance discount on note | 10.00% | ||||||
Percentage of prepayment penalty with each promissory note conversion | 10.00% | ||||||
Notes Issued | $ 100,000 | ||||||
Convertible note issued for services | $ 25,000 | ||||||
Valuation techniques | Black Scholes valuation mode | ||||||
Number of common stock called by warrants | shares | 5,000,000 | ||||||
Exercise price of warrants | $ / shares | $ 0.03 | ||||||
Derivative liability | $ 11,500 |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Jun. 30, 2016 | |
Derivative [Line Items] | ||
Expected dividend yield | ||
Minimum | ||
Derivative [Line Items] | ||
Expected term | 2 years 7 months 17 days | 0 years |
Expected average volatility | 528.00% | 25.00% |
Risk-free interest rate | 1.28% | 0.00% |
Maximum | ||
Derivative [Line Items] | ||
Expected term | 3 years | 1 year |
Expected average volatility | 567.00% | 1390.00% |
Risk-free interest rate | 1.50% | 0.57% |
DERIVATIVE LIABILITIES (Detai27
DERIVATIVE LIABILITIES (Details 1) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative liability | $ 8,736 | $ 1,452 |
Recurring basis | Quoted Prices in Active Markets (Level 1) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | ||
Recurring basis | Quoted Prices in Active Markets (Level 1) | March 2015 Note | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | ||
Recurring basis | Quoted Prices in Active Markets (Level 1) | Warrants -Issued in fiscal year 2017 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | March 2015 Note | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | Warrants -Issued in fiscal year 2017 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | ||
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 8,736 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | March 2015 Note | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 1,237 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | Warrants -Issued in fiscal year 2017 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 7,499 | |
Recurring basis | Estimated fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 8,736 | |
Recurring basis | Estimated fair values | March 2015 Note | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 1,237 | |
Recurring basis | Estimated fair values | Warrants -Issued in fiscal year 2017 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | $ 7,499 |
DERIVATIVE LIABILITIES (Detai28
DERIVATIVE LIABILITIES (Details 2) | 9 Months Ended |
Mar. 31, 2017USD ($) | |
Derivative Liabilities Current [Roll Forward] | |
Balance - June 30, 2016 | $ 1,452 |
Addition of new derivatives recognized as debt discounts | 11,500 |
Gain on change in fair value of the derivative | (4,216) |
Balance - March 31, 2017 | $ 8,736 |
DERIVATIVE LIABILITIES (Detail
DERIVATIVE LIABILITIES (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Aggregate loss on derivatives | $ 5,276 | $ (1,985) | $ 4,216 | $ (334,475) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Detail Textuals) - USD ($) | 1 Months Ended | 9 Months Ended | |
Jan. 30, 2013 | Mar. 31, 2017 | Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease and rental expense | $ 200 | $ 1,820 | $ 1,882 |
Leases, term of contract | 3 months | ||
Description of lease term | three-month terms, which shall be automatically extended for successive three-month periods unless there is the notice to cancel. The lease can be cancelled at any time by either party with 30 days' notice prior to expiration of an applicable term. |
SHAREHOLDERS' EQUITY (Detail Te
SHAREHOLDERS' EQUITY (Detail Textuals) - USD ($) | 9 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||
Convertible preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Convertible preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, number of shares issued on conversion | 1,500 | |
Convertible preferred stock, voting rights | voting rights of 1,000 shares of common stock | |
Convertible preferred stock, shares issued | 5,000,000 | 5,000,000 |
Convertible preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 464,667,527 | 464,667,527 |
Common stock, shares outstanding | 464,667,527 | 464,667,527 |
Stock payable, 10,000,000 common shares | $ 24,000 | |
Stock payable, common shares | 10,000,000 | 10,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | |
Related Party Transaction [Line Items] | ||||
Accrued salaries | $ 104,000 | $ 104,000 | $ 32,000 | |
Borrowing from EVP | 59,617 | |||
Repayment to EVP | 16,809 | |||
Company owed EVP | 42,808 | $ 42,808 | ||
Evergreen Venture Partners LLC | ||||
Related Party Transaction [Line Items] | ||||
Borrowing from EVP | 56,617 | |||
Repayment to EVP | $ 16,809 | |||
CEO | ||||
Related Party Transaction [Line Items] | ||||
Base compensation package month | $ 8,000 |