Cover
Cover - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Oct. 13, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | Hawkeye Systems, Inc. | |
Entity Central Index Key | 0001750777 | |
Document Type | 10-K | |
Amendment Flag | false | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --06-30 | |
Entity Well Known Seasoned Issuer | No | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2023 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 5,552,222 | |
Entity Public Float | $ 1,304,772 | |
Entity File Number | 333-180954 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 83-0799093 | |
Entity Address Address Line 1 | 6605 Abercorn | |
Entity Address Address Line 2 | Suite 204 | |
Entity Address City Or Town | Savannah | |
Entity Address State Or Province | GA | |
Entity Address Postal Zip Code | 31405 | |
City Area Code | 912 | |
Local Phone Number | 253-0375 | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Icfr Auditor Attestation Flag | false | |
Security 12g Title | Common Stock, $0.0001 par value | |
Auditor Name | Reliant CPA PC | |
Auditor Location | Newport Beach, CA | |
Auditor Firm Id | 6906 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets: | ||
Cash | $ 143,861 | $ 325 |
Prepaid expenses | 2,370 | 1,333 |
Interest receivable | 40,438 | 0 |
Loan receivable | 800,000 | 0 |
Total current assets | 986,669 | 1,658 |
Total assets | 986,669 | 1,658 |
Current liabilities: | ||
Accounts payable and accrued liabilities - related party | 730,454 | 186,009 |
Accounts payable and accrued liabilities | 13,644 | 7,637 |
Convertible note payable, net of discount - related party | 500,000 | 500,000 |
Accrued interest - related party | 298,158 | 79,946 |
Line of credit - related party | 525,000 | 265,000 |
Promissory note payable - related party | 1,000,000 | 0 |
Common stock payable - related party | 0 | 624,344 |
Total current liabilities | 3,067,256 | 1,662,936 |
Long-term liabilities: | ||
Loan payable due to Eagle - JV partner | 442,251 | 442,251 |
Total liabilities | 3,509,507 | 2,105,187 |
Stockholders' deficit: | ||
Preferred stock, $0.0001 par value, 50,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.0001 par value, 400,000,000 shares authorized; 5,552,222 and 2,560,414 shares issued and outstanding, respectively | 555 | 256 |
Additional paid-in capital | 9,585,094 | 8,778,391 |
Accumulated deficit | (12,108,487) | (10,882,176) |
Total stockholders' deficit | (2,522,838) | (2,103,529) |
Total liabilities and stockholders' deficit | $ 986,669 | $ 1,658 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Preferred stock, shares par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 5,552,222 | 2,560,414 |
Common stock, shares outstanding | 5,552,222 | 2,560,414 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses: | ||
General and administrative | $ 89,260 | $ 284,751 |
Management compensation | 622,551 | 799,593 |
Professional fees | 156,726 | 78,811 |
Professional fees - related party | 250,000 | 61,500 |
Marketing | 0 | 5,813 |
Total operating expenses | 1,118,537 | 1,230,468 |
Loss from operations | (1,118,537) | (1,230,468) |
Other income and (expense): | ||
Other income | 70,000 | 0 |
PPP loan forgiveness | 0 | 17,293 |
Interest income | 40,438 | 0 |
Interest expense - related party | (218,212) | (95,363) |
Gain on investment in HIE | 0 | 19,736 |
Total other income and (expense) | (107,774) | (58,334) |
Net loss | $ (1,226,311) | $ (1,288,802) |
Net loss per common share - basic and diluted | $ (0.23) | $ (0.56) |
Weighted average common shares outstanding - basic and diluted | 5,236,347 | 2,312,334 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital | Accumulated Deficit |
Balance, shares at Jun. 30, 2021 | 17,921,148 | |||
Balance, amount at Jun. 30, 2021 | $ (1,754,860) | $ 179 | $ 7,958,622 | $ (9,713,661) |
Cumulative-effect adjustment from adoption of ASU 2020-06 | (49,067) | (169,354) | 120,287 | |
Common stock issued for settlement of account payable, shares | 30,000 | |||
Common stock issued for settlement of account payable, amount | 30,000 | $ 3 | 29,970 | 0 |
Stock based compensation - options | 482,200 | $ 0 | 482,200 | 0 |
Stock option cashless exercised, shares | 627,500 | |||
Stock option cashless exercised, amount | 0 | $ 63 | (63) | 0 |
Common stock issued exchanged for common stock payable, shares | 110,800 | |||
Common stock issued exchanged for common stock payable, amount | 477,000 | $ 11 | 476,989 | 0 |
Net loss | (1,288,802) | $ 0 | 0 | (1,288,802) |
Balance, shares at Jun. 30, 2022 | 2,560,416 | |||
Balance, amount at Jun. 30, 2022 | (2,103,529) | $ 256 | 8,778,391 | (10,882,176) |
Stock based compensation - options | 5,158 | $ 0 | 5,158 | 0 |
Net loss | (1,226,311) | (1,226,311) | ||
Common stock issued for common stock payable, shares | 1,741,667 | |||
Common stock issued for common stock payable, amount | 624,344 | $ 174 | 624,170 | 0 |
Common stock issued for compensation, shares | 1,250,000 | |||
Common stock issued for compensation, amount | 177,500 | $ 125 | 177,375 | 0 |
Shares issued for rounding to reflect the 1 for 10 reverse stock split, shares | 139 | |||
Balance, shares at Jun. 30, 2023 | 5,552,222 | |||
Balance, amount at Jun. 30, 2023 | $ (2,522,838) | $ 555 | $ 9,585,094 | $ (12,108,487) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (1,226,311) | $ (1,288,802) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
PPP loan forgiveness | 0 | (17,293) |
Stock based compensation - options and warrant | 5,158 | 482,200 |
Common stock issued for services | 177,500 | 0 |
Change in operating assets and liabilities: | ||
Prepaid expense | (1,038) | 541 |
Interest receivable | (40,438) | 0 |
Accounts payable and accrued liabilities | 6,008 | (46,214) |
Accounts payable and accrued liabilities - related party | 544,445 | 194,135 |
Accrued interest - related party | 218,212 | 1,019 |
Common stock payable -- related party | 0 | 147,344 |
Net cash used in operating activities | (316,464) | (527,070) |
Cash flows from investing activities: | ||
Gain on investment in HIE | 0 | (19,736) |
Loans advanced to CNTNR | (800,000) | 0 |
Net cash used in investing activities | (800,000) | (19,736) |
Cash flows from financing activities: | ||
Net proceeds from promissory note - related party | 1,000,000 | 0 |
Net proceeds from line of credit -related party | 260,000 | 265,000 |
Net cash provided by financing activities | 1,260,000 | 265,000 |
Net change in cash | 143,536 | (281,806) |
Cash beginning of period | 325 | 282,131 |
Cash end of period | 143,861 | 325 |
Supplemental cash flow information | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | 0 | 0 |
Non-cash investing and financing activities: | ||
Common stock issued for settlement of accounts payable | 0 | 30,000 |
Common stock issued in exchanged for common stock payable -related party | 624,344 | 477,000 |
Replacement of Inventory financing payable to convertible note | 0 | 500,000 |
Debt forgiveness | 0 | 17,293 |
Stock option cashless exercise | $ 0 | $ 627 |
Organization
Organization | 12 Months Ended |
Jun. 30, 2023 | |
Organization | |
Organization | Note 1 - Organization Hawkeye Systems, Inc. (the “Company”), a Nevada corporation incorporated on May 15, 2018. Our previous focus was on pandemic management products and services. We are currently looking for investment opportunities in diversified industries, such as affordable housing development, and technology applications to mitigate the effects of climate change. From inception until the date of this filing our activities have primarily consisted of (i) liquidating our stock of personal protective equipment (“PPE”) products, (ii) the development of our business plan and the evaluation of strategic investment and business development strategies, including the execution of letters of intent and the provision of funding to a few selected target companies. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of presentation The accompanying financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. Significant estimates in the accompanying financial statements include useful lives of property and equipment, fair value assumptions used for stock-based compensation, and the valuation allowance on deferred tax assets. Cash The Company considers cash in banks and other deposits with an original maturity of three months or less when purchased to be cash and cash equivalents. There were $143,861 and $325 as cash equivalents as of June 30, 2023 and 2022, respectively. Financial instruments For certain of the Company’s financial instruments, including cash, and convertible note payable, related party, the carrying amounts approximate their fair values due to their short maturities. Accounts receivable and allowance for doubtful accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company had no balance on accounts receivable and allowance for doubtful accounts at June 30, 2023 or 2022. Inventory The Company has no inventory as of June 30, 2023, and 2022, respectively. Fair value measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. The Company has no assets or liabilities that are adjusted to fair value on a recurring basis. Convertible financial instruments The Company bifurcates conversion options from their host instruments and accounts for them as free-standing derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not remeasured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional, as that term is described under applicable U.S. GAAP. When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, discounts are recorded for the intrinsic value of conversion options embedded in the instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument. Common stock purchase warrants and derivative financial instruments Common stock purchase warrants and other derivative financial instruments are classified as equity if the contracts (1) require physical settlement or net-share settlement, or (2) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). Contracts which (1) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (2) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement), or (3) that contain reset provisions that do not qualify for the scope exception; are classified as liabilities. The Company assesses the classification of its common stock purchase warrants and other derivatives at each reporting date to determine whether a change in classification between equity and liabilities is required. Beneficial conversion feature The issuance of the convertible debt generated a beneficial conversion feature (“BCF”), which arises when a debt or equity security is issued with an embedded conversion option that is beneficial to the investor or in the money at inception because the conversion option has an effective strike price that is less than the market price of the underlying stock at the commitment date. The Company recognized the BCF by allocating the intrinsic value of the conversion option, which is the number of shares of common stock available upon conversion multiplied by the difference between the effective conversion price per share and the fair value of common stock per share on the commitment date, resulting in a discount on the convertible debt (recorded as a component of additional paid-in capital). The discount is amortized to interest expense over the term of the convertible debt. Income taxes The Company uses the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, the Company does not foresee generating taxable income in the near future and utilizing its deferred tax asset, therefore, it is more likely than not that some portion, or all of, the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. Revenue recognition Revenue is recorded in accordance with Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Topic 606 As of fiscal years ended June 30, 2023, and 2022, the Company had generated zero revenue for both years. Cost of sales Cost of sales includes inventory costs and shipping and freight expenses. Since the Company had not generated any revenue during fiscal years ended June 30, 2023, and 2022, the Company incurred no cost of sales in both years. Related parties The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. Commitments and contingencies The Company follows ASC 450-20 , “Loss Contingencies Basic and diluted earnings per share Basic earnings per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including stock options, warrants to purchase the Company’s common stock, and convertible note payable. For the years ended June 30, 2023 and 2022, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share because they were anti-dilutive are as follows: June 30, 2023 June 30, 2022 Warrants 239,401 249,400 Options 425,600 425,600 Convertible notes 6,455,847 4,224,732 Total possible dilutive shares 7,120,848 4,899,732 The shares above have been adjusted to reflect a 1-for-10 reverse stock split that became effective on February 9, 2023. See further discussion on Note 13 – stock reverse split. Stock-based compensation Stock-based compensation to employees and non-employees consists of stock options grants, warrants to purchase common stock, and restricted shares that are recognized in the statement of operations based on their fair values at the date of grant. The fair value of the share of common stock is based on the trading price of the Company’s share. Option The Company calculates the fair value of options and warrant grants utilizing the Black-Scholes pricing model. Assumptions used by the Company in using the Black-Scholes pricing model include: 1) volatility based on the Company’s average volatility rate, 2) risk free interest rate based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of the grant, 3) the expected life of the option or warrants, and 4) expected cash dividend rate on shares of common stock. During the year ending June 30, 2023, and 2022, volatility was based on average rates for trading price of the Company’s share. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. The resulting stock-based compensation expense for employee awards is generally recognized on a straight- line basis over the vesting period of the award. There were no stock options granted during the fiscal year of 2023, and the remaining $5,158 of stock-based compensation awards were vested in September 2022. Restricted Shares Granted for Compensation On April 09, 2023, the Company issued 500,000 shares of common stock in the amount of $71,000 to Christopher Mulgrew, the CFO, and 750,000 shares of common stock in the amount of $106,500 to Corby Marshall, the CEO, as a performance bonus, respectively. On June 15, 2023, the Company issued 25,000 shares of common stock in the amount of $10,000 to Christopher Mulgrew, the CFO, and 50,000 shares of common stock in the amount of $20,000 to Richard Cutler, a member of the Company’s board of directors who resigned on August 19, 2022, as a performance bonus, respectively. These two instances were recorded as common stock payable as of June 30, 2022. Reclassifications Certain prior period amounts have been reclassified to conform with the current year’s presentation. Recent accounting pronouncements Management has considered all recent accounting pronouncements issued and their potential effect on our financial statements. In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt-Debt with Conversion and Other Options” and ASC subtopic 815-40 “Hedging-Contracts in Entity’s Own Equity”. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company early adopted this standard effective July 1, 2021 using the modified retrospective approach transition method. Therefore, the condensed financial statements for the year ended June 30, 2022 are presented under the new standard, while the comparative period presented is not adjusted and continues to be reported in accordance with the Company’s historical accounting policy. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2023 | |
Going Concern | |
Going Concern | Note 3 - Going Concern The Company’s financial statements are prepared using U.S. GAAP, applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. During the year ended June 30, 2023, the Company had a net loss of $1,226,311. As of June 30, 2023, the Company had an accumulated deficit of $12,108,487. The Company has not established sufficient revenue to cover its operating costs and will require additional capital to continue its operating plan. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These factors raise substantial doubt about its ability to continue as a going concern. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan to obtain such resources for the Company include: sales of equity instruments; traditional financing, such as loans; and obtaining capital from management and significant stockholders sufficient to meet its minimum operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing this plan. There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Loan payable due to Eagle - JV
Loan payable due to Eagle - JV partner | 12 Months Ended |
Jun. 30, 2023 | |
Loan payable due to Eagle - JV partner | |
Loan payable due to Eagle - JV partner | Note 4 – Loan payable due to Eagle - JV partner July 17, 2020, the Company entered into a membership agreement with Eagle Equities LLC (“Eagle”) and Ikon Supplies (“Ikon”) to form a Nevada Limited Liability Company, HIE, LLC (“HIE”) for the purpose of procuring, funding the purchase of and sale of PPE (the “Membership Agreement”). Subject to the provision of the Agreement, the interest of any net profits would be shared 33.3% among each member. If there is a loss in some or all of the capital, the Company is contingently liable to contribute to repay 33.3% of the Origination Loan and Additional Contribution and of any losses of HIE. In addition, the Company is obliged to repay 1/3 of the loan contributed by Eagle or 1/3 of the capital paid by Eagle according to the Membership Agreement. HIE did not have any operating activities during the year ended June 30, 2023. As of June 30, 2023 and 2022, the Company’s investment balance in HIE was $0, and the loan balance payable to joint venture partner Eagle totaled $442,251, unchanged for two years. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions | |
Related Party Transactions | Note 5 - Related Party Transactions Related party transactions are described in detail in Note 6, Note 7, Note 8, Note 9, Note 11, and Note 14. |
Inventory Financing Payable - r
Inventory Financing Payable - related party | 12 Months Ended |
Jun. 30, 2023 | |
Inventory Financing Payable - related party | |
Inventory Financing Payable - Related Party | Note 6 – Inventory Financing Payable – related party On February 19, 2021, Steve Hall, a shareholder of the Company, advanced $1 million to the Company. The purpose of the advance was to purchase inventory to satisfy customer orders. The advance would be repaid upon cash being received from the end customer. In addition to the principal amount of the advance, the related party will be entitled to 1/3 of the gross profit earned on the transaction. The terms of the agreement are non-interest bearing. The creditor is 100% at risk as this is a non-recourse funding vehicle. In June 2021 the Company cancelled the contemplated purchase of inventory and returned $500,000 to Mr. Hall. Mr. Hall agreed to allow the Company to retain the balance to fund future purchases and general operating expenses. On October 1, 2021, the Company and Steve Hall entered into a restated and amended promissory note, to consolidate and restate the terms pursuant to which Steve Hall had provided funds to the Company (the “Consolidated Note”). The Consolidated Notes consolidated and restated the terms of advances made on February 17, 2021, for $500,000 for inventory financing, February 18, 2021, for $500,000 for inventory financing, November 12, 2021, for $30,000 and December 13, 2021, for $75,000. In addition to consolidating the advances singled out above, the Consolidated Note included the extension of a line of credit of up to $1,000,000, from Steve Hall to the Company. The principal amount of the Consolidated Note, excluding the $1,000,000 line of credit, is $1,105,000, payable on demand at any time after October 1, 2022 (the “Due Date”), and accruing interest at a rate of 12% per year, if repaid within 90 days of the due date and 20% if repaid thereafter. Principal and interest due under the line of credit extended pursuant to the Consolidated Note shall be added to the principal amount due under the Consolidated Note and shall be payable pursuant to the same terms. The line of credit is due and payable on the Due Date unless extended. At the option of holder, the Consolidated Note is convertible, at any time, into shares of common stock at a conversion price of $0.02 per share. The Consolidated Note’s Due Date was extended to September 30, 2023. As of June 30, 2023, and 2022, the accrued interest under the Consolidated Note was $164,932, and $64,932, and the principal balance was $500,000 at the end of both years, respectively. |
Line of Credit - related party
Line of Credit - related party | 12 Months Ended |
Jun. 30, 2023 | |
Line of Credit - related party | |
Line of Credit - related party | Note 7 – Line of Credit – related party On October 1, 2021, Steve Hall agreed to provide a line of credit of up to $1,000,000 to the Company with simple interest at a rate of 12% for the first 90 days, and simple interest at a rate of 20% per annum thereafter. All principal disbursed under the line of credit will accrue interest, and be payable on the same terms as principal due under the Consolidated Note (see Note 6). The line of credit expired on October 1, 2022. Subsequently, the line of credit has been renewed and extended with same terms and a new maturity date of October 1, 2023. As of June 30, 2023, and 2022, the outstanding principal of the line of credit totaled $525,000, and $265,000 with accrued interest of $101,238, and $15,015, respectively. |
Promissory notes payable - rela
Promissory notes payable - related party | 12 Months Ended |
Jun. 30, 2023 | |
Promissory notes payable - related party | |
Promissory notes payable - related party | Note 8 – Promissory notes payable – related party On March 29, 2023, Steve Hall provided the Company with a loan in the principal amount of $1,000,000, as evidenced by a promissory note with an annual interest rate of 12% per year (the “Steve Hall Note”). The purpose of the Steve Hall Note was to provide the Company with a funding source to make a follow-on investment in CNTNR USA, Inc., a Delaware corporation (“CNTNR”). On May 31, 2023 (or upon the closing of a debt financing), the Company will repay the outstanding principal balance of the Hall Note to Steve Hall and transfer to him 90% of the shares of CNTNR, issued by CNTNR to the Company pursuant to the Company’s investment in CNTNR, plus 90% of the CNTNR Warrants as described below in Note 10 - Note Receivable. As of June 30, 2023, the outstanding loan balance was $1,000,000 with accrued interest of $31,989. This note is past its maturity date. The Company is currently working with Mr. Hall to restructure the note and extend its maturity date. Note 9 – Accrued expenses – related party Between September 2021 to September 2022, the Company had accepted deposits in the total amount of $30,218 from Central National Gottesman, Inc., on a sale of face masks on behalf of Steve Hall, a shareholder of Hawkeye Systems, Inc. As of June 30, 2023, the deposits remain with the Company and have not been sent to Mr. Hall. In addition, there are no fixed repayment terms or any repayment arrangement on this accrued liability. |
Note receivable
Note receivable | 12 Months Ended |
Jun. 30, 2023 | |
Note receivable | |
Note receivable | Note 10 – Note receivable On February 27, 2023, the Company and CNTNR USA, Inc. (“CNTNR”) entered into a promissory note under which the Company disbursed $200,000 to CNTNR (the “CNTNR Note”). Subsequently, on April 6, 2023, the Company and CNTNR amended and restated the CNTNR Note (the “Amended CNTNR Note”). In the Amended CNTNR Note, the Company agreed to lend CNTNR the total principal amount of $1,000,000 (“Principal Amount”) with a commitment fee equivalent to 5% of the Principal Amount. CNTNR further agreed to pay the Company a monthly consulting fee of $5,000 beginning on March 1, 2023 that will continue until the Principal Amount is repaid. The balance of the consulting fee is recorded as an accounts receivable. As of June 30, 2023, the accounts receivable has a zero balance. The Amended CNTNR Note has an annual interest rate of 12% and matures at the earlier of September 30, 2023, or the closing of a material debt or equity financing. Upon maturity of the Amended CNTNR Note, CNTNR will pay to the Company all outstanding Principal Amount and interest, plus any outstanding consulting fee and issue the Company 10% of the issued and outstanding shares of CNTNR (equivalent to 6,170,879 shares). Moreover, the Amended CNTNR Note includes warrant coverage of one warrant for every share issued in repayment of the Principal Amount at the closing of an intended merger with CNTNR which is equal to 6,170,879 warrants. The warrants will have a 30% discount rate to the current fair market price of the shares of CNTNR when exercised and will expire 36 months after April 6, 2023. Both the shares and warrant shares have not been issued as of June 30, 2023 and will be recorded at fair value as financing income upon issuance at settlement. As the interest is calculated on the total balance of the available loan of $1,000,000 starting on the date of the first transfer on February 28, 2023, the CNTNR Note and the Amended CNTNR Note have accrued interest of $40,438 with an outstanding principal of $800,000 as of year ended June 30, 2023. |
Common stock payable - related
Common stock payable - related party | 12 Months Ended |
Jun. 30, 2023 | |
Common stock payable - related party | |
Common stock payable - related party | Note 11 – Common stock payable – related party On May 23, 2022, the board of directors granted Richard Cutler, former director who had resigned in August 2022, 50,000 shares (it was 500,000 shares prior to the reverse stock split described in Note 13) of restricted common stock valued at $20,000, with an exercise price of $0.4 per share. The shares were granted as consideration for services granted. All shares are restricted until an acquisition or reverse takeover of the Company. On May 23, 2022, the board of directors granted Chris Mulgrew, the Company’s Chief Financial Officer, 25,000 shares (it was 250,000 shares prior to the reverse stock split described in Note 13) of restricted common stock, valued at $10,000 with an exercise price of $0.04 per share. The shares were granted as consideration for services granted. All shares are restricted until an acquisition or reverse takeover of the Company. As of June 30, 2023, and 2022, the Company reported common stock payable-related party of $0 and $624,344, which represents zero, and 1,741,667 (it was 17,416,667 shares prior to the stock reverse split) shares of common stock to be issued, respectively. |
Stockholders Equity
Stockholders Equity | 12 Months Ended |
Jun. 30, 2023 | |
Stockholders Equity | |
Stockholders' Equity | Note 12 - Stockholders’ Equity Common Stock 2023 Stock Issuances · Issued 1,666,667 shares of common stock valued at $594,344 associated with the settlement of two convertible notes to Steve Hall in aggregate amount of $500,000 and accrued interest of $94,344. · Issued 139 shares of common stock valued $0 due to round up shares on stock reverse split. See Note 13 for further discussion. Issued 500,000 shares of common stock for compensation of $71,000 to Christopher Mulgrew, the CFO. · Issued 25,000 shares of common stock for compensation of $10,000 to Christopher Mulgrew, the CFO. · Issued 750,000 shares of common stock for compensation to Corby Marshall, the CEO. · Issued 50,000 shares of common stock for compensation of $20,000 to Richard Cutler, a member of the Company’s board of directors who resigned on August 19, 2022. 2022 Stock Issuances · Issued 300,000 shares of common stock to Tysdco valued at $30,000 associated with the settlement of Accounts Payable of $30,000 on consultant fee. Shares were reduced to 30,000 to reflect the 1-for-10 reverse stock split on 02/09/2023. See Note 13 for further discussion. Issued 464,570 shares of common stock valued $200,000 for stock payable to Financial Ventures Group. Shares were reduced to 46,457 to reflect the 1-for-10 reverse stock split on 02/09/2023. See Note 13 for further discussion. · Issued 643,430 shares of common stock valued $277,000 for stock payable to Steve Hall. Shares were reduced to 64,343 due to stock reverse split on 02/09/2023. See Note 13 for further discussion. · Issued 6,275,000 shares of common stock for cashless exercise of 7,900,000 stock options. Shares were reduced to 627,500 to reflect the 1-for-10 reverse stock split on 02/09/2023. See Note 13 for further discussion. 2022 Stock to be Issued · On September 1, 2021, Steve Hall converted a note with a principal amount of $500,000 and the associated accrued interest of $94,344 into 16,666,667 shares of common stock at $0.03566 per share. The transaction was being classified as a common stock payable-related party as of June 30, 2022. The shares were registered on July 28, 2022. Furthermore, shares were reduced to 1,666,667 to reflect the 1-for-10 reverse stock split on 02/09/2023. See Note 13 for further discussion. On May 23, 2022, the board of directors granted Chris Mulgrew, a related party 250,000 shares of restricted common stock, respectively with conversion value of $0.04 per share. The shares were granted as consideration for services. All shares are restricted until an acquisition or reverse takeover of the Company. 25,000 shares of stock were issued on February 10, 2023 to reflect the 1-for-10 reverse stock split on 02/09/2023. See Note 13 for further discussion. · On May 23, 2022, the board of directors granted Richard Cutler, a related party 500,000 shares of restricted common stock, respectively with conversion value of $0.04 per share. The shares were granted as consideration for services. All shares are restricted until an acquisition or reverse takeover of the Company. 50,000 shares of stock were issued on February 10, 2023 to reflect the 1-for-10 reverse stock split on 02/09/2023. See Note 13 for further discussion. Stock Purchase Warrants Transactions in stock purchase warrants for the years ended June 30, 2023 and 2022 are as follows: Number of Weighted Average Warrants Exercise Price Balance at June 30, 2022 249,401 $ 1.00 Expired - - Balance at September 30, 2022 249,401 1.00 Expired (10,000 ) 0.20 Balance at December 31, 2022 239,401 1.04 Expired - - Balance at March 31, 2023 239,401 1.04 Expired - Balance at June 30, 2023 239,401 $ 1.04 The Company had not issued any warrants to purchase common stock in the years ended June 30, 2023 and 2022, respectively. The composition of the Company’s warrants outstanding at June 30, 2023 are as follows: Exercise Price Number of Warrants Weighted Average Remaining Life (in years) $ 0.30 35,000 0.84 $ 0.50 66,667 0.84 $ 1.00 70,867 0.84 $ 2.00 66,867 0.84 $ 239,401 0.84 The intrinsic value of the warrants as of June 30, 2023 and 2022 was $0. Stock Options During 2019, the Company’s board of directors approved the 2019 Directors, Officers, Employees and Consultants Stock Option Plan (“Option Plan”) which authorized the issuance of options to purchase up to 2,500,000 shares of common stock to its employees, directors, and consultants. Fiscal Year 2023 During the fiscal year ended June 30, 2023, the Company had not granted any stock options. And all stock options were vested at the end of 1 st Fiscal Year 2022 On October 1, 2021, pursuant to the Company’s Option Plan, the Company granted 1,876,000 stock options with exercise prices of a range from $0.10 to $0.50 and a term of five years. All of these options vested 20% immediately upon issuance of the option and 20% every three months thereafter. The fair value of these shares was $132,210 of which $127,051 was recognized in the fiscal year ended June 30, 2022. On May 23, 2022, the Company granted 3,250,000 stock options, of which 2,000,000 were to related parties. These options vested immediately upon issuance with exercise prices of a range from $0.05 to $0.075 and a term of five years with a fair value of $113,163. Since the launch of the 2,500,000 shares of stock option plan in January 2019, the company has issued a total of 12,406,000 shares of stock options, of which 2,500,000 shares were under the 2019 option plan and were all vested and exercised by the end of fiscal year 2022. As of June 30, 2022, there are 4,182,800 shares of stock options exercisable, of which all are granted as non-statutory stock options, outside of the Option Plan. On June 30, 2022, compensation cost for non-vested options of $5,158 will be recognized over the next year. The fair value of the newly granted options was determined using the Black-Scholes option pricing model with the following assumptions: June 30, 2023 2022 Trading price $ 0.00 $ 0.02 - 0.13 Exercise price $ 0.00 $ 0.00 Expected term (in years) 0.00 5.00 Risk-free rate 0.00 % 0.71%-2.84 % Volatility 0.00 % 229%-255 % Dividend yield - - For options issued in the year ended June 30, 2022, the volatility rate is based on the Company’s volatility. The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant. The Company has no history or expectation of paying cash dividends on its common stock. Transactions in stock options for the years ended June 30, 2023, and 2022, are as follows: Weighted Number of Weighted average average remaining life options exercise price (in years) Outstanding, June 30, 2021 728,000 2.30 3.76 Granted 512,600 1.08 4.66 Expired or Forfeited (25,000 ) 5.00 1.59 Exercised (790,000 ) 1.86 3.14 Outstanding, June 30, 2022 425,600 1.41 4.41 Granted - - - Expired or Forfeited - - - Exercised - - - Outstanding, June 30, 2023 425,600 1.41 3.41 Exercisable, June 30, 2023 425,600 $ 1.41 3.41 (1) These quantities have been adjusted to reflect a 1-for-10 reverse stock split that became effective on February 9, 2023. During fiscal year 2023, the Company amortized expenses of $5,158 to the unrelated party, and $0 remains unamortized. At the fiscal years ended of June 30, 2023, and 2022, the intrinsic value of the outstanding options was $0 in both years. |
Stock Reverse Split
Stock Reverse Split | 12 Months Ended |
Jun. 30, 2023 | |
Stock Reverse Split | |
Stock Reverse Split | Note 13 – Stock Reverse Split Hawkeye filed a form of 8K/A on March 23, 2023 announcing the Company amended its Articles of Incorporation to effect a one-for-ten reverse stock split (the “Reverse Split”) of the Company’s common stock while par value of $0.0001 per share remain the same. The Reverse Split was approved by FINRA on February 8, 2023, and became effective on February 9, 2023. All fractional shares resulting from the Reverse Split were rounded up to the nearest whole share, which results in an additional 139 shares issued for rounding. As a result of the Reverse Split, the Company had 4,227,222 shares of common stock issued and outstanding on February 8, 2023. In addition, at the effective time of the Reverse Split, all common shares, warrants, options and the related financial information as filed in the Quarterly Report on Form 10-Q of 3 rd |
Consulting Agreement - Related
Consulting Agreement - Related Party | 12 Months Ended |
Jun. 30, 2023 | |
Consulting Agreement - Related Party | |
Consulting Agreement - Related Party | Note 14 – Consulting Agreement Related Party On January 30, 2023, Hawkeye entered into a consulting agreement with Steve Hall, a shareholder of the Company, to provide real estate and development consulting services, including the supervision of the Company’s senior management, staff and all personnel, whether employees or consultants, strategic planning, property acquisitions and annual budget review. The contract period is 12 months with no option for renewal thereafter. The Company has paid Steve Hall a one-time flat service fee of $250,000 on January 31, 2023. Compensation is without recourse and there is no requirement for performance of services during the term of the contract. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes | |
Income Taxes | Note 15 – Income Taxes The Company did not recognize a provision (benefit) for income taxes for the years ended June 30, 2023 and 2022. At December 31, 2022 and 2021, the Company had net deferred tax assets principally arising from the net operating loss carryforward for income tax purposes multiplied by an expected federal rate of 21%. As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the deferred tax assets, a valuation allowance equal to 100% of the net deferred tax asset existed at June 30, 2023 and 2022. A reconciliation of the federal statutory income tax to our effective income tax is depicted below: June 30, June 30, 2023 2022 Federal statutory rates $ (257,525 ) $ (270,648 ) Income tax adjustment Stock based compensation 5,158 101,262 Permanent difference 370 288 Valuation allowance against net deferred tax assets 251,997 169,098 Effective rate $ - $ - On June 30, 2023, the Company had federal net operating loss carry forwards of approximately $1,967,115. This loss will never expire but its utilization is limited to 80% of taxable income in any future year. Net deferred tax assets consist of the following components as of: June 30, June 30, 2023 2022 Operating loss carry forward $ 1,967,115 $ 1,715,118 Valuation allowance (1,967,115 ) (1,715,118 ) Net deferred income tax asset $ - $ - The Company is open to examination of our income tax filings in the United States and state jurisdictions for the 2018 through 2022 tax years. Tax attributes from years prior to that can be adjusted as a result of examinations. In the event that the Company is assessed penalties and or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and contingencies (Note 16) | |
Commitments and Contingencies | Note 16 – Commitments and Contingencies On July 17, 2020, the Company entered into a Membership Agreement (See “Investment in HIE LLC” in Item 1. Description of Business). Under the terms and conditions of the Membership Agreement, in the event of a loss of capital of HIE, the Company shall contribute to repay 33.3% of the Origination Loan and Additional Contribution and of any losses of HIE. HIE did not have operating activities during the fiscal year of 2023. On January 30, 2023, Hawkeye entered into a consulting agreement with Steve Hall, a shareholder of the Company, to provide real estate and development consulting services. Transactions are described in detail in Note 14 - Consulting Agreement - Related Party. On February 27, 2023, the Company and CNTNR USA, Inc. (“CNTNR”) entered into a promissory note under which the Company disbursed $200,000 to CONTNR (the “CNTNR Note”). Subsequently, on April 6, 2023, the Company and CNTNR amended and restated the CNTNR Note (the “Amended CNTNR Note”) of which the Company agreed to lend CNTNR the total principal amount of $1,000,000 (“Principal Amount”) with a commitment fee equivalent to 5% of the Principal Amount. Detailed discussions are included in note 10 - note receivable. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Subsequent Events | |
Subsequent Events | Note 17 - Subsequent Events Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation, the following subsequent events would require disclosure in the financial statements: The Company borrowed additional funds of $70,000 and $380,000 from Steve Hall on July 11, 2023 and August 14, 2023 respectively, which are related to Note 8 - Promissory Notes Payable - Related Party. On July 12, 2023, and August 15, 2023, CNTNR advanced $200,000 and $100,000 of additional funds from the Company, respectively, which are related to Note 10 – Note receivable. As of the date of this report, the Company and Steve Hall are currently working towards a restructuring of the Hall Note. Note detail is described in Note 8 – Promissory notes payable – related party. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Basis of presentation | The accompanying financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Use of estimates | The preparation of consolidated financial statements in conformity with U.S. GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. Significant estimates in the accompanying financial statements include useful lives of property and equipment, fair value assumptions used for stock-based compensation, and the valuation allowance on deferred tax assets. |
Accounts receivable and allowance for doubtful accounts | Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company had no balance on accounts receivable and allowance for doubtful accounts at June 30, 2023 or 2022. |
Fair value measurements | When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. The Company has no assets or liabilities that are adjusted to fair value on a recurring basis. |
Revenue recognition | Revenue is recorded in accordance with Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Topic 606 As of fiscal years ended June 30, 2023, and 2022, the Company had generated zero revenue for both years. |
Cost of sales | Cost of sales includes inventory costs and shipping and freight expenses. Since the Company had not generated any revenue during fiscal years ended June 30, 2023, and 2022, the Company incurred no cost of sales in both years. |
Basic and diluted earnings per share | Basic earnings per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including stock options, warrants to purchase the Company’s common stock, and convertible note payable. For the years ended June 30, 2023 and 2022, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share because they were anti-dilutive are as follows: June 30, 2023 June 30, 2022 Warrants 239,401 249,400 Options 425,600 425,600 Convertible notes 6,455,847 4,224,732 Total possible dilutive shares 7,120,848 4,899,732 The shares above have been adjusted to reflect a 1-for-10 reverse stock split that became effective on February 9, 2023. See further discussion on Note 13 – stock reverse split. |
Recent Accounting Pronouncements | Management has considered all recent accounting pronouncements issued and their potential effect on our financial statements. In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt-Debt with Conversion and Other Options” and ASC subtopic 815-40 “Hedging-Contracts in Entity’s Own Equity”. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company early adopted this standard effective July 1, 2021 using the modified retrospective approach transition method. Therefore, the condensed financial statements for the year ended June 30, 2022 are presented under the new standard, while the comparative period presented is not adjusted and continues to be reported in accordance with the Company’s historical accounting policy. |
Cash | The Company considers cash in banks and other deposits with an original maturity of three months or less when purchased to be cash and cash equivalents. There were $143,861 and $325 as cash equivalents as of June 30, 2023 and 2022, respectively. |
Inventory | The Company has no inventory as of June 30, 2023, and 2022, respectively. |
Convertible financial instruments | The Company bifurcates conversion options from their host instruments and accounts for them as free-standing derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not remeasured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional, as that term is described under applicable U.S. GAAP. When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, discounts are recorded for the intrinsic value of conversion options embedded in the instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument. |
Income taxes | The Company uses the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, the Company does not foresee generating taxable income in the near future and utilizing its deferred tax asset, therefore, it is more likely than not that some portion, or all of, the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. |
Related parties | The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. |
Commitments and contingencies | The Company follows ASC 450-20 , “Loss Contingencies |
Stock-based compensation | Stock-based compensation to employees and non-employees consists of stock options grants, warrants to purchase common stock, and restricted shares that are recognized in the statement of operations based on their fair values at the date of grant. The fair value of the share of common stock is based on the trading price of the Company’s share. Option The Company calculates the fair value of options and warrant grants utilizing the Black-Scholes pricing model. Assumptions used by the Company in using the Black-Scholes pricing model include: 1) volatility based on the Company’s average volatility rate, 2) risk free interest rate based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of the grant, 3) the expected life of the option or warrants, and 4) expected cash dividend rate on shares of common stock. During the year ending June 30, 2023, and 2022, volatility was based on average rates for trading price of the Company’s share. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. The resulting stock-based compensation expense for employee awards is generally recognized on a straight- line basis over the vesting period of the award. There were no stock options granted during the fiscal year of 2023, and the remaining $5,158 of stock-based compensation awards were vested in September 2022. Restricted Shares Granted for Compensation On April 09, 2023, the Company issued 500,000 shares of common stock in the amount of $71,000 to Christopher Mulgrew, the CFO, and 750,000 shares of common stock in the amount of $106,500 to Corby Marshall, the CEO, as a performance bonus, respectively. On June 15, 2023, the Company issued 25,000 shares of common stock in the amount of $10,000 to Christopher Mulgrew, the CFO, and 50,000 shares of common stock in the amount of $20,000 to Richard Cutler, a member of the Company’s board of directors who resigned on August 19, 2022, as a performance bonus, respectively. These two instances were recorded as common stock payable as of June 30, 2022. |
Reclassifications | Certain prior period amounts have been reclassified to conform with the current year’s presentation. |
Beneficial conversion feature | The issuance of the convertible debt generated a beneficial conversion feature (“BCF”), which arises when a debt or equity security is issued with an embedded conversion option that is beneficial to the investor or in the money at inception because the conversion option has an effective strike price that is less than the market price of the underlying stock at the commitment date. The Company recognized the BCF by allocating the intrinsic value of the conversion option, which is the number of shares of common stock available upon conversion multiplied by the difference between the effective conversion price per share and the fair value of common stock per share on the commitment date, resulting in a discount on the convertible debt (recorded as a component of additional paid-in capital). The discount is amortized to interest expense over the term of the convertible debt. |
Common stock purchase warrants and derivative financial instruments | Common stock purchase warrants and other derivative financial instruments are classified as equity if the contracts (1) require physical settlement or net-share settlement, or (2) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). Contracts which (1) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (2) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement), or (3) that contain reset provisions that do not qualify for the scope exception; are classified as liabilities. The Company assesses the classification of its common stock purchase warrants and other derivatives at each reporting date to determine whether a change in classification between equity and liabilities is required. |
Financial instruments | For certain of the Company’s financial instruments, including cash, and convertible note payable, related party, the carrying amounts approximate their fair values due to their short maturities. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Schedule Of Basic and Diluted Earnings Per Share | June 30, 2023 June 30, 2022 Warrants 239,401 249,400 Options 425,600 425,600 Convertible notes 6,455,847 4,224,732 Total possible dilutive shares 7,120,848 4,899,732 |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Stockholders Equity | |
Schedule of financial derivative activity | Number of Weighted Average Warrants Exercise Price Balance at June 30, 2022 249,401 $ 1.00 Expired - - Balance at September 30, 2022 249,401 1.00 Expired (10,000 ) 0.20 Balance at December 31, 2022 239,401 1.04 Expired - - Balance at March 31, 2023 239,401 1.04 Expired - Balance at June 30, 2023 239,401 $ 1.04 |
Schedule of Company composition warrants outstanding | Exercise Price Number of Warrants Weighted Average Remaining Life (in years) $ 0.30 35,000 0.84 $ 0.50 66,667 0.84 $ 1.00 70,867 0.84 $ 2.00 66,867 0.84 $ 239,401 0.84 |
Schedule of warrants outstanding | June 30, 2023 2022 Trading price $ 0.00 $ 0.02 - 0.13 Exercise price $ 0.00 $ 0.00 Expected term (in years) 0.00 5.00 Risk-free rate 0.00 % 0.71%-2.84 % Volatility 0.00 % 229%-255 % Dividend yield - - |
Schedule Of Transactions in stock options | Weighted Number of Weighted average average remaining life options exercise price (in years) Outstanding, June 30, 2021 728,000 2.30 3.76 Granted 512,600 1.08 4.66 Expired or Forfeited (25,000 ) 5.00 1.59 Exercised (790,000 ) 1.86 3.14 Outstanding, June 30, 2022 425,600 1.41 4.41 Granted - - - Expired or Forfeited - - - Exercised - - - Outstanding, June 30, 2023 425,600 1.41 3.41 Exercisable, June 30, 2023 425,600 $ 1.41 3.41 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes | |
Schedule of federal statutory income tax | June 30, June 30, 2023 2022 Federal statutory rates $ (257,525 ) $ (270,648 ) Income tax adjustment Stock based compensation 5,158 101,262 Permanent difference 370 288 Valuation allowance against net deferred tax assets 251,997 169,098 Effective rate $ - $ - |
Schedule of deferred tax assets | June 30, June 30, 2023 2022 Operating loss carry forward $ 1,967,115 $ 1,715,118 Valuation allowance (1,967,115 ) (1,715,118 ) Net deferred income tax asset $ - $ - |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Total possible dilutive shares | 7,120,848 | 4,899,732 |
Convertible Note [Member] | ||
Total possible dilutive shares | 6,455,847 | 4,224,732 |
Options [Member] | ||
Total possible dilutive shares | 425,600 | 425,600 |
Warrant [Member] | ||
Total possible dilutive shares | 239,401 | 249,400 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Apr. 09, 2023 | Feb. 09, 2023 | Jun. 15, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash | $ 143,861 | $ 325 | $ 282,131 | ||||
Reverse stock split | 1-for-10 | ||||||
Stock based compensation awards vested | $ 5,158 | $ 0 | |||||
CFO [Member] | |||||||
Restricted shares granted, shares | 500,000 | 25,000 | |||||
Restricted shares granted, value | $ 71,000 | $ 10,000 | |||||
CEO [Member] | |||||||
Restricted shares granted, shares | 750,000 | ||||||
Restricted shares granted, value | $ 106,500 | ||||||
Board Of Director [Member] | |||||||
Restricted shares granted, shares | 50,000 | ||||||
Restricted shares granted, value | $ 20,000 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Going Concern | ||
Accumulated deficit | $ (12,108,487) | $ (10,882,176) |
Net loss | $ (1,226,311) | $ (1,288,802) |
Loan payable due to Eagle - J_2
Loan payable due to Eagle - JV partner (Details Narrative) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Loan payable due to Eagle - JV partner | ||
Investment in HIE | $ 0 | $ 0 |
Loan payable | $ 442,251 | $ 442,251 |
Inventory Financing Payable -_2
Inventory Financing Payable - related party (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Feb. 19, 2021 | |
Inventory Financing Payable - related party | |||
Advances from related party | $ 1,000,000 | ||
Accrued interest | $ 164,932 | $ 64,932 | |
Principal amount | $ 500,000 | ||
Related party transaction description | The purpose of the advance was to purchase inventory to satisfy customer orders. The advance would be repaid upon cash being received from the end customer. In addition to the principal amount of the advance, the related party will be entitled to 1/3 of the gross profit earned on the transaction. The terms of the agreement are non-interest bearing. The creditor is 100% at risk as this is a non-recourse funding vehicle | ||
Description Of Business | February 17, 2021, for $500,000 for inventory financing, February 18, 2021, for $500,000 for inventory financing, November 12, 2021, for $30,000 and December 13, 2021, for $75,000. In addition to consolidating the advances singled out above, the Consolidated Note included the extension of a line of credit of up to $1,000,000, from Steve Hall to the Company. The principal amount of the Consolidated Note, excluding the $1,000,000 line of credit, is $1,105,000, payable on demand at any time after October 1, 2022 (the “Due Date”), and accruing interest at a rate of 12% per year, if repaid within 90 days of the due date and 20% if repaid thereafter | ||
Repayment to related party | $ 500,000 | ||
Common stock shares conversion price | $ 0.02 |
Line of Credit - related party
Line of Credit - related party (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accrued interest | $ 101,238 | $ 15,015 |
Line of credit, outstanding balance | $ 525,000 | $ 265,000 |
On October 1, 2021 | Line of credit related party description | Steve Hall [Member] | ||
Line of credit related party description | agreed to provide a line of credit of up to $1,000,000 to the Company with simple interest at a rate of 12% for the first 90 days, and simple interest at a rate of 20% per annum | |
Expiry date of line of credit | Oct. 01, 2022 |
Promissory notes payable - re_2
Promissory notes payable - related party (Details Narrative) - USD ($) | 1 Months Ended | |
Mar. 29, 2023 | Jun. 30, 2023 | |
Promissory notes payable - related party | ||
Loan principle amount | $ 1,000,000 | |
Annual interest rate of loan | 12% | |
Outstanding loan balance | $ 1,000,000 | |
Accrued interest related party | $ 31,989 |
Accrued expenses - related part
Accrued expenses - related party (Details Narrative) - USD ($) | 12 Months Ended | 13 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | |
Deposits accepted from related party | $ 1,000,000 | $ 0 | |
Central National Gottesman [Member] | |||
Deposits accepted from related party | $ 30,218 |
Note receivable (Details Narrat
Note receivable (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 27, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accrued expense | $ 2,370 | $ 1,333 | ||
Principal amount | $ 1,000,000 | |||
Advanced payment | 200,000 | |||
CNTNR [Member] | ||||
Accrued expense | $ 40,438 | |||
Outstanding pricipal balance | 800,000 | |||
Principal amount | $ 1,000,000 | 6,170,879 | ||
Commitment fees rate | 5% | |||
Advanced payment | $ 200,000 | |||
Monthly consulting fee | $ 5,000 | |||
Maturity date | Sep. 30, 2023 | |||
Annual interest rate | 12% | |||
Interest amount | $ 1,000,000 | |||
Discripiton of warrants discount | The warrants will have a 30% discount rate to the current fair market price of the shares of CNTNR when exercised and will expire 36 months after April 6, 2023 |
Common stock payable - relate_2
Common stock payable - related party (Details Narrative) - USD ($) | 12 Months Ended | ||||
Feb. 09, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | May 23, 2022 | Sep. 01, 2021 | |
Common stock issued for common stock payable - related party, amount | $ 0 | $ 624,344 | |||
Common stock issued for common stock payable - related party, shares | 1,741,667 | 17,416,667 | |||
Reverse stock split | 1-for-10 | ||||
Restricted Common stock | 5,552,222 | 2,560,414 | |||
Steve Hall [Member] | |||||
Common stock shares | 16,666,667 | ||||
Common stock shares, valued | $ 594,344 | ||||
Aggregate amount | 500,000 | ||||
Accrued interest | $ 94,344 | ||||
Reverse stock split | 1-for-10 reverse stock split | ||||
Reduction in number of shares | 1,666,667 | ||||
Restricted Common stock | 1,666,667 | 643,430 | |||
Former Director [Member] | |||||
Restricted Common stock | 50,000 | ||||
Restricted Common stock value | $ 20,000 | ||||
Conversion value | $ 0.4 | ||||
Chief Financial Officer[Member] | |||||
Restricted Common stock | 25,000 | ||||
Restricted Common stock value | $ 10,000 | ||||
Conversion value | $ 0.04 |
Stockholders Equity (Details)
Stockholders Equity (Details) - Stock Purchase Warrants [Member] - USD ($) | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Warrant shares, Beginning | 239,401 | 239,401 | 249,401 | 249,401 |
Number of warrants expired | $ 0 | $ 0 | $ (10,000) | $ 0 |
Warrant shares, Ending | 239,401 | 239,401 | 239,401 | 249,401 |
Weighted average exercise price, Beginning | $ 1.04 | $ 1.04 | $ 1 | $ 1 |
Weighted average exercise price, Expired | 0 | 0.20 | 0 | |
Weighted average exercise price, Ending | $ 1.04 | $ 1.04 | $ 1.04 | $ 1 |
Stockholders Equity (Details 1)
Stockholders Equity (Details 1) - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Exercise Price | $ 0 | $ 0 |
Warrants outsanding 1 [Member] | ||
Number of Warrants | 35,000 | |
Weighted Average Remaining Life (in years) | 10 months 2 days | |
Exercise Price | $ 0.30 | |
Warrants outsanding 2 [Member] | ||
Number of Warrants | 66,667 | |
Weighted Average Remaining Life (in years) | 10 months 2 days | |
Exercise Price | $ 0.50 | |
Warrants outsanding 3 [Member] | ||
Number of Warrants | 70,867 | |
Weighted Average Remaining Life (in years) | 10 months 2 days | |
Exercise Price | $ 1 | |
Warrants outsanding 4 [Member] | ||
Number of Warrants | 66,867 | |
Weighted Average Remaining Life (in years) | 10 months 2 days | |
Exercise Price | $ 2 | |
Warrants outsanding [Member] | ||
Number of Warrants | 239,401 | |
Weighted Average Remaining Life (in years) | 10 months 2 days |
Stockholders Equity (Details 2)
Stockholders Equity (Details 2) - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Expected term (in years) | 5 years | |
Trading price | $ 0 | |
Exercise price | $ 0 | $ 0 |
Risk free interest | 0% | |
Volatility | 0% | |
Dividend yield | 0% | 0% |
Minimum [Member] | ||
Trading price | $ 0.02 | |
Risk free interest | 0.71% | |
Volatility | 229% | |
Maximum [Member] | ||
Trading price | $ 0.13 | |
Risk free interest | 2.84% | |
Volatility | 255% |
Stockholders Equity (Details 3)
Stockholders Equity (Details 3) - Stock Options [Member] - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Number of options, beginning balance | 425,600 | 728,000 |
Number of options, Granted | 0 | 512,600 |
Number of options, expired and forfeited | 0 | (25,000) |
Number of options, exercised | 0 | (790,000) |
Number of options, ending balance | 425,600 | 425,600 |
Number of options exercisable | 425,600 | |
Weighted Average Exercise Price, beginning balance | $ 1.41 | $ 2.30 |
Weighted average exercised price granted | 0 | 1.08 |
Weighted average exercised price expired or forfeited | 0 | 5 |
Weighted average exercised price exercised | 0 | 1.86 |
Weighted Average Exercise Price, ending balance | 1.41 | $ 1.41 |
Weighted average exercise price exercisable | $ 1.41 | |
Weighted average remaining life, beginning | 3 years 9 months 3 days | |
Weighted average remaining life granted | 4 years 7 months 28 days | |
Weighted average remaining life expired or forfeited | 1 year 7 months 2 days | |
Weighted average remaining life exercised | 3 years 1 month 20 days | |
Weighted average remaining life, ending | 3 years 4 months 28 days | 4 years 4 months 28 days |
Weighted average remaining life exercisable | 3 years 4 months 28 days |
Stockholders Equity (Details Na
Stockholders Equity (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 23, 2022 | Jan. 31, 2019 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2019 | Feb. 10, 2023 | |
Intrinstic value of warrant | $ 0 | $ 0 | ||||
Amortized expenses | 5,158 | |||||
Unamortized expenses | $ 0 | |||||
Common stock share issued price | $ 0.0001 | $ 0.0001 | ||||
Common stock share issued | 5,552,222 | 2,560,414 | ||||
Common stock value | $ 555 | $ 256 | ||||
Stock Option Plan [Member] | ||||||
Number of stock granted under stock option plan | 3,250,000 | 1,876,000 | ||||
Exercise price range | $ 0.075 | $ 0.50 | ||||
Exercise price range minimum rate | $ 0.05 | $ 0.10 | ||||
Fair value of share | $ 113,163 | $ 132,210 | $ 127,051 | |||
2023 Stock Issuances [Member] | ||||||
Common stock share issued | 139 | |||||
Common stock value | $ 0 | |||||
2022 Stock Issuances [Member] | ||||||
Common stock share issued | 6,275,000 | |||||
Issued stock reduce description | Shares were reduced to 627,500 to reflect the 1-for-10 reverse stock split on 02/09/2023 | |||||
Share issued for cashless exercise | 7,900,000 | |||||
2022 Stock Granted [Member] | Notes Conversion [Member] | ||||||
Conversion of note amount | $ 500,000 | |||||
Accrued interest | $ 94,344 | |||||
Conversion of notes into share of common stock | 16,666,667 | |||||
Common stock share issued price | $ 0.03566 | |||||
Issued stock reduce description | shares were reduced to 1,666,667 to reflect the 1-for-10 reverse stock split on 02/09/2023 | |||||
2019 Stock Option Plan [Member] | ||||||
Number of stock vested and exercised under stock option plan | 2,500,000 | |||||
Common stock share issued | 2,500,000 | |||||
Issued total shares of stock options | 12,406,000 | |||||
Number of stock option exercisable | 4,182,800 | |||||
Compensation cost for non vested options | 5,158 | |||||
Steve Hall [Member] | ||||||
Accrued interest | $ 94,344 | |||||
Common stock share issued | 1,666,667 | 643,430 | ||||
Common stock value | $ 594,344 | $ 277,000 | ||||
Aggregate amount of debt settled | $ 500,000 | |||||
Issued stock reduce description | Shares were reduced to 64,343 due to stock reverse split on 02/09/2023 | |||||
Christopher Mulgrew [Member] | 2023 Stock Issuances [Member] | ||||||
Common stock share issued | 500,000 | |||||
Stock issued for compensation | $ 71,000 | |||||
Christopher Mulgrew [Member] | 2022 Stock Granted [Member] | ||||||
Restricted common stock granted | 250,000 | |||||
Conversion price | $ 0.04 | |||||
Common stock share issued | 25,000 | |||||
Christopher Mulgrew One [Member] | 2023 Stock Issuances [Member] | ||||||
Common stock share issued | 25,000 | |||||
Stock issued for compensation | $ 10,000 | |||||
Corby Marshall [Member] | 2023 Stock Issuances [Member] | ||||||
Common stock share issued | 750,000 | |||||
Richard Cutler [Member] | 2023 Stock Issuances [Member] | ||||||
Common stock share issued | 50,000 | |||||
Stock issued for compensation | $ 20,000 | |||||
Richard Cutler [Member] | 2022 Stock Issuances [Member] | ||||||
Conversion price | $ 0.04 | |||||
Common stock share issued | 500,000 | |||||
Tysdco [Member] | 2022 Stock Issuances [Member] | ||||||
Common stock share issued | 300,000 | |||||
Common stock value | $ 30,000 | |||||
Issued stock reduce description | Shares were reduced to 30,000 to reflect the 1-for-10 reverse stock split on 02/09/2023 | |||||
Consultant fee | $ 30,000 | |||||
Financial Venture Group [Member] | 2022 Stock Issuances [Member] | ||||||
Common stock share issued | 464,570 | |||||
Common stock value | $ 200,000 | |||||
Issued stock reduce description | Shares were reduced to 46,457 to reflect the 1-for-10 reverse stock split on 02/09/2023 | |||||
Employees directors and consultants [Member] | ||||||
Purchase of common stock | 2,500,000 |
Stock Reverse Split (Details Na
Stock Reverse Split (Details Narrative) - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock, shares outstanding | 5,552,222 | 2,560,414 |
Stock Reverse Split [Member] | ||
Common stock par value | $ 0.0001 | |
Common stock, shares outstanding | 4,227,222 | |
Description of stock reverse split | The Reverse Split was approved by FINRA on February 8, 2023, and became effective on February 9, 2023. All fractional shares resulting from the Reverse Split were rounded up to the nearest whole share, which results in an additional 139 shares issued for rounding |
Consulting Agreement - Relate_2
Consulting Agreement - Related Party (Details Narrative) | 1 Months Ended |
Jan. 31, 2023 USD ($) | |
Consulting Agreement - Related Party | |
Service fee | $ 250,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes | ||
Federal statutory rates | $ (257,525) | $ (270,648) |
Income tax adjustment Stock based compensation | 5,158 | 101,262 |
Income tax adjustment Permanent difference | 370 | 288 |
Valuation allowance against net deferred tax assets | 251,997 | 169,098 |
Effective rate | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Income Taxes | ||
Operating loss carry forward | $ 1,967,115 | $ 1,715,118 |
Valuation allowance | (1,967,115) | (1,715,118) |
Net deferred income tax asset | $ 0 | $ 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes | ||||
Federal tax rate | 21% | 21% | ||
Utilization of loss percentage | 80% | |||
Net operating loss carry forwards | $ 1,967,115 | $ 1,715,118 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended |
Feb. 27, 2023 | Jun. 30, 2023 | |
Commitments and contingencies (Note 16) | ||
Origination Loan | 33.30% | |
Principal amount | $ 1,000,000 | |
Advanced payment | $ 200,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Aug. 15, 2023 | Aug. 14, 2023 | Jul. 12, 2023 | Jul. 11, 2023 |
Additional funds withdrawn | $ 100,000 | $ 200,000 | ||
Steve Hall [Member] | ||||
Additional funds borrowed | $ 380,000 | $ 70,000 |