Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2022 | Nov. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 811-08387 | |
Entity Registrant Name | METAVESCO, INC. | |
Entity Central Index Key | 0000924095 | |
Entity Tax Identification Number | 54-1694665 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 410 Peachtree Pkwy | |
Entity Address, Address Line Two | Suite 4245 | |
Entity Address, City or Town | Cumming | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30041 | |
City Area Code | (678) | |
Local Phone Number | 341-5898 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,082,214 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 5,510 | $ 35,151 |
Prepaid expenses | 11,691 | 13,847 |
Digital assets held, net of impairment | 462,420 | 434,642 |
Total current assets | 479,621 | 483,640 |
Deposit on equipment | 72,095 | |
Total assets | 551,716 | 483,640 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 54,394 | 26,549 |
Promissory note (net of debt discount of $6,853 and $0, respectively) | 18,314 | |
Promissory notes - related parties (net of debt discount of $8,306 and $0, respectively) | 182,469 | 100,000 |
Convertible promissory note (net of debt discount of $18,433 and $19,441, respectively) | 1,822 | 559 |
Convertible promissory notes - related party (net of debt discount of $273,523 and $328,658, respectively) | 31,782 | 12,202 |
Total current liabilities | 288,781 | 139,310 |
Stockholders’ Equity: | ||
Preferred stock, value | ||
Common stock; $0.0001 par value; 100,000,000 shares authorized; 6,082,214 shares issued and outstanding at September30, 2022 and June 30, 2022 | 608 | 608 |
Additional paid-in capital | 19,357,840 | 19,389,924 |
Shares to be issued | 9,000 | |
Accumulated deficit | (19,104,513) | (19,046,202) |
Total stockholders’ equity | 262,935 | 344,330 |
Total liabilities and stockholders’ equity | 551,716 | 483,640 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock, value |
Condensed Balance Sheets (Pare
Condensed Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 6,082,214 | 6,082,214 |
Common stock, shares outstanding | 6,082,214 | 6,082,214 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued | 22 | 0 |
Preferred stock, shares outstanding | 22 | 0 |
Promissory Note [Member] | ||
Debt discount | $ 6,853 | $ 0 |
Debt discount, related party | 8,306 | 0 |
Convertible Promissory Note [Member] | ||
Debt discount | 18,433 | 19,441 |
Debt discount, related party | $ 273,523 | $ 328,658 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||
Liquidity pool fees | $ 40,430 | |
Total Revenue | 40,430 | |
Expense | ||
Administrative expenses | 125,010 | 21,825 |
Interest expense | 23,542 | 2,997 |
Impairment of digital assets held | 25,299 | |
Total Expense | 173,851 | 24,822 |
Other income (expense) | ||
Realized gain (loss) on sales/ exchange digital assets held | 75,110 | |
Total Other income (expense) | 75,110 | |
Net loss | $ (58,311) | $ (24,822) |
Net loss per share - basic and diluted | $ (0.01) | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 6,082,214 | 6,082,214 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Shares To Be Issued [Member] | Retained Earnings [Member] | Total |
Beginning balance at Jun. 30, 2021 | $ 608 | $ 17,721,420 | $ (17,930,352) | $ (208,324) | ||
Beginning balance, shares at Jun. 30, 2021 | 6,082,214 | |||||
Net income (loss) | (24,822) | (24,822) | ||||
Forgiveness of convertible note payable, accrued interest and advances - related party | 207,644 | 207,644 | ||||
Ending balance at Sep. 30, 2021 | $ 608 | 17,929,064 | (17,955,174) | (25,502) | ||
Ending balance, shares at Sep. 30, 2021 | 6,082,214 | |||||
Beginning balance at Jun. 30, 2022 | $ 608 | 19,389,924 | (19,046,202) | 344,330 | ||
Beginning balance, shares at Jun. 30, 2022 | 22 | 6,082,214 | ||||
Warrants | 7,916 | 7,916 | ||||
Shares to be issued | 9,000 | 9,000 | ||||
Beneficial conversion feature | (40,000) | (40,000) | ||||
Net income (loss) | (58,311) | (58,311) | ||||
Ending balance at Sep. 30, 2022 | $ 608 | $ 19,357,840 | $ 9,000 | $ (19,104,513) | $ 262,935 | |
Ending balance, shares at Sep. 30, 2022 | 22 | 6,082,214 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flow (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (58,311) | $ (24,822) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Impairment of digital assets held | 25,299 | |
Realized (gain) loss on sales/ exchange digital assets held | (75,110) | |
Digital assets received as revenue | (40,430) | |
Digital assets paid as expense | 25,249 | |
Non-cash interest expense | 23,542 | |
Forgiveness of interest – related party | 2,998 | |
Changes in operating assets and liabilities: | ||
Increase in prepaid | 8,412 | |
(Decrease) increase in accounts payable and accrued liabilities | 27,845 | 3,413 |
Net cash used in operating activities | (63,504) | (18,411) |
Cash Flows from Investing Activities: | ||
Purchase of digital assets held | (55,000) | |
Sale of digital assets held | 13,863 | |
Net cash provided by investing activities | (41,137) | |
Cash Flows from Financing Activities: | ||
Advances from related party | 18,367 | |
Proceeds from issuance of promissory note payable | 25,000 | |
Proceeds from issuance of convertible notes payable - related party | 50,000 | |
Net cash provided by financing activities | 75,000 | 18,367 |
Net change in cash and cash equivalents | (29,641) | (44) |
Cash and cash equivalents, beginning of period | 35,151 | 44 |
Cash and cash equivalents, end of period | 5,510 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | ||
Income taxes paid | ||
Non-cash Investing and Financing Activities | ||
Purchase of digital assets held with other digital assets | 1,842,200 | |
Proceeds from sale of digital assets for other digital assets | 1,842,200 | |
Intrinsic value of embedded beneficial conversion feature on convertible note payable - related party | 40,000 | |
Deposit on equipment | 72,095 | |
Warrants issued in conjunction with promissory note | 7,916 | |
Shares to be issued in conjunction with the amendment of terms of promissory note - related party | 9,000 | |
Forgiveness of convertible note payable, accrued interest and advances - related party | $ 207,644 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 3 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND OPERATIONS | NOTE 1 – ORGANIZATION AND OPERATIONS Metavesco, Inc. (formerly Waterside Capital Corporation) (the “Company”) was incorporated in the Commonwealth of Virginia on July 13, 1993 and was a closed-end investment company licensed by the Small Business Administration (the “SBA”) as a Small Business Investment Company (“SBIC”). The Company previously made equity investments in, and provided loans to, small businesses to finance their growth, expansion, and development. Under applicable SBA regulations, the Company was restricted to investing only in qualified small businesses as contemplated by the Small Business Investment Act of 1958. As a registered investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”), the Company’s investment objective was to provide its shareholders with a high level of income, with capital appreciation as a secondary objective. The Company made its first investment in a small business in October 1996. On May 28, 2014, with the Company’s consent, the United States District Court for the Eastern District of Virginia, having jurisdiction over an action filed by the SBA (the “ Court Order 11,770,722 The Company effectively stopped conducting an active business upon the appointment of the SBA as the receiver and the commencement of the court-ordered receivership (the “ Receivership The Company filed with the SEC an application pursuant to Section 8(f) of the Investment Company Act of 1940 for an order declaring that the Company has ceased to be a registered investment company. On April 22, 2020, the SEC issued an order under Section 8(f) of the Investment Company Act of 1940, as amended, declaring that the Company has ceased to be an investment company. As a result, the Company is now a reporting company under the Securities Exchange Act of 1934, as amended. On September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan Schadel (“Buyer”) and (iii) Roran. Roran agreed to sell to the Buyer 4,247,666 385,000 207,644 The Buyer acquired 4,247,666 69.7 Effective November 29, 2021, the Company converted from a Virginia corporation to a Nevada corporation. On December 15, 2021, the Company filed with the Nevada Secretary of State amended and restated articles of incorporation. The amended and restated articles had the effect of (i) increasing the Company’s authorized common stock to 100 20 0.0001 Common stock and additional paid-in capital for all periods presented in these financial statements have been adjusted retroactively to reflect the reduction in par value. On December 17, 2021, the majority shareholder and board of directors approved an amendment to the amended and restated articles of incorporation that would change the Company’s name from Waterside Capital Corporation to Metavesco, Inc. The name change was approved by Financial Industry Regulatory Authority (“FINRA”) and was effective June 3, 2022. In March 2022, the Company commenced operations as a web3 enterprise. The Company generates income as a liquidity provider, via decentralized exchanges such as Uniswap. Additionally, the company farms tokens via Proof of Stake protocols on decentralized exchanges as well as centralized exchanges including Coinbase exchange. The Company also invests in promising NFT projects and virtual land, primarily on EVM protocols. The interim unaudited financial statements herein have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The accompanying interim unaudited financial statements have been prepared under the presumption that users of the interim financial information have either read or have access to the audited financial statements for the latest fiscal year ended June 30, 2022. Accordingly, note disclosures which would substantially duplicate the disclosures contained on June 30, 2022, audited financial statements have been omitted from these interim unaudited financial statements. The Company evaluated all subsequent events and transactions through the date of filing this report. Certain information and note disclosures normally included in financial statements prepared in accordance with the United States generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the year ending June 30, 2022. For further information, refer to the audited financial statements and notes for the year ended June 30, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on October 7, 2022. Going Concern The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. During the three months ended September 30, 2022, the Company incurred a net loss of $ 58,311 63,504 19,104,513 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s June 30, 2022 financial statements included in its 2021 Annual Report on Form 10-K. Fiscal Year-End The Company elected June 30 as its fiscal year-end date. Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions The preparation of financial statements in conformity with 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 dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience, and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents include cash and interest-bearing highly liquid investments held at financial institutions, cash on hand that is not restricted as to withdrawal or use with an initial maturity of three months or less, and cash held in accounts at crypto trading venues. At September 30, 2022, $ 5,439 71 250,000 Intangible Assets Digital assets held by the Company are accounted for as intangible assets with indefinite useful lives, and are initially measured at cost. The Company assigns costs to transactions on a first-in, first-out basis (FIFO). An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its fair value is being measured. Tokens are subject to impairment losses if the fair value a tokens decreases below the carrying value at any time during the period. The fair value is measured using the quoted price in the principal market of the tokens. The Company currently obtains the quoted price of tokens from www.cryptocompare.com Liquidity pool tokens and non-fungible tokens are subject to impairment losses if the fair value a token decreases below the carrying value at the end of each quarterly accounting period. The fair value of liquidity pool tokens is based on the quoted price on the last day of the quarter at 4PM Eastern Time. The fair value of NFTs is based on the average trading price on the last day of each quarter. Impairment for liquidity pool tokens and non-fungible tokens is assessed quarterly due to each token being a unique asset and due to the illiquid markets in which these tokens trade. The Company is continuously reviewing available markets and information and its methodology when determining the fair value of digital assets. The Company currently reviews quoted prices of its liquidity pool tokens, non-fungible tokens and comparable tokens at https://uniswap.org https://opensea.io The sales of digital assets held are included within investing activities in the accompanying statements of cash flows and any realized gains or losses from such sales are included in other income (expense) in the statements of operations. Revenue recognition There is currently no definitive guidance under GAAP or alternative accounting framework for the accounting for digital assets recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s financial position and results from operations. Revenue is recognized when the award is claimed and deposited in the Company wallet. The transaction consideration the Company receives is noncash in the form of digital assets. Revenue is measured at the fair value of the digital assets awards received using the quoted price Airdrop Airdrop is the distribution of tokens without compensation generally undertaken with a view of increasing awareness of a new token, to encourage adoption of new token and to increase liquidity in the early stages of a token project. Liquidity Pools The Company earns fees by providing liquidity on Uniswap V2 and Uniswap V3. The Company earns fees proportionate to the liquidity they have supplied to the exchange. The fee for each trade is set at 0.05% for stable coins, 0.3% for most pairs and 1.0% for exotic pairs. The fees earned by the Company depends on the risk characteristics of each pair of tokens selected and the price range liquidity is provided. Uniswap V2 requires users to provide liquidity over the entire price curve, whereas Uniswap V3 provides users with the provide liquidity over a price range. Staking Rewards The Company earns rewards for agreeing to lock up tokens for a fixed period of time to participate in running the blockchain and maintaining security. Rewards are typically calculated in percentage yields. 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 re-measured 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 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. Beneficial conversion feature Related Parties The Company follows subtopic 850-10 of the ASC for the identification of related parties and disclosure of related party transactions. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and, (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. Commitments and Contingencies The Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. Management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, management evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Deferred Tax Assets and Income Taxes Provision The Company follows the provisions of ASC 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax years that remain subject to examination by major tax jurisdictions are generally the prior three (3) years for federal purposes, and the prior four (4) years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination by tax authorities. Net Loss Per Common Share The Company computes net income or loss per share in accordance with ASC 260 Earnings Per Share. Under the provisions of the Earnings per Share Topic ASC, basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of ASC for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of ASC (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Transactions involving related parties cannot be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt— Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
DIGITAL ASSETS HELD, NET OF IMP
DIGITAL ASSETS HELD, NET OF IMPAIRMENT | 3 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
DIGITAL ASSETS HELD, NET OF IMPAIRMENT | NOTE 3 – DIGITAL ASSETS HELD, NET OF IMPAIRMENT Digital assets held, net of impairment have consisted of: SCHEDULE OF DIGITAL ASSETS HELD NET OF IMPAIRMENT Digital Assets Balance, June 30, 2022 $ 434,642 Beginning balance $ 434,642 Purchase of digital assets 1,883,337 Proceeds from sale of digital assets (1,842,200 ) Realized gain loss on sales/ exchange digital assets 75,110 Acquired digital assets by Liquidity Pools 40,430 Digital assets used to pay prepaid, deposit and expenses (103,600 ) Impairment charges (25,299 ) Balance, September 30, 2022 $ 462,420 Ending balance $ 462,420 As at September 30, 2022, the Company’s holdings of digital assets held, net of impairment consists of: SCHEDULE OF ASSETS DIGITAL HOLDING IMPAIRMENTS Units held Carrying value, at cost less impairment Cryptocurrency ETH 104.97 $ 131,365 APE 8,914.49 34,236 MATIC 17,125.71 8,978 Other 111 Cryptocurrency Total $ 174,690 Liquidity Pool Tokens Uniswap V3 3.1 $ 192,382 mooEmp 275.77 12,402 CAKE 4,570.35 11,472 Liquidity Pool Tokens Total $ 216,256 Non-Fungible Tokens Other Deed 10 $ 44,111 Mutant Ape Yacht Club 1 19,573 Meebits 2 7,790 Non-Fungible Tokens Total $ 71,474 Total digital assets, net of impairment $ 462,420 |
DEPOSIT ON EQUIPMENT
DEPOSIT ON EQUIPMENT | 3 Months Ended |
Sep. 30, 2022 | |
DEPOSIT ON EQUIPMENT | NOTE 4 – DEPOSIT ON EQUIPMENT On August 22, 2022, the Company made a deposit of $ 72,095 TH |
NOTES PAYABLE _ RELATED PARTIES
NOTES PAYABLE – RELATED PARTIES | 3 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE – RELATED PARTIES | NOTE 5 – NOTES PAYABLE – RELATED PARTIES Demand Promissory Note On October 18, 2021, the Company issued a Promissory Note in the principal amount of $ 100,000 0.01 On August 29, 2022, the Company entered into an Amendment to Promissory Note, dated August 29, 2022 5 15,000 9,000 694 8,306 0 438 0 On June 29, 2022, the Company issued a Promissory Note in the principal amount of $ 40,000 0.01 1 0 On August 12, 2022, the Company issued a Promissory Note in the principal amount of $ 50,000 5.00 August 12, 2023 12 336 0 Demand Promissory Note and Common Stock Purchase Warrant On August 12, 2022, the Company issued a Promissory Note in the principal amount of $ 25,000 5.00 August 12, 2023 12 The terms of the Warrant state that, Mr. Zarro may, at any time on or after August 12, 2022 and until August 12, 2025, exercise the Warrant to purchase 20,000 0.75 157 3.18 nil 3 1,063 6,853 0 167 0 Convertible Promissory Notes On May 10, 2022, the Company issued a Convertible Promissory Note in the principal amount of $ 20,000 3.25 0.50 1.40 20,000 1,008 18,434 19,441 255 0 Convertible Promissory Notes – Related Party On March 4, 2022, the Company issued a Convertible Promissory Note in the principal amount of $ 40,874 3.5 0.50 1.25 40,874 2,059 36,173 38,233 764 0 On March 10, 2022, the Company issued a Convertible Promissory Note in the principal amount of $ 59,986 3.25 0.50 1.42 59,986 3,022 53,285 56,307 1,090 0 On May 6, 2022, the Company issued a Convertible Promissory Note in the principal amount of $ 100,000 3.25 0.50 1.45 100,000 5,038 91,950 96,988 1,309 0 On May 9, 2022, the Company issued a Convertible Promissory Note in the principal amount of $ 100,000 3.25 0.50 1.415 100,0000 5,038 92,114 97,152 1,282 0 |
SHAREHOLDER DEFICIT
SHAREHOLDER DEFICIT | 3 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
SHAREHOLDER DEFICIT | NOTE 6 – SHAREHOLDER DEFICIT On December 15, 2021, the Company filed with the Nevada Secretary of State amended and restated articles of incorporation. The amended and restated articles had the effect of (i) increasing the Company’s authorized common stock to 100 20 0.0001 Common stock and additional paid-in capital for all periods presented in these financial statements have been adjusted retroactively to reflect the reduction in par value. On March 11, 2022, the Company filed with the State of Nevada a certificate of designations for the Company’s Series A Convertible Preferred Stock (“Series A Stock”). The Series A Certificate of Designations provides (i) t 100 50,000 100,000 9.99 Warrants On March 16, 2022, the Company entered into Stock Purchases Agreements whereby the Company issued 22 1,100,000 2,200,000 1.30 2,200,000 1.50 2,200,000 1.75 five years On August 12, 2022, the Company issued a common stock purchase warrant in conjunction with a Promissory Note. The Warrant comprise of 20,000 0.75 three years The weighted average remaining legal life of the warrants outstanding at September 30, 2022 is 4.45 Forward Stock Split On July 15, 2022, the Company’s director and shareholders approved an amendment of the Company’s Articles of Incorporation that, if filed, would effect a 10-for-1 forward stock split |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s June 30, 2022 financial statements included in its 2021 Annual Report on Form 10-K. |
Fiscal Year-End | Fiscal Year-End The Company elected June 30 as its fiscal year-end date. |
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions The preparation of financial statements in conformity with 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 dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience, and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash and interest-bearing highly liquid investments held at financial institutions, cash on hand that is not restricted as to withdrawal or use with an initial maturity of three months or less, and cash held in accounts at crypto trading venues. At September 30, 2022, $ 5,439 71 250,000 |
Intangible Assets | Intangible Assets Digital assets held by the Company are accounted for as intangible assets with indefinite useful lives, and are initially measured at cost. The Company assigns costs to transactions on a first-in, first-out basis (FIFO). An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its fair value is being measured. Tokens are subject to impairment losses if the fair value a tokens decreases below the carrying value at any time during the period. The fair value is measured using the quoted price in the principal market of the tokens. The Company currently obtains the quoted price of tokens from www.cryptocompare.com Liquidity pool tokens and non-fungible tokens are subject to impairment losses if the fair value a token decreases below the carrying value at the end of each quarterly accounting period. The fair value of liquidity pool tokens is based on the quoted price on the last day of the quarter at 4PM Eastern Time. The fair value of NFTs is based on the average trading price on the last day of each quarter. Impairment for liquidity pool tokens and non-fungible tokens is assessed quarterly due to each token being a unique asset and due to the illiquid markets in which these tokens trade. The Company is continuously reviewing available markets and information and its methodology when determining the fair value of digital assets. The Company currently reviews quoted prices of its liquidity pool tokens, non-fungible tokens and comparable tokens at https://uniswap.org https://opensea.io The sales of digital assets held are included within investing activities in the accompanying statements of cash flows and any realized gains or losses from such sales are included in other income (expense) in the statements of operations. |
Revenue recognition | Revenue recognition There is currently no definitive guidance under GAAP or alternative accounting framework for the accounting for digital assets recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s financial position and results from operations. Revenue is recognized when the award is claimed and deposited in the Company wallet. The transaction consideration the Company receives is noncash in the form of digital assets. Revenue is measured at the fair value of the digital assets awards received using the quoted price Airdrop Airdrop is the distribution of tokens without compensation generally undertaken with a view of increasing awareness of a new token, to encourage adoption of new token and to increase liquidity in the early stages of a token project. Liquidity Pools The Company earns fees by providing liquidity on Uniswap V2 and Uniswap V3. The Company earns fees proportionate to the liquidity they have supplied to the exchange. The fee for each trade is set at 0.05% for stable coins, 0.3% for most pairs and 1.0% for exotic pairs. The fees earned by the Company depends on the risk characteristics of each pair of tokens selected and the price range liquidity is provided. Uniswap V2 requires users to provide liquidity over the entire price curve, whereas Uniswap V3 provides users with the provide liquidity over a price range. Staking Rewards The Company earns rewards for agreeing to lock up tokens for a fixed period of time to participate in running the blockchain and maintaining security. Rewards are typically calculated in percentage yields. |
Convertible Financial Instruments | 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 re-measured 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 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. Beneficial conversion feature |
Related Parties | Related Parties The Company follows subtopic 850-10 of the ASC for the identification of related parties and disclosure of related party transactions. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and, (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitments and Contingencies | Commitments and Contingencies The Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. Management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, management evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. |
Deferred Tax Assets and Income Taxes Provision | Deferred Tax Assets and Income Taxes Provision The Company follows the provisions of ASC 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax years that remain subject to examination by major tax jurisdictions are generally the prior three (3) years for federal purposes, and the prior four (4) years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination by tax authorities. |
Net Loss Per Common Share | Net Loss Per Common Share The Company computes net income or loss per share in accordance with ASC 260 Earnings Per Share. Under the provisions of the Earnings per Share Topic ASC, basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of ASC for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of ASC (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Transactions involving related parties cannot be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt— Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
DIGITAL ASSETS HELD, NET OF I_2
DIGITAL ASSETS HELD, NET OF IMPAIRMENT (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF DIGITAL ASSETS HELD NET OF IMPAIRMENT | Digital assets held, net of impairment have consisted of: SCHEDULE OF DIGITAL ASSETS HELD NET OF IMPAIRMENT Digital Assets Balance, June 30, 2022 $ 434,642 Beginning balance $ 434,642 Purchase of digital assets 1,883,337 Proceeds from sale of digital assets (1,842,200 ) Realized gain loss on sales/ exchange digital assets 75,110 Acquired digital assets by Liquidity Pools 40,430 Digital assets used to pay prepaid, deposit and expenses (103,600 ) Impairment charges (25,299 ) Balance, September 30, 2022 $ 462,420 Ending balance $ 462,420 |
SCHEDULE OF ASSETS DIGITAL HOLDING IMPAIRMENTS | As at September 30, 2022, the Company’s holdings of digital assets held, net of impairment consists of: SCHEDULE OF ASSETS DIGITAL HOLDING IMPAIRMENTS Units held Carrying value, at cost less impairment Cryptocurrency ETH 104.97 $ 131,365 APE 8,914.49 34,236 MATIC 17,125.71 8,978 Other 111 Cryptocurrency Total $ 174,690 Liquidity Pool Tokens Uniswap V3 3.1 $ 192,382 mooEmp 275.77 12,402 CAKE 4,570.35 11,472 Liquidity Pool Tokens Total $ 216,256 Non-Fungible Tokens Other Deed 10 $ 44,111 Mutant Ape Yacht Club 1 19,573 Meebits 2 7,790 Non-Fungible Tokens Total $ 71,474 Total digital assets, net of impairment $ 462,420 |
ORGANIZATION AND OPERATIONS (De
ORGANIZATION AND OPERATIONS (Details Narrative) - USD ($) | 3 Months Ended | |||||||
Sep. 02, 2021 | Sep. 02, 2021 | May 28, 2014 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 15, 2021 | Nov. 15, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Forgiveness of convertible note payable accrued interest and advances related party | $ 207,644 | $ 207,644 | ||||||
Percentage of stock issued | 69.70% | 69.70% | ||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Net loss | $ 58,311 | 24,822 | ||||||
Net cash used in operating activities | 63,504 | $ 18,411 | ||||||
Accumulated deficit | $ 19,104,513 | $ 19,046,202 | ||||||
Stock Purchase Agreement [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Common stock shares acquired | 4,247,666 | |||||||
Stock Purchase Agreement [Member] | Roran Capital LLC [Member] | Ryan Schadel [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Number of shares acquired | 4,247,666 | 4,247,666 | ||||||
Purchase price of shares acquired | $ 385,000 | $ 385,000 | ||||||
Small Business Administration [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Litigation settlement, expense | $ 11,770,722 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Earnings on liquidity pools description | The Company earns fees by providing liquidity on Uniswap V2 and Uniswap V3. The Company earns fees proportionate to the liquidity they have supplied to the exchange. The fee for each trade is set at 0.05% for stable coins, 0.3% for most pairs and 1.0% for exotic pairs. The fees earned by the Company depends on the risk characteristics of each pair of tokens selected and the price range liquidity is provided. Uniswap V2 requires users to provide liquidity over the entire price curve, whereas Uniswap V3 provides users with the provide liquidity over a price range. |
Income tax likelihood of being realized upon ultimate settlement | fifty percent (50%) |
Income tax examination, description | Tax years that remain subject to examination by major tax jurisdictions are generally the prior three (3) years for federal purposes, and the prior four (4) years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination by tax authorities. |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Insured amount | $ 250,000 |
Financial Institution [Member] | |
Property, Plant and Equipment [Line Items] | |
Cash held | 5,439 |
Coinbase Inc [Member] | |
Property, Plant and Equipment [Line Items] | |
Cash held | $ 71 |
SCHEDULE OF DIGITAL ASSETS HELD
SCHEDULE OF DIGITAL ASSETS HELD NET OF IMPAIRMENT (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Impairment charges | $ (25,299) | |
Digital Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Beginning balance | 434,642 | |
Purchase of digital assets | 1,883,337 | |
Proceeds from sale of digital assets | (1,842,200) | |
Realized gain loss on sales/ exchange digital assets | 75,110 | |
Acquired digital assets by Liquidity Pools | 40,430 | |
Digital assets used to pay prepaid, deposit and expenses | (103,600) | |
Impairment charges | (25,299) | |
Ending balance | $ 462,420 |
SCHEDULE OF ASSETS DIGITAL HOLD
SCHEDULE OF ASSETS DIGITAL HOLDING IMPAIRMENTS (Details) | 3 Months Ended | |
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Indefinite-Lived Intangible Assets [Line Items] | ||
Total | $ 462,420 | $ 434,642 |
Cryptocurrency ETH [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Units held | 104.97 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 131,365 | |
Cryptocurrency APE [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Units held | 8,914.49 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 34,236 | |
Cryptocurrency MATIC [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Units held | 17,125.71 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 8,978 | |
Cryptocurrency Other [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 111 | |
Cryptocurrency [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 174,690 | |
Liquidity Pool Tokens Uniswap V3 [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Units held | 3.1 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 192,382 | |
Liquidity Pool Tokens Moo Emp [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Units held | 275.77 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 12,402 | |
Liquidity Pool Tokens Cake [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Units held | 4,570.35 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 11,472 | |
Liquidity Pool Tokens [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 216,256 | |
Non-Fungible Tokens Other Deed [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Units held | 10 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 44,111 | |
Non Fungible Tokens Mutant Ape Yacht Club [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Units held | 1 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 19,573 | |
Non Fungible Tokens Meebits [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Units held | 2 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 7,790 | |
Non Fungible Token [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 71,474 |
DEPOSIT ON EQUIPMENT (Details N
DEPOSIT ON EQUIPMENT (Details Narrative) - USD ($) | Sep. 30, 2022 | Aug. 22, 2022 | Jun. 30, 2022 |
Deposits on equipment | $ 72,095 | $ 72,095 |
NOTES PAYABLE _ RELATED PARTI_2
NOTES PAYABLE – RELATED PARTIES (Details Narrative) - USD ($) | 3 Months Ended | 15 Months Ended | |||||||||||
Aug. 29, 2022 | Aug. 12, 2022 | May 10, 2022 | May 09, 2022 | May 06, 2022 | Mar. 10, 2022 | Mar. 04, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Jun. 29, 2022 | Oct. 18, 2021 | |
Short-Term Debt [Line Items] | |||||||||||||
Fair value of common stock | $ 9,000 | ||||||||||||
Purchase of warrants | 20,000 | ||||||||||||
Warrant exercise price | $ 0.75 | ||||||||||||
Warrant [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Volatility | 157% | ||||||||||||
Interest- free rate | 3.18% | ||||||||||||
Expected dividend yield rate | |||||||||||||
Expected life | 3 years | ||||||||||||
Promissory Note One [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt face amount | $ 100,000 | ||||||||||||
Debt instruments interest rate percentage | 5% | 0.01% | |||||||||||
Debt maturity date | Aug. 29, 2022 | ||||||||||||
Fair value of common stock | $ 9,000 | ||||||||||||
Debt amortized cost | 694 | ||||||||||||
Debt unamortized cost | 8,306 | $ 8,306 | $ 0 | ||||||||||
Accrued interest payable | 438 | 438 | 0 | ||||||||||
Promissory Note One [Member] | Ryan Schadel [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Stock issued during period shares, new issues | 15,000 | ||||||||||||
Promissory Note Two [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt face amount | $ 40,000 | ||||||||||||
Debt instruments interest rate percentage | 0.01% | ||||||||||||
Accrued interest payable | 1 | 1 | 0 | ||||||||||
Promissory Note Three [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Accrued interest payable | 336 | 336 | 0 | ||||||||||
Promissory Note Three [Member] | Laborsmart Inc [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt face amount | $ 50,000 | ||||||||||||
Promissory Note Three [Member] | Tom Zarro [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instruments interest rate percentage | 5% | ||||||||||||
Debt maturity date | Aug. 12, 2023 | ||||||||||||
Debt instrument interest rate effective percentage | 12% | ||||||||||||
Promissory Note Four [Member] | Tom Zarro [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt face amount | $ 25,000 | ||||||||||||
Debt instruments interest rate percentage | 5% | ||||||||||||
Debt maturity date | Aug. 12, 2023 | ||||||||||||
Debt instrument interest rate effective percentage | 12% | ||||||||||||
Purchase of warrants | 20,000 | ||||||||||||
Warrant exercise price | $ 0.75 | ||||||||||||
Convertible Promissory Note [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt face amount | $ 20,000 | ||||||||||||
Debt instruments interest rate percentage | 3.25% | ||||||||||||
Debt amortized cost | 1,063 | 1,008 | |||||||||||
Debt unamortized cost | 6,853 | 6,853 | 0 | ||||||||||
Accrued interest payable | 167 | 167 | 0 | ||||||||||
Debt conversion price per share | $ 0.50 | ||||||||||||
Debt converted shares issued | $ 1.40 | ||||||||||||
Beneficial conversion | $ 20,000 | ||||||||||||
Convertible Promissory Note One [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt unamortized cost | 18,434 | 18,434 | 19,441 | ||||||||||
Accrued interest payable | 255 | 255 | 0 | ||||||||||
Convertible Promissory Note Related Party [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt face amount | $ 40,874 | ||||||||||||
Debt instruments interest rate percentage | 3.50% | ||||||||||||
Accrued interest payable | 764 | 764 | 0 | ||||||||||
Debt conversion price per share | $ 0.50 | ||||||||||||
Debt converted shares issued | $ 1.25 | ||||||||||||
Beneficial conversion | $ 40,874 | ||||||||||||
Debt amortized cost | 2,059 | ||||||||||||
Convertible Promissory Note Two [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt unamortized cost | 36,173 | 36,173 | 38,233 | ||||||||||
Convertible Promissory Note Related Party One [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt face amount | $ 59,986 | ||||||||||||
Debt instruments interest rate percentage | 3.25% | ||||||||||||
Debt unamortized cost | 53,285 | 53,285 | 56,307 | ||||||||||
Accrued interest payable | 1,090 | 1,090 | 0 | ||||||||||
Debt conversion price per share | $ 0.50 | ||||||||||||
Debt converted shares issued | $ 1.42 | ||||||||||||
Beneficial conversion | $ 59,986 | ||||||||||||
Debt amortized cost | 3,022 | ||||||||||||
Convertible Promissory Note Related Party Two [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt face amount | $ 100,000 | ||||||||||||
Debt instruments interest rate percentage | 3.25% | ||||||||||||
Debt unamortized cost | 91,950 | 91,950 | 96,988 | ||||||||||
Accrued interest payable | 1,309 | 1,309 | 0 | ||||||||||
Debt conversion price per share | $ 0.50 | ||||||||||||
Debt converted shares issued | $ 1.45 | ||||||||||||
Beneficial conversion | $ 100,000 | ||||||||||||
Debt amortized cost | 5,038 | ||||||||||||
Convertible Promissory Note Related Party Three [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt face amount | $ 100,000 | ||||||||||||
Debt instruments interest rate percentage | 3.25% | ||||||||||||
Debt unamortized cost | 92,114 | 92,114 | 97,152 | ||||||||||
Accrued interest payable | 1,282 | $ 1,282 | $ 0 | ||||||||||
Debt conversion price per share | $ 0.50 | ||||||||||||
Debt converted shares issued | $ 1.415 | ||||||||||||
Beneficial conversion | $ 100 | ||||||||||||
Debt amortized cost | $ 5,038 |
SHAREHOLDER DEFICIT (Details Na
SHAREHOLDER DEFICIT (Details Narrative) - USD ($) | 3 Months Ended | ||||||
Aug. 12, 2022 | Jul. 15, 2022 | Mar. 16, 2022 | Mar. 11, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 15, 2021 | |
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Stock issued during period value, new issues | $ 9,000 | ||||||
Warrants and rights outstanding, term | 3 years | ||||||
Purchase of warrants | 20,000 | ||||||
Warrant exercise price | $ 0.75 | ||||||
Warrants weighted average remaining term | 4 years 5 months 12 days | ||||||
Forward stock split | 10-for-1 forward stock split | ||||||
Warrant One [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock issued during period shares, new issues | 2,200,000 | ||||||
Issued price per share | $ 1.30 | ||||||
Warrant Two [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock issued during period shares, new issues | 2,200,000 | ||||||
Issued price per share | $ 1.50 | ||||||
Warrant Three [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock issued during period shares, new issues | 2,200,000 | ||||||
Issued price per share | $ 1.75 | ||||||
Stock Purchases Agreements [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants and rights outstanding, term | 5 years | ||||||
Series A Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares authorized | 100 | ||||||
Stock issued during period value, new issues | $ 50,000 | ||||||
Stock issued during period shares, new issues | 100,000 | ||||||
Common stock, percentage | 9.99% | ||||||
Preferred stock, shares issued | 22 | 0 | |||||
Series A Convertible Preferred Stock [Member] | Stock Purchases Agreements [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares issued | 22 | ||||||
Warrants issued for cash | $ 1,100,000 |