Annual report pursuant to Section 13 and 15(d)

Derivative Liability

v3.19.3
Derivative Liability
12 Months Ended
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Liability
9. Derivative Liability   Due to the variable conversion price associated with some of these convertible promissory notes disclosed in Note 8 above, the Company has determined that the conversion feature is considered a derivative liability for instruments which are convertible and have not yet been settled. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives on the date they are deemed to be derivative liabilities.

  

      During the year ended June 30, 2019, the Company recorded a loss in fair value of derivative $712,627. The Company will measure the fair value of each derivative instrument in future reporting periods and record a gain or loss based on the change in fair value.