Stockholders' Equity (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Feb. 04, 2021 |
Jul. 09, 2018 |
Apr. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Stockholders' Equity (Details) [Line Items] | |||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | |||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 | |||
Common stock, shares issued | 91,814,484 | 80,707,467 | |||
Common stock, shares outstanding | 91,814,484 | 80,707,467 | |||
Common stock for services with fair value (in Dollars) | $ 214,125 | $ 372,253 | |||
Issued shares of common stock for exercise of warrants | 1,600,000 | ||||
Exercise of warrants fair value (in Dollars) | $ 16,000 | ||||
Shares of common stock consideration for convertible debt | 17,249,577 | ||||
Principal amount (in Dollars) | $ 1,433,000 | ||||
Accrued interest payable (in Dollars) | 184,274 | ||||
Fair value amount (in Dollars) | 3,717,709 | ||||
Fair value loss (in Dollars) | $ 0 | $ 2,100,435 | |||
Description of financing activities | These proceeds were used for operating capital. The Series B stock meets the criteria for equity classification and is accounted for as equity transactions. Specifically, among other factors, this qualifies as equity because redemption is not invoked at the option of the holder and the Series B stock does not have to be redeemed on a specified date. | ||||
Converted shares | 1,740 | ||||
Common stock shares | 8,700,000 | ||||
Issuance of total shares | 335 | 4,665 | |||
Convertible shares | 5,000 | ||||
Warrants | 5,000 | ||||
Transaction amount (in Dollars) | $ 4,085,925 | ||||
Vendors issuing warrants | 500,000 | ||||
Strike price (in Dollars per share) | $ 30 | $ 0.5 | |||
Term years | 5 years | ||||
Volatility, percentage | 107.93% | 107.93% | |||
Risk-free rate, percentage | 0.50% | 0.29% | |||
Warrants acquire shares | 400,000 | ||||
Warrant description | 01. The warrants included a provision for cashless exercise and carried a 5 years term. The Company valued these warrants using the Black Scholes model utilizing a 107.93% ~ 156.11% volatility and a risk-free rate of 0.45% ~ 0.85%. All of such warrants were exercised during the fiscal year ended June 30, 2022 for cash proceeds of $16,000 Additionally, the Placement Agent received 2,250,000 success warrants at a strike price of $0.20 and 2,250,000 success warrants at a strike price of $0.30, with expiration in 5 years. The Company recorded the retainer warrants into consulting expenses and recognized value of success warrants as part of financing costs issued as an equity instrument with the fair value debited to additional paid in capital. There is no accounting effect for these transactions associated with these success warrants. | ||||
Warrants issued | 878,260 | ||||
Exercise price per shares (in Dollars per share) | $ 2,919 | ||||
Initial exercise price (in Dollars per share) | $ 25 | ||||
Convertible note ,description | For example, as a result of the convertible note financing, we completed in December 2021 which would allow the new noteholders to convert their debt to shares of common stock at an exercise price of $.20/share, some of the $.30 warrants outstanding in the table below had their exercise price reduced from $.30 to $.2952 which were further adjusted to $.2919 prior to June 30, 2022. This reduction of less than one penny in the exercise price of the 25,000,000 warrants associated with our Class B Preferred stock would result in proceeds to the Company of $7,297,500 rather than $7,500,000 should all those cash warrants be exercised. The result of the warrant exercise price downward adjustment on modification date was treated as a deemed dividend and fully amortized on the transaction date, and the Company recorded $91,375 to additional paid in capital and retained earnings on the Company’s balance sheets. | ||||
Aggregate intrinsic value (in Dollars) | $ 11,650 | $ 613,009 | |||
Common Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Common stock, shares authorized | (200,000,000) | ||||
Issued shares of common stock for services | 848,325 | 1,661,210 | |||
Common stock for services with fair value (in Dollars) | $ 848 | $ 1,661 | |||
Exercise of warrants fair value (in Dollars) | $ 1,600 | ||||
Warrant Agreement [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Strike price (in Dollars per share) | $ 0.2626 | ||||
Term years | 5 years | ||||
Volatility, percentage | 151.07% | ||||
Risk-free rate, percentage | 0.79% | ||||
Warrants issued | 100,000 | ||||
Lock-Up Agreement [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Strike price (in Dollars per share) | $ 0.3 | ||||
Term years | 1 year | ||||
Volatility, percentage | 80.67% | ||||
Risk-free rate, percentage | 0.89% | ||||
Common Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Issued shares of common stock for services | 848,325 | 1,661,210 | |||
Preferred Class B [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Issued converting preferred stock | 8,700,000 | ||||
Preferred stock, shares outstanding | 1,500 | ||||
Series A Preferred Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Preferred stock voting rights description | Of the 1,000,000 shares. 10,000 shares were designated as Series A Preferred Stock (“Series A Stock”). Holders of Series A Stock are each entitled to cast 100,000 votes for each Share held of record on all matters presented to shareholders. | ||||
Preferred stock, shares issued | 1,000 | 1,000 | |||
Preferred stock, shares outstanding | 1,000 | 1,000 | |||
Series B Preferred Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Preferred stock, shares authorized | 5,000 | 5,000 | |||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |||
Preferred stock, shares issued | 3,260 | 4,665 | |||
Preferred stock, shares outstanding | 3,260 | 4,665 | |||
Series B Stock designated description | Series B Stock In April 2021, the Company designated 5,000 shares of its Preferred Stock as Series B Preferred Stock, $0.001 par value per share (“Series B Stock”), each Series B share of which is convertible into 5,000 shares of common stock and 5,000 non-detachable warrants with an initial exercise price of $.30. | ||||
Company sold shares | 335 | ||||
Gross cash proceeds (in Dollars) | $ 335,000 | ||||
Converted shares | 1,740 | ||||
Common stock shares | 8,700,000 | ||||
Excess Stock, Shares Issued | 3,269 | ||||
Warrants issued | 8,700,000 | ||||
Consultant [Member] | Series A Preferred Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Preferred stock voting rights description | In addition to his ownership of the common stock, Mr. Folkson owns 1,000 shares of the Series A Stock which votes with the common stock and has an aggregate of 100,000,000 votes. | ||||
Convertible Notes Payable [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Volatility, percentage | 143.39% | ||||
Risk-free rate, percentage | 1.25% | ||||
Warrants issued | 4,000,000 | ||||
Initial exercise price (in Dollars per share) | $ 25 |