Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.24.1.1.u2
Debt (Tables)
 9 Months Ended
Mar. 31, 2024
Debt [Abstract]  
Schedule of Convertible Notes Payable Below is a reconciliation of the convertible notes payable as presented on the Company’s balance sheet as of June 30, 2023:
    Principal
($)		     Stock-settled
Debt
($)		     Debt 
Discount
($)		     Net Value
($)		  
Balance at June 30, 2021    
-
      
-
      
-
      
-
  
Convertible notes payable issued during fiscal year ended June 30, 2022     1,086,957                       1,086,957  
Debt discount associated with new convertible notes                     (1,018,229 )     (1,018,229 )
Conversion price adjusted from $0.25 to $0.20             217,391       (217,391 )    
-
  
Amortization of debt discount                     275,423       275,423  
Balance at June 30, 2022     1,086,957       217,391       (960,197 )     344,151  
Cash repayment     (362,319 )                     (362,319 )
Gain on extinguish of portion of principal             (72,464 )             (72,464 )
Amortization of debt discount                     960,197       960,197  
Penalty     181,159                       181,159  
Conversion price change             1,843,475               1,843,475  
Under forbearance Agreement:     58,703       (1,988,402 )             (1,929,699 )
Cash repayment     (964,500 )                     (964,500 )
Balance at June 30, 2023    
-
      
-
      
-
      
-
  
Schedule of Exchange of Returnable Warrants for Shares of Common Stock Below is a reconciliation of the extinguishment of debt relative to the exchange of Returnable Warrants for shares of common stock by the holders:
3,800,000 shares of common stock issued and exchanged for 10,869,566 returnable warrants   $ 342,000  
Loss on conversion price change in December 31, 2022     1,051,801  
Stock settled debt     (1,988,402 )
Financing charges due to returnable warrants issued     987,060  
Principal increased due to penalty     58,703  
Loss on extinguishment   $ 392,459  
Schedule of Interest Expenses with Above Convertible Note Interest expenses associated with above convertible note are as follows:
    For the three months Ended
March 31,		     For the nine months Ended
March 31,		  
    2024     2023     2024     2023  
Amortization   $
-
     $
-
     $
-
     $ 960,197  
Interest on the convertible notes    
-
       19,251      
-
       58,703  
Total   $
-
     $ 19,251     $
-
     $ 1,018,900  
    For the three months Ended
March 31,		     For the nine months Ended
March 31,		  
    2024     2023     2024     2023  
Amortization   $ 165,113     $ 132,805     $ 578,853     $ 202,060  
Interest on the convertible notes     83,611       22,996       185,778       38,707  
Total   $ 248,724     $ 155,801     $ 764,631     $ 240,767  
Schedule of Reconciliation of the Above Debts Below is a reconciliation of the above debts (Mast Hills Notes and Fourth Man Notes) as presented on the Company’s balance sheet as of March 31, 2024 and June 30, 2023:
    Principal
$		     Debt
Discount
$		     Net Value
$		  
Balance at June 30, 2022    
-
      
-
      
-
  
Promissory notes payable issued     2,066,823               2,066,823  
Principal converted to common stock     (16,088 )             (16,088 )
Debt discount associated with Promissory notes             (864,713 )     (864,713 )
Amortization of debt discount             305,697       305,697  
Balance at June 30, 2023     2,050,735       (559,016 )     1,491,719  
                         
Promissory notes payable issued     1,078,888               1,078,888  
Promissory notes amended     12,500               12,500  
Debt discount associated with Promissory notes             (171,711 )     (171,711 )
Amortization of debt discount             578,853       578,853  
Balance at December 31, 2023   $ 3,142,123     $ (151,874 )   $ 2,990,249  
Schedule of Reconciliation of the Loss on Extinguishment of Debt Below is a reconciliation of the loss on extinguishment of debt relative to the amended promissory notes with Fourth Man:
10% increase in principle   $ 12,500  
10% increase in guaranteed interest     1,875  
1,667 Series D Stock issued     113,955  
Loss on extinguishment   $ 128,330