| 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 Promissory Notes Payable |
Below is a reconciliation of the above debts
(Mast Hills Notes and Fourth Mann Notes) as presented on the Company’s balance sheet as of 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 |
|
|
|
|
|
|
305,696 |
|
|
|
305,696 |
|
| Balance at June 30, 2023 |
|
$ |
2,050,735 |
|
|
$ |
(559,016 |
) |
|
$ |
1,491,719 |
|
|