Quarterly report pursuant to Section 13 or 15(d)

Derivative Liability

Derivative Liability
3 Months Ended
Sep. 30, 2021
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.


  Below is a reconciliation of the derivative liability as presented on the Company’s balance sheet as of June 30, 2021 and September 30, 2021.


Change in derivative liability for the three months ended September 30, 2021 and 2020, totaled $0 and $207,524, respectively.


Derivative liability as of June 30, 2020   $ 1,590,638  
Initial derivative liability accounted for convertible notes payable issued during the period ended June 30, 2021     512,993  
True-up adjustment in debt discount and derivative liability     37,360  
Change in derivative liability during the period     (853,329 )
Notes retired due to refinancing     (1,287,662 )
Derivative liability as of June 30, 2021   $
September 30, 2021