Warrants (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended |
---|---|---|---|
Sep. 23, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
|
Warrants (Details) [Line Items] | |||
warrant issued | 8,700,000 | ||
Exercise price (in Dollars per share) | $ 0.2919 | ||
Warrant description | Certain warrants in the below table include dilution protection for the warrant holders, which could cause the exercise price to be adjusted as a result of a financing event at a valuation below the exercise price in effect at the time. For example, as a result of the December 2021 Offering, which would allow the new noteholders to convert their debt to shares of common stock at an exercise price of $0.20/share, some of the $0.30 warrants outstanding in the table below had their exercise price reduced from $0.30 to $0.2919 which was further adjusted to $0.2752 prior to September 30, 2022 upon the occurrence of a further dilutive event. 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. In addition to the reduction in exercise price, there is a corresponding increase to the number of warrants to the holder on a prorated basis. Under certain conditions, such as the successful retirement of a convertible note through repayment, it is possible for the exercise price of these warrants to increase. | ||
Volatility rate | 142.53% | ||
Aggregate intrinsic value (in Dollars) | $ 0 | $ 11,650 | |
Returnable warrants issued | 18,956,523 | 7,000,000 | |
Financing agreement date | Sep. 23, 2022 | Sep. 23, 2022 | |
Initially valued volatility | 121.88% | ||
Risk-free rate | 3.91% | ||
Additional financing costs in cumulative amount (in Dollars) | $ 642,140 | ||
Warrant [Member] | |||
Warrants (Details) [Line Items] | |||
Shares issued | 405,000 | ||
Exercise price (in Dollars per share) | $ 0.2725 | ||
Warrant description | During the three months ended September 30, 2022, 2,800,000 warrants were issued to the holder of an outstanding promissory note with an initial exercise price of $0.225 per share, 280,000 warrants were concurrently issued to the Placement Agent with an initial exercise price of $0.225, and a further 119,260 warrants were issued to the Placement Agent with initial exercise price of $0.27 per share. The Company valued these warrants using the Black Scholes model utilizing a 122.42% volatility and a risk-free rate of 3.91%. | During the fiscal year ended June 30, 2022, 4,000,000 warrants were issued to the holder of outstanding convertible notes with an initial exercise price of $0.25 per share, and 878,260 warrants issued to the placement agent with an initial exercise price of $0.25 per share. The Company valued these warrants using the Black Scholes model utilizing a 143.39% volatility and a risk-free rate of 1.25%. | |
Strike price (in Dollars per share) | $ 0.2626 | ||
Warrant term | 5 years | ||
Volatility rate | 151.07% | ||
Risk-free rate | 0.79% | ||
Returnable Warrants [Member] | |||
Warrants (Details) [Line Items] | |||
Initial exercise price (in Dollars per share) | $ 0.3 | ||
Ownership [Member] | Returnable Warrants [Member] | |||
Warrants (Details) [Line Items] | |||
Ownership percentage | 4.99% | ||
Series B Stock [Member] | |||
Warrants (Details) [Line Items] | |||
Shares issued | 8,700,000 | 1,740 | |
Series B Stock [Member] | Warrant [Member] | |||
Warrants (Details) [Line Items] | |||
Shares issued | 810 | ||
warrant issued | 4,050,000 | ||
Exercise price (in Dollars per share) | $ 0.2725 | ||
Black Scholes Model [Member] | |||
Warrants (Details) [Line Items] | |||
Initially valued volatility | 121.88% | ||
Risk-free rate | 3.91% | ||
Additional financing costs in cumulative amount (in Dollars) | $ 1,096,830 | ||
Warrant Agreement [Member] | |||
Warrants (Details) [Line Items] | |||
warrant issued | 100,000 | ||
Lock-Up Agreement [Member] | |||
Warrants (Details) [Line Items] | |||
Strike price (in Dollars per share) | $ 0.3 | ||
Warrant term | 1 year | ||
Volatility rate | 80.67% | ||
Risk-free rate | 0.89% | ||
MFN Agreement [Member] | |||
Warrants (Details) [Line Items] | |||
Returnable warrants issued | 5,434,785 | ||
Placement Agent [Member] | |||
Warrants (Details) [Line Items] | |||
Returnable warrants issued | 1,086,957 |