Debt (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| 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 Three Months Ended |
|
| |
|
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
| Amortization |
|
$ |
- |
|
|
$ |
539,570 |
|
| Interest on the convertible notes |
|
|
- |
|
|
|
21,546 |
|
| Total |
|
$ |
- |
|
|
$ |
561,116 |
|
| |
|
For Three Months Ended |
|
| |
|
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
| Amortization |
|
$ |
212,259 |
|
|
$ |
4,975 |
|
| Interest on the convertible notes |
|
|
41,799 |
|
|
|
1,400 |
|
| Total |
|
$ |
254,058 |
|
|
$ |
6,375 |
|
|
| 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 September
30, 2023 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 |
|
|
60,000 |
|
|
|
|
|
|
|
60,000 |
|
| Debt discount associated with Promissory notes |
|
|
|
|
|
|
(18,878 |
) |
|
|
(18,878 |
) |
| Amortization of debt discount |
|
|
|
|
|
|
212,259 |
|
|
|
212,259 |
|
| Balance at September 30, 2023 |
|
$ |
2,110,735 |
|
|
$ |
(365,635 |
) |
|
$ |
1,745,100 |
|
|