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Note 12 - Subsequent Events
12 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 12 - SUBSEQUENT EVENTS

 

On September 15, 2023, Pivotal and the Company entered into a termination agreement; whereby the Company will forgive and mutually release Pivotal from any and all obligations under the Asset Purchase Agreement, in exchange for terminating its 40 preferred shares and releasing the Company from any and all shareholder obligations and accrued dividends. Further, Pivotal will be issuing 2,000,000 shares on a pro-rata basis to Integral shareholders on record.

 

On October 23, 2023, the Company entered into a promissory note for an additional $35,000. The note bears interest at 8% and is due 10 months after issuance. The proceeds of these promissory notes shall be strictly used pursuant to costs associated with getting its filings current and resumption of trading. The promissory notes also create a lien on and grants a first priority security interest in all of the Company’s assets.

 

On July 1, 2023, all of the issued and outstanding Convertible debt was moved into an 8% interest only promissory note, due by July 8, 2024. The promissory notes also create a lien on and grants a first priority security interest in all of the Company’s assets.