STOCKHOLDERS’ EQUITY

9 Months Ended

Mar. 31, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

10. STOCKHOLDERS’ EQUITY

Preferred Stock

As of March 31, 2024, we were authorized to issue 25,000,000 shares of preferred stock with a par value of $0.01.

No shares of preferred stock were issued and outstanding during the three and nine months ended March 31, 2024.

Common Stock

As of March 31, 2024, we were authorized to issue 1,000,000,000 shares of common stock with a par value per share of $0.01, of which 352,237,035 shares of common stock were issued and outstanding and 943,000 shares of common stock were subscribed, contractually obligated and committed to be issued but not yet issued pending payment therefor.

In June 2022, prior to the commencement of the Company’s fiscal year ending June 30, 2023, the Company was contractually obligated and committed to issue an aggregate of 56,863,334 shares of its common stock as partial consideration for the purchase of real estate inventory in the amount of $8,529,500. All such shares were deemed subscribed for and purchased by the direct or indirect sellers of the real estate. On December 1, 2022, an adjustment was made to such share issuance obligation which provided for an aggregate reduction of 5,210,209 shares of common stock due to a real estate inventory decrease in the amount of $265,000. As of December 31, 2022, all 51,653,125 of such shares have been issued by the Company and are outstanding.

During the three and nine months ended March 31, 2024, the Company provided stock based compensation of $500,000 and $504,528, respectively for services rendered and payroll. The Company sold commons shares of 9,982 at market rates at an averaging price per share of $0.44 and 100,000,000 shares were provided as payroll to two directors at $0.01 per share.

As of March 31, 2024, the Company has committed subscription agreements from investors, entered into during a private offering, for 943,000 shares, at a price per share of $1.00 for aggregate proceeds of $943,000, and is included in the Subscription Receivable in the Consolidated Balance Sheets, pending payment therefor.

The Company has not declared or paid any dividends or returned any capital to common stock shareholders as of March 31, 2024, and 2023.

Warrants

No warrants were issued or outstanding during the three and nine months ended March 31, 2024, or 2023.

Restricted Stock Awards

On February 13, 2023, the Company awarded restricted shares of Company common stock to certain of its executive officers and directors, equal in an aggregate assumed value of $1,000,000, which vested 50% on the date of the grant with the remaining 50% vesting on December 1, 2023.

In December 2023, the Company awarded 50,000,000 restricted shares of Company common stock to an executive officer and director, which vested 100% on the date of grant.

During the quarter ended March 31, 2024, the Company authorized and directed the award of 50,000,000 restricted shares of Company common stock to an executive officer and director, to vest 100% on the date of grant. Such shares are included in the issued and outstanding common stock of the Company as of March 31, 2024. The actual issuance of such 50,000,000 restricted shares took place on April 1, 2024.

Stock Options

The Company adopted the 2022 Omnibus Performance Award Plan in February 2022. The Plan authorizes the granting of 19,977,931 of the Company’s Common Stock.

On February 13, 2023, the Company awarded to certain of its executive officers, options to purchase an aggregate of 22,500,000 shares of the Company’s stock at an exercise price per share equal to the fair market value of the Company’s common stock on the date of the grant, $0.32 per share; all of which are currently exercisable and outstanding as of March 31, 2024.

No stock options were issued during the three and nine months ended March 31, 2024.