Equity

9 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Equity

Note 8 – Equity

All share amounts have been adjusted to reflect a 1:200 reverse split effective March 7, 2022. 

For the nine months ended March 31, 2022:

During the nine months ended March 31, 2022, the Company issued 73,517 shares of common stock for services.

During the nine months ended March 31, 2022, the Company issued 1,625,000 shares of common stock in exchange for proceeds under the Equity Purchase Agreement. These shares were valued at $2,643,500 upon issuance.

During the nine months ended March 31, 2022, the Company issued 312,500 shares of common stock as commitment shares in a structured loan agreement. These shares were valued at $356,250 upon issuance.

During the nine months ended March 31, 2022, the Company cancelled 241,303 shares of common stock representing fractional shares resulting from the 200:1 reverse split.

During the nine months ended March 31, 2022, the Company entered into exchange agreements to issue 11,414 shares of Preferred Series F stock.

During the nine months ended March 31, 2022, the Company cancelled 500,000 shares of Preferred Series E stock.

For the nine months ended March 31, 2021:

During the nine months ended March 31, 2021, the Company issued 529,000 shares of common stock for professional consulting services. These shares were valued at $2,778,550 upon issuance during the nine months ended March 31, 2021.

During the nine months ended March 31, 2021, the Company issued 6,914,064 shares of common stock for debt reduction. These shares were valued at $13,031,235 upon issuance during the nine months ended March 31, 2021.

During the nine months ended March 31, 2021, the Company issued 1,248,961 shares of common stock to warrant holders in six cashless transactions.

During the nine months ended March 31, 2021, the Company issued 287,500 shares of common stock for commitment shares under the Equity Purchase Agreement. These shares were valued at $1,177,000 upon issuance during the nine months ended March 31, 2021.

During the nine months ended March 31, 2021, the Company issued 250,000 shares of common stock as collateral for the line of credit. The shares were held in the Company's name and serve as collateral for a line of credit with a bank.

During the nine months ended March 31, 2021, the Company issued 50,000 shares of common stock for the acquisition of Classroom Technology Solutions, Inc. These shares were valued at $151,000 upon issuance during the nine months ended March 31, 2021.

During the nine months ended March 31, 2021, the Company issued 1,885,000 shares of common stock in exchange for proceeds under the Equity Purchase Agreement. These shares were valued at $8,292,400 upon issuance during the nine months ended March 31, 2021.

See the capital structure section in Note 1 for disclosure of the equity components included in the Company's consolidated financial statements.