LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN

12 Months Ended

Jun. 30, 2021

LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN

NOTE 2. LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN

The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the continuation of operations, realization of assets and liquidation of liabilities in the ordinary course of business.

For the years ended June 30, 2021 and 2020, the Company reported a net loss of $3,264,957 and $489,695, respectively.

As of June 30, 2021, the Company maintained total assets of $5,243,884, total liabilities including long-term debt of $5,299,329 along with an accumulated deficit of $14,916,012.

The Company believes that additional capital will be required to fund operations through June 30, 2022 and beyond, as it attempts to generate increasing revenue, and develop new products. The Company intends to attempt to raise capital through additional equity offerings and debt obligations. There can be no assurance that the Company will be successful in obtaining financing at the level needed or on terms acceptable to the Company. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying annual financial statements do not include any adjustments that might result from the outcome of this uncertainty.