WARRANTS

9 Months Ended

Mar. 31, 2022

WARRANTS

10. Warrants

10. WARRANTS

As discussed in Note 8, the Company issued warrants in February 2021 to purchase 11,000,000 shares of its common stock in connection with the sale of Series D preferred stock. The Company also issued warrants to purchase 30,000,000 shares of its common stock in April 2021 in connection with the sale of common stock.

A summary of the Company’s warrants as of March 31, 2022, and changes during the nine months then ended is as follows:

	Shares		Weighted Average   Exercise Price		Weighted Average Remaining Contract Term   (Years)		Aggregate Intrinsic   Value
Outstanding as of June 30, 2021		41,000,000	$	0.30
Granted		-	$	-
Exercised		-	$	-
Forfeited or expired		-	$	-
Outstanding and exercisable as of March 31, 2022		41,000,000	$	0.30		3.97	$	-

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the closing price of our common stock of $0.115 as of March 31, 2022, which would have been received by the holders of in-the-money warrants had the holders exercised their warrants as of that date.