Share Capital

9 Months Ended

Mar. 31, 2021

Equity [Abstract]

Share Capital

10. Share Capital

The Company’s authorized common stock consists of 1,200,000,000 shares of common stock, with par value of $0.001 per share, 1,000,000 shares of Series A preferred stock, with par value of $0.001 per share, and 1,000,000 shares of Series C preferred stock, with par value of $10 per share.

Series A Preferred Stock

On December 17, 2020, the Company issued 200,000 Series A Preferred Stock with a fair value of $200 to officers and directors of the Company as a management fee. On October 1, 2019, the Company had issued 300,000 Series A Preferred Stock with a fair value of $300 to directors of the company as a management fee.

Series C Preferred Stock

On December 18, 2020, the Company issued 48.29 units of Series C Preferred Stock at $50,000 per unit for proceeds of $2,414,500. Each unit is comprised of 5,000 shares of Series C Preferred Stock (each share of Series C Preferred Stock is convertible into eighty shares of common stock) and a warrant to purchase 400,000 common shares of the Company at $0.075 per share until December 31, 2023. Each holder is entitled to receive a non-cumulative dividend at 8% per annum at the rate per share. The dividend shall be payable at the Company’s option either in cash or in common shares of the Company. If paid in Common Shares, the Company shall pay to the holders the number of Common Shares equal to the dividend amount divided by the Stated Value and then multiplied by eighty.

In addition, the Company issued 8 units of Series C Preferred Stock with a fair value of $400,000 for the conversion of $381,622 of note payable and $18,378 of accrued interest.

During the nine months ended March 31, 2021, the Company converted 41,250 Series C Preferred Stock to 3,300,000 shares of common stock.

Common Stock

On July 9, 2020, the Company issued 7,950,000 common shares with a fair value of $941,280 for consulting services.

On July 9, 2020, the Company issued 6,081,150 common shares with a fair value of $720,008 for the conversion of $147,250 of note payable, $6,503 of accrued interest, $105 of fees and $614,477 of derivative liability resulting in a gain on settlement of $48,327.

On August 18, 2020, the Company issued 2,890,000 common shares with a fair value of $262,990 for consulting services.

On August 26, 2020, the Company issued 2,196,822 common shares with a fair value of $193,320 for the conversion of $100,000 of note payable, $5,342 of accrued interest, $105 of fees and $110,007 of derivative liability resulting in a gain on settlement of $22,134.

On September 16, 2020, the Company issued 1,696,856 common shares with a fair value of $157,808 for the conversion of $77,200 of note payable, $4,931 of accrued interest, $105 of fees and $87,842 of derivative liability resulting in a gain on settlement of $12,270.

On September 29, 2020, the Company issued 2,400,000 common shares with a fair value of $378,000 for consulting services, including 2,000,000 common shares with a fair value of $315,000 issued to a director of the Company as management fee.

On September 30, 2020, the Company issued 5,178,487 common shares with a fair value of $699,096 for the conversion of $270,000 of note payable, $13,833 of accrued interest, $105 of fees and $560,268 of derivative liability resulting in a gain on settlement of $145,110.

On October 6, 2020, the Company issued 4,805,558 common shares with a fair value of $617,514 for the conversion of $250,000 of note payable, $12,311 of accrued interest, $105 of fees and $491,605 of derivative liability resulting in a gain on settlement of $136,507.

On October 20, 2020, the Company issued 1,326,098 common shares with a fair value of $197,721 for the conversion of $71,548 of note payable, $7,396 of accrued interest and $130,683 of derivative liability resulting in a gain on settlement of $11,906.

On November 30, 2020, the Company issued 3,000,000 common shares with a fair value of $765,000 to directors of the Company for consulting services.

On December 29, 2020, the Company issued 14,400,000 common shares with a fair value of $20,160,000 for consulting services.

On January 19, 2021, the Company issued 486,451 common shares with a fair value of $702,192 for legal services.

On February 3, 2021, the Company issued 3,200,000 common shares pursuant to the conversion of 40,000 Series C Preferred Stock.

On February 5, 2021, the Company issued 69,252 common shares with a fair value of $271,779 pursuant to a rental agreement with purchase option dated February 24, 2019 for the sale of real property situate at 601 S Main Street, City of Tonopah, County of Nye, State of Nevada. These common shares have been held in escrow until title is transferred to the Company.

On February 10, 2021, the Company issued 1,400,779 common shares with a fair value of $5,327,924 for the conversion of $1,086,878 of notes payable, $26,882 of accrued interest, and $19,434,832 of derivative liability resulting in a gain on settlement of $15,220,668

On February 24, 2021, the Company issued 100,000 common shares pursuant to the conversion of 1,250 Series C Preferred Stock.

On March 5, 2021, the Company issued 2,000,000 common shares with a fair value of $3,720,000 for services, including 1,000,000 common shares issued to the CEO of the Company and 1,000,000 common shares issued to a director of the Company.

On March 31, 2021, the Company issued 23,585 common shares with a fair value of $37,500, including 4,717 common shares issued to the CEO of the Company and 18,868 common shares issued to certain directors of the Company.

During the nine months ended March 31, 2021, the Company issued 60,625,000 units for proceeds of $2,450,000 received during the year ended June 30, 2020. Each unit is comprised of one common share of the Company and 0.8 share purchase warrant where each whole share purchase warrant can be exercised into one common share of the Company at $0.15 per share until October 31, 2024.

During the nine months ended March 31, 2021, the Company issued 36,947,680 common shares pursuant to the cashless exercise of share purchase warrants and 6,150,000 common shares pursuant to the exercise of share purchase warrants for total proceeds of $531,250. The fair value of $12,381 for the warrants exercised was transferred to common shares from additional paid-in capital. As of March 31, 2021, the Company has received additional $93,750 for future issuance.

On October 6, 2020, the Company entered into a Purchase Agreement (the “Purchase Agreement”) with Tysadco Partners LLC, a Delaware limited company (“Tysadco”). Pursuant to the Purchase Agreement, Tysadco committed to purchase, subject to certain restrictions and conditions, up to $10,000,000 worth of the Company’s common stock (the “Commitment”), over a period of 24 months from the effectiveness of the registration statement registering the resale of shares purchased by Tysadco. The Company shall have the right, but not the obligation, to direct Tysadco to buy the lesser of $250,000 in common stock per sale or 200% of the average shares traded for the 10 days prior to the closing request date, at a purchase price of 85% of the of the two lowest individual daily VWAPs during the five (5) trading days commencing on the first trading day following delivery and clearing of the delivered shares, with a minimum request of $25,000. For the nine months ended March 31, 2021, the Company issued 16,250,000 common shares for proceeds of $10,431,638 and issued another 500,000 commitment shares with a fair value of 105,000.