STOCKHOLDERS' EQUITY (DEFICIT)

6 Months Ended

Dec. 31, 2015

STOCKHOLDERS' DEFICIT [Abstract]

STOCKHOLDERS' DEFICIT

NOTE 8 – STOCKHOLDERS’ EQUITY (DEFICIT)

Preferred Stock

The Company has authorized preferred stock of 5,000,000 shares with a par value of $0.0001. No shares of preferred stock have been issued to date.

Common Stock

The Company has 100,000,000 shares of authorized common stock with a par value of $0.001.

The Company has issued 2,000,000 shares of common stock to its founder on June 23, 2014 at par value of $2,000. On June 17, 2015, as described herein, the Company issued 7,561,211 shares of common stock to acquire Mariposa Australia. On October 20, 2015, the lender of the Promissory Note, PTS, Inc., was issued 320,000 shares of the Company's common stock as a result of the exercise of the warrants under the terms of the Warrant. Additionally, another 438,789 shares of common stock have been reserved to account for exercises of warrants held by Mariposa Australia into sharers of the Company’s common stock.

As of December 31, 2015, the Company has 9,881,211 shares of common stock issued and outstanding.

 

Warrants

The Company on June 17, 2015 and on July 27, 2015 issued 240,000 and 80,000 warrants respectively in accordance with the Promissory Note discussed in Note 7. Each warrant gives the note holder the right to buy one common share at $0.001 before the expiration date of June 17, 2020. The value of the warrants is calculated under the Black-Scholes method, and will be amortized over the period between the issuance date and the expiration date. The amount of the promissory note is presented net of the value of the warrants.

 

On October 20, 2015, the 320,000 warrants issued with the Promissory Note was exercised by the lender under the terms of the Warrant.

Warrants Outstanding	December 31, 2015		June 30, 2015
Beginning of Period		758,789		-
Issued		-		678,789
Exercised		(320,000)		-
Forfeited		-		-
		438,789		678,789

The relative fair value of the 320,000 warrants of $33,440 was calculated under the Black-Scholes method using the following assumptions:

Strike price - $0.001

Market Price - $0.1149

Volatility - 100%

5 Year US Treasury Bond Rate - 1.84%

Amortization of the debt discount for the six months ended December 31, 2015 was $30,425.