Related Party Transactions

6 Months Ended

Dec. 31, 2021

Related Party Transactions

Note 9 - Related Party Transactions

Note 9 — Related Party Transactions

In March 2020, the Company entered into a promissory note with the Chief Executive Officer for $600,000in exchange for a total of a $565,000cash payment. The note matured in December 2020 and $300,000of principal payments have been made to date. The note is in default and due upon demand and the interest rate was increased to 12%.

In March 2020, the Company entered into a promissory note with the Chief Technology Officer for $50,000. The note matured on January 1, 2021 and $25,000of principal payments have been made to date. The note is in default and due upon demand and the interest rate was increased to 12%.