Convertible Notes Payable

12 Months Ended

Jun. 30, 2025

Convertible Notes Payable

Convertible Notes Payable

Note 8 — Convertible Notes Payable

Convertible notes payable consisted of the following:

	June 30, 2025			June 30, 2024
September 2018 – Convertible note of $220,000 with interest rate at 10% per annum with maturity date of September 2019.		220,000			220,000
March 2019 – Convertible note of $640,000 with interest rate at 7% per annum with maturity date of September 2020.		244,802			244,802
Total notes payable		464,802			464,802
Less current portion of notes payable		(464,802	)		(464,802	)
Notes payable, less current portion	$	-		$	-

·	September 2018 - $220,000
	During the year ended June 30, 2019, the Company entered a convertible note with an investor of the Company with a face value of $220,000 in exchange for $200,000 cash payment with an interest rate of 10% per annum.  The discount of this note was amortized over the life of the note.  The note is in default and payable upon demand.  As of June 30, 2025 and 2024, the total unpaid and accrued interest was $171,829 and $149,829, respectively, and is recorded in accrued liabilities.
·	March 2019 - $640,000
	During the year ended June 30, 2019, the Company entered into two promissory notes with an investor of the Company with a face value of $640,000 in exchange for a total of $600,000 cash payment. The discount of the Notes was amortized over the life of the Note and has an interest rate of 7%. The remaining principal is in default and payable upon demand and included as current debt on the balance sheet. As of June 30, 2025 and 2024, the total unpaid and accrued interest was $177,007 and $159,871, respectively, and is recorded in accrued liabilities.

Total interest expense on convertible notes payable was $39,136 and $63,186 for the years ended June 30, 2025 and 2024, respectively.