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SUBSEQUENT EVENTS
6 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12 - SUBSEQUENT EVENTS

 

In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it has no material subsequent events to disclose in these unaudited financial statements other than the following.

 

Coventry Enterprises

On January 11, 2021, the Company entered into a securities purchase agreement with Coventry Enterprises, LLC (“Coventry”), pursuant to which Coventry Enterprises purchased a 10% unsecured promissory Note (the “Note”) from the Company in the principal amount of $180,000 of which $30,000 was retained by Coventry through an Original Issue Discount for due diligence and origination related to this transaction.

 

The Note carries “Guaranteed Interest” on the principal amount at the rate of 10% per annum for the twelve-month term of the Note for an aggregate Guaranteed Interest $18,000. The Principal Amount and the Guaranteed Interest shall be due and payable in seven equal monthly payments of $28,285.71 commencing on June 5, 2022 and continuing on the 5th day of each month thereafter until paid in full not later than January 5, 2023 (the “Maturity Date”).

 

Upon an Event of Default or if the Company has an effective Regulation A Offering Statement, the Note shall become convertible, in whole or in part, into shares of Common Stock at the option of the Holder. The conversion price of the Note is 90% of the lowest per-share Trading Price per share for the 10 Trading Days preceding a Conversion Date.

 

The Company is also required to issue Coventry 200,000 shares of its Common Stock as well as 900,000 cashless warrants with an exercise price of $0.175.

 

ONE44 Capital LLC

On January 19, 2021, the Company entered into a securities purchase agreement with ONE44 Capital LLC (“ONE44”), pursuant to which ONE44 purchased a convertible promissory note (the “Note”) from the Company in the aggregate principal amount of $160,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option of ONE44. The Note contains an original issue discount amount of $8,000 and legal fees payable to ONE44’s legal counsel of $8,000.

 

The maturity date of the Note is January 13, 2023 (the “Maturity Date”). The Note shall bear interest at a rate of 10% per annum, ONE44 has the option to convert all or any amount of the principal face amount of the Note, after the sixth month anniversary of the Note. The conversion price for the Note is 60% multiplied by the lowest trading price of the Company’s common stock as reported on the OTC Markets.

 

Mast Hill Fund, L.P

On January 25, 2022, the Company, entered into a Securities Purchase Agreement with Mast Hill Fund, L.P., (“Mast Hill”), dated as of January 20, 2022, pursuant to which the Company issued Mast Hill a convertible promissory note in the principal amount of $350,000, a five-year warrant to purchase up to 700,000 shares of common stock at a price of $0.50 per share, a five-year warrant to purchase up to 350,000 shares of common stock at a price of $1.00 per share, an Equity Purchase Agreement, wherein Mast Hill agreed to commit to buying up to $5,000,000 worth of the Company’s common stock at a price equal to 90% of the volume weighted average price of the Company’s Common Stock and a Registration Rights Agreement, wherein the Company agreed to registered the shares issuable pursuant to the Equity Agreement.

 

Sixth Street Lending LLC

On February 1, 2022, the Company, entered into a Convertible Promissory Note with Sixth Street Lending LLC., (“Sixth Street”) pursuant to which Sixth Street purchased a 10% unsecured promissory Note (the “Note”) from the Company in the principal amount of $80,000 of which $3,750 was retained by Sixth Street through an Original Issue Discount for due diligence and origination related to this transaction. The conversion price for the Note is 61% multiplied by the lowest trading price of the Company’s common stock as reported on the OTC Markets for the fifteen days prior to conversion.