14. Subsequent Events

12 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On August 4, 2021, the Company issued 87,500 shares of common stock as part of the consideration for the acquisition of Pacific Stem.

On August 10, 2021, the Company issued 125,000 shares of common stock as part of the consideration for the acquisition of IHG.

On August 16, 2021, the company issued an aggregate of 2,000,000 shares of common stock to four new directors pursuant to Amendment No.1 of the 2020 Stock Compensation Plan used to compensate the company board of directors. The Amended plan allocates the issuance of up to 6,500,000 shares. The 2,000,000 shares issued are valued at $0.28 per share or Fair Value of $560,000.

In July 2021, Dalrada, through its subsidiary Dalrada Health, expanded its presence in medical services sector by establishing Sòlas Rejuvenation + Wellness (“Solas”) which provides science-supported, medically backed services, and creates overall wellness programs that are customized to the unique needs of its clients. Solas will be opening its first health services location in October 2021 where it will provide a myriad of health and wellness treatments and procedures.

In August 2021, Dalrada, through its subsidiary Dalrada Health, entered into a joint venture ("JV") with Vivera Pharmaceuticals, Inc ("Vivera") for a 51% ownership. The JV, Pala Diagnostics, LLC ("Pala") is a CLIA-certified diagnostics lab focused on SARS-CoV-2 testing for now with additional testing capabilities to be introduced. Pursuant to the partnership agreement, Dalrada had an equity commitment of $500,000 of which it achieved during September 2021. Dalrada has invested additional funding to continue the expansion of the SARS-CoV-2 testing while commercial insurance and CARES Act reimbursements process claims. Since fiscal year-end, Pala has conducted over 25,000 tests. Pursuant to the JV, Dalrada shall also issue two hundred and fifty thousand common shares (250,000) to Vivera.

Subsequent to year-end, the Company borrowed $366,263 from Related Entity 1, and $2,206,718 from Related Entity 3.

Management has evaluated all other subsequent events through October 13, 2021, the date the financial statements were available to be issued. Based on this evaluation, no additional material events were identified which require adjustment or disclosure in these financial statements.