Convertible Preferred Stock

12 Months Ended

Jun. 30, 2024

Convertible Preferred Stock [Abstract]

CONVERTIBLE PREFERRED STOCK

(14) CONVERTIBLE PREFERRED STOCK

The following schedule reflects the number of shares of preferred stock that have been issued and converted as of June 30, 2024:

Security	Date Issued	No. of Shares		Amount		Date of Conversion	No. of Shares Converted		Amount Converted		Balance 6/30/2024
Series L Cv Pfd	2/10/2010		35	$	350,000	1/6/2011		15	$	150,000	$	200,000
Dividends												269,963
						Total redemption value					$	469,963
Total Series M Cv Pfd	Various		600	$	6,000,000	Various		600	$	6,000,000	$	-0-
Dividends												-0-
						Total redemption value					$	-0-

Series L Convertible Preferred Stock

On March 31, 2010, a private investor converted a $350,000 short-term promissory note into 35 shares of Series L Convertible Preferred Stock. The original purchase price/stated value is $10,000 per share and dividends accrue at an annual rate of 9%. The preferred stock is convertible into 474 shares of common stock for each share of preferred stock. On January 6, 2011, the private investor converted 15 shares of Series L Convertible Preferred Stock representing a principal value of $150,000. After the conversion, the private investor held 20 shares representing a principal value of $200,000. The remaining principal value of $200,000 is presented on the balance sheet as temporary equity, as the holder has the option to redeem for cash at any time. At June 30, 2024 and 2023, there were 20 shares of Series L Convertible Preferred Stock outstanding. At June 30, 2024 and 2023, the balance of cumulative dividends owed to the investor which is included in redemption value was $269,963 and $251,939, respectively. The total presented on the balance sheet as temporary equity is $469,963 as of June 30, 2024 and $451,939 as of June 30, 2023.

Series M Convertible Preferred Stock

The Company had previously sold 600 Series M Convertible Preferred Stock to Viable International Investments, LLC, a Florida limited liability company, (“Viable”). Each share of the Series M Preferred Stock was convertible into 147,283 shares of Common Stock. In the event of a liquidation, the holders of the Series M Preferred Stock would have been entitled to receive, prior to any distribution of assets to holders of Common Stock or other class of capital stock or other equity securities of the Corporation, $10,000 per share of Series M Preferred Stock held plus accrued but unpaid dividends. The holders of the Series M Preferred Stock would have had identical voting rights as any holder of Common Stock and would have voted together, not as separate classes. The original purchase price/stated value of each share of Series M Preferred Stock was $10,000 and Viable was be entitled to receive cumulative dividends at the fixed rate of 9% of the stated value per share per annum. At June 30, 2024 and 2023, there were 0 shares Series M Preferred Stock outstanding. At June 30, 2024 and June 30, 2023, the balance of Series M Preferred stock was $0.