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16. SUBSEQUENT EVENTS
12 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
16. SUBSEQUENT EVENTS

In accordance with ASC 855, Company’s management reviewed all material events through the date of this filing and determined that there were the following material subsequent events to report:

 

From July through September 2019, the Company issued 18,700,000 shares of Common Stock for $187,000 in cash as part of a private placement. As part of a private placement the Company also issued 74,800,000 warrants to purchase shares of Common Stock. As share-based compensation to employees and non-employees, the Company issued 8,328,043 shares of common stock valued at $91,608, based on the market price of the stock on the date of issuance. The Company also issued 1,000,000 warrants as part of a 90-day advisory agreement.

 

On August 16, 2019, the Company amended a note to extend the maturity dates for an extension fee of $1,500. The Company evaluated the amendments under ASC 470-50, “Debt - Modification and Extinguishment”, and concluded that the extensions did not result in significant and consequential changes to the economic substance of the debt and thus resulted in a modification of the debt and not extinguishment of the debt. 

 

On November 15, 2018, the Company issued a note to an unrelated party for $160,000 face value that matured in February 2019. The note bears interest rate of 5% per month. On July 9, 2019, the Lender assigned principal of $160,000 and accrued interest of $35,704 to an unrelated party.

 

From July through August 2019, the Company issued three notes to a related party for a total of $40,000 that matures on June 30, 2020. The notes bear 0% interest per annum.

 

On July 12, 2019, the Company issued a convertible note to an unrelated company for $33,000 which includes proceeds of $27,250 and $5,750 in OID that matures in July 2020. The note bears 12% interest per annum and is convertible into shares of the Company’s common stock at the lesser of 55% of the lowest volume weighted average price of common stock during the twenty (20) days prior to the issuance date and 55% of the lowest volume weighted average price of common stock during the twenty (20) days prior to the conversion date.

 

On August 2, 2019, the Company issued a convertible note to an unrelated company for $89,000 that matures in August 2020, of which $80,000 in principal and an OID of $9,000, interest rate of 10% and is convertible into shares of the Company’s common stock equal to the lesser of 58% of the lowest Trading Price for the Common Stock during the twenty-five (25) Trading Day or the lowest closing bid price for the twenty-five (25) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. As additional consideration, the Company issued 100,000 warrants to purchase a total of 100,000 warrants to purchase shares of Common Stock.

 

On September 30, 2019, the Company issued a note to an unrelated party for $51,000 that matures on June 30, 2020, of which $50,000 in principal and an OID of $1,000. The notes bear 0% interest per annum.

 

On September 30, 2017, the Company issued a note to an unrelated party for $81,000 face value that matured in September 2018. The note bears interest rate of 8% per month. On December 31, 2017, the Company issued a convertible note to an unrelated party for $20,000 face value that matured in December 2018. The note bears interest rate of 10% per annum and is convertible into shares of the Company’s common stock for $0.10 per share. On March 29, 2018, the Company issued a note to an unrelated party for $225,000 face value that matured in March 2019. The note bears interest rate of 30% per annum. On June 29, 2018, the Company issued a note to an unrelated party for $260,000 face value that matured in December 2018. The note bears interest rate of 0% per annum. On July 9, 2019, the Company assigned a note to an unrelated party for $195,704 face value that that is due on demand. The note bears interest rate of 5% per month. On September 30, 2019, the Lender assigned a total principal of $771,704 and accrued interest of $98,500 an unrelated party. The Lender also added $30,000 in facilitation fees and $10,000 OID to the principal balance bringing the total principal balance to $910,204 due April 30, 2021 with a fixed interest rate of 15% annual.