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8. COMMON STOCK
9 Months Ended
Mar. 31, 2017
Text Block [Abstract]  
8. COMMON STOCK

The Company has authorized 250,000,000 shares of $0.001 par value per share Common Stock, of which 113,531,151 and 102,133,344 were issued outstanding as of March 31, 2017 and June 30, 2016, respectively. The Company amended its articles of incorporation on August 28, 2015 to increase the number of authorized shares to 250,000,000. The activity surrounding the issuances of the Common Stock is as follows:

 

For the Nine Months Ended March 31, 2017

 

The Company issued 1,463,334 shares of Common Stock for cash valued at $359,000 which includes a $80,000 subscription payable.

 

The Company issued 994,684 shares of Common Stock for the conversion of notes and accrued interest valued at $220,164.

 

The Company also issued 650,000 shares of Common Stock as incentive to notes valued at $127,600. The Beneficial Conversion was valued at $30,519.

 

The Company also issued 100,000 shares of Common Stock for the conversion of 50,000 shares of Series A-1 Preferred Stock and issued5,162shares of Common Stock of payment of $2,581 in accrued dividends.


 

The Company issued 2,667,876 shares of Common Stock as payment for services and rent valued at $847,616.

 

The Company issued 3,020,750 shares of Common Stock for the conversion warrants valued at $906,224.

 

The Company issued 12,500 shares of Common Stock for the extension of two convertible notes valued at $3,749.

 

As share-based compensation to employees and non-employees, the Company issued 880,366 shares of common stock valued at $328,128, based on the market price of the stock on the date of issuance. As interest expense on outstanding notes payable, the Company issued 1,603,135, shares of common stock valued at $569,020 based on the market price on the date of issuance.

 

Fiscal Year Ended June 30, 2016

 

The Company issued 2,667,919 shares of Common Stock for the conversion of notes and accrued interest valued at $446,757.

 

The Company also issued 200,000 shares of Common Stock for the conversion of 100,000 shares of Series A-1 Preferred Stock and issued 59,326 shares of Common Stock of payment of $26,769 in accrued dividends.

 

The Company also issued 886,098 shares of Common Stock for the conversion warrants valued at $175,914.

 

The Company also issued 26,000 shares of Common Stock as incentive to notes valued at $10,284 and recorded $22,375 in beneficial conversion features related to new issuances of debt.

 

The Company issued 496,137 shares of Common Stock as payment for services and rent valued at $225,413.

 

As share-based compensation to employees and non-employees, the Company issued 812,804 shares of common stock valued at $364,851, based on the market price of the stock on the date of issuance. As interest expense on outstanding notes payable, the Company issued 1,704,803 shares of common stock valued at $762,076 based on the market price on the date of issuance.