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9. COMMON STOCK
12 Months Ended
Jun. 30, 2018
Text Block [Abstract]  
9. COMMON STOCK

Fiscal Year Ended June 30, 2018

 

The Company has authorized 250,000,000 shares of $0.001 par value per share Common Stock, of which 162,287,902 issued (of which 28,841,381 are to be issued) as of June 30, 2018 and 118,486,728 were issued outstanding as of June 30, 2018 and 2017, respectively. The activity surrounding the issuances of the Common Stock is as follows:

 

The Company issued 16,200,000 shares of Common Stock for $642,750 in cash as part of a private placement, net of $4,750 of issuance costs, respectively. 

 

The Company issued 28,928,570 shares of Common Stock for the conversion of notes and accrued interest valued at $834,249.

 

The Company issued 6,098,101 shares of Common Stock as incentive with convertible notes valued at $317,261.

 

The Company issued 1,415,000 shares of Common Stock for the prepaid consulting services and rent valued at $106,120.

 

The Company issued 115,000 shares of Common Stock for the extension of two convertible notes valued at $16,897.

 

The Company issued 100,000 shares of Common Stock issued as charitable contributions valued at $7,000.

As share-based compensation to employees and non-employees, the Company issued 4,501,592 shares of common stock valued at $349,448, based on the market price of the stock on the date of issuance.

 

As interest expense on outstanding notes payable, the Company issued 1,280,162 shares of common stock valued at $217,628 based on the market price on the date of issuance.

 

As part of a debt extinguishment, the note holder agreed to cancel 14,837,251 shares of common stock.

 

Fiscal Year Ended June 30, 2017

 

The Company has authorized 250,000,000 shares of $0.001 par value per share Common Stock, of which 118,486,728 and 102,133,344 were issued outstanding as of June 30, 2017 and 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:

 

The Company issued 3,471,666 shares of Common Stock for cash valued at $991,500.

 

The Company issued 2,150,364 shares of Common Stock for the conversion of notes and accrued interest valued at $438,781.

 

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 300,000 shares of Common Stock for conversion of Preferred Stock, and issued 15,682 shares of Common Stock of payment of $7,841 in accrued dividends.

 

The Company issued 2,953,057 shares of Common Stock as payment for services and rent valued at $917,152.

 

The Company issued 3,020,750 shares of Common Stock for the conversion warrants valued at $906,225.

 

The Company issued 22,000 shares of Common Stock for the extension of two convertible notes valued at $5,910.

 

As share-based compensation to employees and non-employees, the Company issued 1,237,210 shares of common stock valued at $403,945, based on the market price of the stock on the date of issuance. As interest expense on outstanding notes payable, the Company issued 2,532,655, shares of common stock valued at $783,786 based on the market price on the date of issuance.