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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Warrants and Options (Policies)
12 Months Ended
Jun. 30, 2022
Policies  
Warrants and Options

Warrants and Options

In connection with certain financing, the Company has issued warrants to purchase shares of its common stock. The outstanding warrants are standalone instruments that are not puttable or mandatorily redeemable by the holder and are classified as equity awards. The Company measures the fair value of the awards using the Black-Scholes option pricing model as of the measurement date. Warrants are recorded at fair value as expense over the requisite service period or at the date of issuance, if there is not a service period.

 

The Company assessed the classification of its common stock purchase warrants as of the date of each equity offering and determines that such instruments meet the criteria for equity classification, as the settlement terms indicate that the instruments are indexed to the entity’s underlying stock. Warrant and option expense for the fiscal years ended June 30, 2022 and 2021 was $401,537 and $360,237 respectively.