Convertible Notes Receivable - Related Party

6 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Convertible Notes Receivable - Related Party

NOTE 7 – CONVERTIBLE NOTES RECEIVABLE – RELATED PARTY

The Company has entered into multiple convertible note receivable agreements with WRLD3D. The convertible notes bear interest ranging from 5% to 10% with various maturity dates. The convertible notes have conversion features which allow the Company to convert the notes into shares of WRLD3D stock upon the occurrence of certain events. The Company has a security interest in all of WRLD3D’s personal property, inventory, equipment, general intangibles, financial assets, investment property, securities, deposit accounts and the proceeds thereof.

The following table summarizes the convertible notes receivable from WRLD3D.

						Convertible
Agreement	Interest			Maturity		Note			Accrued
Date	Rate			Date		Amount			Interest
May 25, 2017		5	%		March 2, 2018	$	750,000		$	110,202
February 9, 2018		10	%		March 31, 2019		2,500,000			500,773
April 1, 2019		10	%		March 31, 2020		600,000			57,648
August 19, 2019		10	%		March 31, 2020		400,000			32,439
							4,250,000			701,062
Less allowance for doubtful account							(4,250,000	)		(701,062	)
Net Balance						$	-		$	-

The Company has an accrued interest balance of $701,062 at December 31, 2020 and June 30, 2020, respectively, which is included in “Other current assets”. Starting July 1, 2020, the Company is not accruing interest.