XML 60 R15.htm IDEA: XBRL DOCUMENT v3.19.3
SHAREHOLDERS' EQUITY
12 Months Ended
Jun. 30, 2019
SHAREHOLDERS' EQUITY  
NOTE 10 - SHAREHOLDERS' EQUITY

Amendment to Articles of Incorporation or Bylaws

 

On February 15, 2018, the Company filed a Certificate of Amendment with the state of South Dakota, to the Companys Articles of Incorporation, to increase in the number of authorized shares of its common stock from 1,500,000,000 to 6,000,000,000, par value $0.0001 and to increase the number of authorized Series A Preferred Stock from 5,000,000 to 60,000,000, par value $0.0001.

 

Convertible Preferred Stock

 

The Company is authorized to issue 60,000,000 shares of convertible preferred stock at a par value of $0.0001.

 

Each convertible preferred share is convertible into 1,500 shares of common stock and has the voting rights of 1,000 shares of common stock.

 

On May 23, 2019, the Company issued 4,750,000 of its restricted convertible preferred stock to its CEO in exchange for $285,000 of accrued compensation (See Note 11).

 

As of June 30, 2019 and 2018, 9,750,000 and 5,000,000 shares of the Company's convertible preferred stock were issued and outstanding, respectively.

 

Common Stock

 

The Company is authorized to issue 6,000,000,000 shares of common stock at a par value of $0.0001.

 

During the year ended June 30, 2019, the Company issued 3,855,458,464 shares of common stock as follows;

 

 

·

 3,775,458,464 shares for conversion of debt and accrued interest of $223,523

 

·

 50,000,000 shares in conjunction with convertible note for $15,000

 

·

 30,000,000 shares exchange for common stock payable

 

During the year ended June 30, 2018, the Company issued common shares as follows;

 

·

 an aggregate of 585,503,747 common shares were issued for the conversion of debt and accrued interest of $164,657, and released derivative liabilities of $295,541 to paid-in capital

 

·

 30,000,000 common shares were issued for cash of $200 and reduction in common stock payable of $57,273

 

·

 75,000,000 common shares were issued with a fair value of $67,500 according to the settlement (Note9).

 

·

 30,000,000 common shares were issued with a fair value of $17,000 for consulting services

 

As of June 30, 2019 and 2018, 5,095,935,524and 1,240,477,060 shares of the Companys common stock were issued and outstanding, respectively.

 

Stock payable

 

The Company had insufficient authorized shares as of June 30, 2017 and as a result, the Company had $105,000 in stock payable for which it is obligated to issue 55,000,000 shares of common stock for consulting services. During the year ended June 30, 2018 the company issued 30,000,000 common shares for cash of $200 and reduced common stock payable by $57,273.

 

As of June 30, 2019, the Company had $47,727 in stock payable for which it is obligated to issue 25,000,000 shares of common stock for consulting services.

 

On November 13, 2017, the Company entered into a consulting agreement with a third party for the term of 5 years with a consideration of an issuance of 40,000,000 shares of common stock valued at $20,000. The share shall be issued in two tranches with first tranche of 10,000,000 shares being due at signing of this agreement and an additional 30,000,000 shares are due on the 3 months anniversary of this agreement. During the year ended June 30, 2018, the Company issued 10,000,000 shares with a fair value of $5,000. On February 16, 2019, the Company issued 30,000,000 shares.