Convertible Promissory Notes and Notes Payable

6 Months Ended

Dec. 31, 2021

Convertible Promissory Notes and Notes Payable

Note 9. Convertible Promissory Notes and Notes Payable

Note 9. Convertible Promissory Notes and Notes Payable

Convertible promissory notes and notes payable outstanding as of December 31, 2021 are summarized below:

	Maturity Date	December 31, 2021
6% $500,000 Note Payable	January 31, 2022	$	500,000
6% $500,000 Note Payable, convertible to common shares at $5.00 per share	August 1, 2022		500,000
5% $33,967 Note Payable	November 7, 2026		32,963
Total notes payable			1,032,963
Less current portion of notes payable			1,006,197
Notes payable, net of current portion		$	26,766

Future payments on notes payable are as follows:
For the year ended June 30:
2022	$	503,061
2023		506,350
2024		6,668
2025		7,001
2026		7,351
Thereafter		2,532
	$	1,032,963

During the three and six months ended December 31, 2021, the Company entered into a note payable in connection with the acquisition of VitaMedica for $500,000 and payable January 31, 2022, and interest at the rate of 6% per annum.  Subsequent to December 31, 2021, the Company repaid the note and related accrued interest.

During the six months ended December 31, 2021, the Company entered into a convertible note payable in connection with the acquisition of VitaMedica for $500,000, convertible into the Company’s common shares at $5.00 per common share. The convertible note has an interest rate of 6% per annum and the principal and interest are payable on the maturity date of August 1, 2022. The Company cannot prepay the note and the principal and accrued interest is convertible at the holder’s option with notice that shall not be less than fifteen days prior to maturity.