STOCKHOLDERS’ DEFICIENCY |
12 Months Ended |
---|---|
Jun. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIENCY | NOTE 6 - STOCKHOLDERS’ DEFICIENCY Preferred Stock The articles of incorporation of Veritec authorize 10,000,000 shares of preferred stock with a par value of $1.00 per share. The Board of Directors is authorized to determine any number of series into which shares of preferred stock may be divided and to determine the rights, preferences, privileges, and restrictions granted to any series of the preferred stock. In 1999, a new Series H convertible preferred stock was authorized. Each share of Series H convertible preferred stock is convertible into 10 shares of the Veritec’s common stock at the option of the holder. As of June 30, 2022 and 2021, there were 1,000 shares of Series H convertible preferred stock issued and outstanding. Common Stock Issued for Services There were shares of common stock issued for services during the twelve months ended June 30, 2022. During the twelve months ended June 30, 2021, the Company issued shares of common stock to a consultant, with a fair value of $ at date of grant, which was recognized as compensation cost. Common Stock to be Issued At June 30, 2022 and 2021, 12,000 have not been issued and are reflected as common stock to be issued in the accompanying consolidated financial statements. shares of common stock to be issued with an aggregate value of $ |