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SUBSEQUENT EVENTS:
9 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS:

10.        SUBSEQUENT EVENTS:

 

The Company has evaluated events that occurred subsequent to March 31, 2023 for recognition and disclosure in the financial statements and notes to the financial statements.

From April 1, 2023 through May 9, 2023, the Company has paid $395,000 and accrued $65,000 for an aggregate of $6,245,000 for the Initial Project. 

 

The requirement for payment of Lease obligations commenced January 1, 2023 and the Company was awaiting rent invoices as of March 31, 2023.  The sum of $18,750 has been accrued as a current liability for the quarter ended March 31, 2023.  On May 10, 2023 the invoices were received and $31,250 was paid for rent covering January through May 2023. 

 

From April 1, 2023, through May 9, 2023, 1,280 warrants have been exercised at $0.75 for a total of $ 960.

 

On May 1, 2023, a contract for consulting services was signed and 32,259 shares with a valuation of $50,000 were issued.  Additional shares valued at $50,000 will vest in 3 months.   

 

On May 9, 2023, the Board of Directors confirmed the final two years of the Personal Services Agreement of O’Neill, the Company’s CEO, and granted O’Neill 500,000 Incentive Options (“Options”), which Options: i) are exercisable at a price of $1.60 per share, ii) expire June 30, 2026, iii) vest one-half on June 1, 2024 and one-half on June 1, 2025, and iv) include a 50% exercise bonus.