XML 27 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
SUBSEQUENT EVENTS:
6 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS:

10.       SUBSEQUENT EVENTS:

 

The Company is in discussion/negotiation with its largest creditor--the primary contractor on the Initial Project-- and anticipates reaching agreement regarding payment of its accrued obligations during the current quarter. The Company is also involved in discussions and negotiations with other creditors.   

On January 1, 2024 the Initial Project was ‘placed into service’ with a total capitalized cost of $9,108,312. During the current quarter the Company will commence depreciation of this asset.

 

On January 1, 2024, Smith elected to convert the $49,403 remaining balance of his Adjusted 2020 Convertible note into 522,231 units (each unit consisting of one share and one warrant with the exercise price of $.75 until July 21, 2026). Smith made gifts/donations of 122,231 units and 200,000 to his spouse. 

On January 18, 2024, the Company entered into a subscription agreement to sell 10,000 units at a price of $1.00, with each unit consisting of one share of the Company’s restricted common stock and one half warrant to purchase one share of the Company’s restricted common stock for $1.25 per share with an expiry date of December 31, 2024, and pursuant thereto, the Company issued 10,000 units for total proceeds of $10,000.

 

From January 1, 2024 to February 13, 2024, the Company issued 3,307,516 shares of the Company’s common stock upon cashless exercise of outstanding warrants held by non-affiliates of the Company.

 

From January 1, 2024 to February 13, 2024, the Company issued 2,439,428 shares of the Company’s common stock upon cashless exercise of outstanding warrants held by Mark Smith (which includes 700,062 by his wife.)