SUBSCRIPTION RECEIVABLE - AFFILIATES	12 Months Ended
Jun. 30, 2024
Subscription Receivable - Affiliates
SUBSCRIPTION RECEIVABLE - AFFILIATES	7. SUBSCRIPTION RECEIVABLE - AFFILIATES: As of June 30, 2024, the Company has three interest bearing, secured promissory notes with an aggregate principal amount of $428,250 ($534,683, including interest) from Bassani which were received as consideration for purchases of warrants to purchase 5,565,000 shares, in aggregate, of the Company’s restricted common stock, which warrants have an exercise price of $0.75 (with a 75% exercise price adjustment provision) and have expiry dates ranging from December 31, 2024 (now extended to January 15, 2025) to December 31, 2025 (subject to extension rights) secured by portions of Bassani Family Trust’s 2020 Convertible Obligation and Bassani Family Trust’s September 2015 Convertible Notes. The secured promissory notes are payable January 15, 2025. As of June 30, 2024, the Company has an interest bearing, secured promissory note for $30,000 ($37,085 including interest) from Smith as consideration to purchase warrants to purchase 300,000 shares of the Company’s restricted common stock, which warrants are exercisable at $0.60 (with a 75% exercise price adjustment provision) and had expiry dates of December 31, 2024 (now extended to January 15, 2025). The promissory note bears interest at 4% per annum and is secured by $30,000 original principal ($37,886 including interest) of Smith’s 2020 Convertible Obligations. The secured promissory note is payable on January 15, 2025. As of June 30, 2024, the Company has an interest bearing, secured promissory note for $19,400 ($24,549 including interest) from Scott as consideration to purchase warrants to purchase 485,000 shares of the Company’s restricted common stock, which warrants are exercisable at $0.75 (with a 90% exercise price adjustment provision) and have expiry dates of December 31, 2024 (now extended to December 31, 2026). The promissory note bears interest at 4% per annum and is secured by the warrants (which 400,000 were gifted subject to the security interest). As of June 30, 2024, the Company has one interest bearing, secured promissory note with an aggregate principal amount of $27,000 ($34,166 including interest) from one employee as consideration to acquire warrants to purchase 570,000 shares of the Company’s restricted common stock, which warrants are exercisable at $0.75 (with a 90% exercise price adjustment provision) and have expiry dates of December 31, 2024 (now extended to December 31, 2026). (The promissory note bears interest at 4% per annum and is secured by a perfected security interest in the warrants, and are payable on December 31, 2026). These secured promissory notes are recorded as “Subscription receivable—affiliates” on the Company’s balance sheet pending payment.

SUBSCRIPTION RECEIVABLE - AFFILIATES

12 Months Ended

Jun. 30, 2024

Subscription Receivable - Affiliates

7. SUBSCRIPTION RECEIVABLE - AFFILIATES:

As of June 30, 2024, the Company has three interest bearing, secured promissory notes with an aggregate principal amount of $428,250 ($534,683, including interest) from Bassani which were received as consideration for purchases of warrants to purchase 5,565,000 shares, in aggregate, of the Company’s restricted common stock, which warrants have an exercise price of $0.75 (with a 75% exercise price adjustment provision) and have expiry dates ranging from December 31, 2024 (now extended to January 15, 2025) to December 31, 2025 (subject to extension rights) secured by portions of Bassani Family Trust’s 2020 Convertible Obligation and Bassani Family Trust’s September 2015 Convertible Notes. The secured promissory notes are payable January 15, 2025.

As of June 30, 2024, the Company has an interest bearing, secured promissory note for $30,000 ($37,085 including interest) from Smith as consideration to purchase warrants to purchase 300,000 shares of the Company’s restricted common stock, which warrants are exercisable at $0.60 (with a 75% exercise price adjustment provision) and had expiry dates of December 31, 2024 (now extended to January 15, 2025). The promissory note bears interest at 4% per annum and is secured by $30,000 original principal ($37,886 including interest) of Smith’s 2020 Convertible Obligations. The secured promissory note is payable on January 15, 2025.

As of June 30, 2024, the Company has an interest bearing, secured promissory note for $19,400 ($24,549 including interest) from Scott as consideration to purchase warrants to purchase 485,000 shares of the Company’s restricted common stock, which warrants are exercisable at $0.75 (with a 90% exercise price adjustment provision) and have expiry dates of December 31, 2024 (now extended to December 31, 2026). The promissory note bears interest at 4% per annum and is secured by the warrants (which 400,000 were gifted subject to the security interest).

As of June 30, 2024, the Company has one interest bearing, secured promissory note with an aggregate principal amount of $27,000 ($34,166 including interest) from one employee as consideration to acquire warrants to purchase 570,000 shares of the Company’s restricted common stock, which warrants are exercisable at $0.75 (with a 90% exercise price adjustment provision) and have expiry dates of December 31, 2024 (now extended to December 31, 2026). (The promissory note bears interest at 4% per annum and is secured by a perfected security interest in the warrants, and are payable on December 31, 2026).

These secured promissory notes are recorded as “Subscription receivable—affiliates” on the Company’s balance sheet pending payment.