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Convertible Notes
 12 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Convertible Notes

24. Convertible Notes

 

As of June 30, 2021 and June 30, 2020, the balance owing on convertible notes, net of debt discount, with terms as described below was $1,439,116 and $1,740,122, respectively.

 

Convertible notes issued prior to the year ended June 30, 2020 were as follows:

 

Convertible note 1: On August 24, 2012, the Company entered into a convertible promissory note with an accredited investor for $25,000. The note has a term of six (6) months with an interest rate of 10% and is convertible to common shares at a 25% discount of the average of 30 days prior to the conversion date. As of June 30, 2021, the note is in default.

 

Convertible note 2: On September 18, 2012, the Company entered into a convertible promissory note with an accredited investor for $25,000. The note has a term of six (6) months with an interest rate of 10% and is convertible to common shares at a 25% discount of the average of 30 days prior to the conversion date. As of June 30, 2021, the note is in default.

 

Convertible note 3: On December 21, 2012, the Company entered into a convertible promissory note with an accredited investor for $100,000. The note has a term of six (6) months with an interest rate of 10% and is convertible to common shares at a 25% discount of the average of 30 days prior to the conversion date. As of June 30, 2021, the note is in default.

 

Convertible note 4: On November 1, 2018, the Company entered into a convertible promissory note with an accredited investor for $100,000. The note has a term of one year with an interest rate of 8% and is convertible to common shares at a fixed conversion price of $0.07. As of June 30, 2021, the note has been fully repaid by cash.

 

Convertible note 5: On November 16, 2018, the Company entered into a convertible promissory note with an accredited investor for $80,000. The note has a term of one year with an interest rate of 8% and is convertible to common shares at a fixed conversion price of $0.07. As of June 30, 2021, the note has been fully repaid by cash.

 

Convertible note 6: On November 16, 2018, the Company entered into a convertible promissory note with an accredited investor for $40,000. The note has a term of one year with an interest rate of 8% and is convertible to common shares at a fixed conversion price of $0.07. As of June 30, 2021, the note is in default.

 

Convertible note 7: On December 3, 2018, the Company entered into a convertible promissory note with an accredited investor for $35,000. The note has a term of one year with an interest rate of 8% and is convertible to common shares at a fixed conversion price of $0.07. As of June 30, 2021, the note is in default.

 

Convertible note 8: On September 27, 2019, the Company entered a convertible promissory note with an accredited investor for a total amount of $165,000 (includes $16,250 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 55% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 9: On October 28, 2019, the Company entered a convertible promissory note with an accredited investor for a total amount of $225,500 (includes $23,000 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 10: On October 28, 2019, the Company entered a convertible promissory note with an accredited investor for a total amount of $225,500 (includes $23,000 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 11: On November 29, 2019, the Company entered a convertible promissory note with an accredited investor for a total amount of $106,150 (includes $11,150 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 12: On November 29, 2019, the Company entered a convertible promissory note with an accredited investor for a total amount of $106,150 (includes $11,150 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 13: On December 10, 2019, the Company entered a convertible promissory note with an accredited investor for a total amount of $106,700 (includes $11,700 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 14: On December 10, 2019, the Company entered a convertible promissory note with an accredited investor for a total amount of $106,700 (includes $11,700 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 15: On December 27, 2019, the Company entered a convertible promissory note with an accredited investor for a total amount of $112,200 (includes $12,200 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 16: On October 31, 2019, the Company entered a convertible promissory note with an accredited investor for a total amount of $139,301. The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is $0.008 per share. As of June 30, 2021, the note was in default.

 

Convertible note 17: On November 1, 2019, the Company entered a convertible promissory note with an accredited investor for a total amount of $100,000. The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is $0.008 per share. As of June 30, 2021, the note was in default.

 

Convertible note 18: On January 3, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $112,200 (includes $12,200 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 19: On January 14, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $150,000 (includes $3,000 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 38% discount to average of three lowest closing prices for the 10 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully repaid by cash.

 

Convertible note 20: On January 22, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $128,000 (includes $3,000 OID). The note is due 360 days after issuance and bears interest at a rate of 10%. The conversion price for the note is 35% discount to average of two lowest closing prices for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully repaid by cash.

 

Convertible note 21: On February 4, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $110,000 (includes $10,000 OID). The note is due 360 days after issuance and bears interest at a rate of 12%. The conversion price for the note is $0.001 per share. As of June 30, 2021, the note has been fully repaid by cash.

 

Convertible note 22: On February 18, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $100,000 (includes $10,000 OID). The note is due 360 days after issuance and bears interest at a rate of 12%. The conversion price for the note is $0.001 per share. As of June 30, 2021, the note has been fully converted.

 

Convertible note 23: On March 5, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $125,000 (includes $3,000 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 38% discount to average of three lowest closing prices for the 10 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 24: On April 24, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $75,000 (includes $2,000 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 38% discount to average of three lowest closing prices for the 10 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 25: On June 10, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $36,300 (includes $3,300 OID and $3,000 legal expense). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 26: On June 18, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $36,300 (includes $3,300 OID and $3,000 legal expense). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest closing bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible notes issued prior to the year ended June 30, 2021 were as follows:

 

Convertible note 27: On July 6, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $77,000 (includes $2,000 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 38% discount to average of three lowest trading prices for the 10 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 28: On July 7, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $153,000 (includes $3,000 OID). The note is due 360 days after issuance and bears interest at a rate of 10%. The conversion price for the note is 35% discount to average of two lowest trading prices for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully repaid by cash.

 

Convertible note 29: On July 16, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $260,700 (includes $23,700 OID and $12,000 legal expense). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest trading bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 30: On July 21, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $200,200 (includes $18,200 OID and $7,000 legal expense). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest trading bid for the 20 consecutive trading days prior to the conversion date. As of June 30, 2021, the note has been fully converted.

 

Convertible note 31: On September 8, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $110,000 (includes $10,000 OID). The note is due 180 days after issuance and bears interest at a rate of 12%. The conversion price for the note is $0.01 per share. After the six-month anniversary of this note, the conversion price shall be equal to the lower of the fixed price of $0.01 or 65% of the lowest trading price of the common stock for the 20 prior trading days including the day upon which a conversion notice is received by the Company or its transfer agent. As of June 30, 2021, the note was in default.

 

Convertible note 32: On September 10, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $227,700 (includes $20,700 OID and $7,000 legal expense). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest trading bid for the 20 consecutive trading days prior to the conversion date. During the year ended June 30, 2021, the note holder converted $117,700 of the principal amount plus $7,352 accrued interest expense into 90,167,551 shares of the Company’s common stock. As of June 30, 2021, the remaining balance of the note was $110,000.

 

Convertible note 33: On September 24, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $212,300 (includes $19,300 OID). The note is due 180 days after issuance and bears interest at a rate of 12%. The conversion price for the note is $0.01 per share. After the six-month anniversary of this note, the conversion price shall be equal to the lower of the fixed price of $0.01 or 65% of the lowest trading price of the common stock for the 20 prior trading days including the day upon which a conversion notice is received by the Company or its transfer agent.

 

Convertible note 34: On October 8, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $231,000 (includes $21,000 OID). The note is due 180 days after issuance and bears interest at a rate of 12%. The conversion price for the note is $0.01 per share. After the six-month anniversary of this note, the conversion price shall be equal to the lower of the fixed price of $0.01 or 65% of the lowest trading price of the common stock for the 20 prior trading days including the day upon which a conversion notice is received by the Company or its transfer agent.

 

Convertible note 35: On October 13, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $275,000 (includes $25,000 OID). The note is due 180 days after issuance and bears interest at a rate of 12%. The conversion price for the note is $0.01 per share. After the six-month anniversary of this note, the conversion price shall be equal to the lower of the fixed price of $0.01 or 65% of the lowest trading price of the common stock for the 20 prior trading days including the day upon which a conversion notice is received by the Company or its transfer agent.

 

Convertible note 36: On November 10, 2020, the Company entered a convertible promissory note with an accredited investor for a total amount of $58,300 (includes $5,300 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest trading bid for the 20 consecutive trading days prior to the conversion date.

 

Convertible note 37: On February 8, 2021, the Company entered a convertible promissory note with an accredited investor for a total amount of $69,300 (includes $6,300 OID). The note is due 360 days after issuance and bears interest at a rate of 8%. The conversion price for the note is 60% of the lowest trading bid for the 20 consecutive trading days prior to the conversion date.

 

On June 14, 2021, the Company issued a convertible promissory note with an accredited investor for a total amount of $300,000. The note is due in three years and bear an interest rate of 1%. The conversion price for the note is lesser of $0.0036 and 85% of the lesser of (i) 5 days VWAP on the trading day preceding the conversion date, and (ii) the VWAP on the conversion date.

 

In connection with the convertible debt, debt discount balance as of June 30, 2021 and June 30, 2020 were $391,086 and $880,879, respectively, and were being amortized and recorded as interest expenses over the term of the convertible debt.

 

As of the year ended June 30, 2021, debt discount of the convertible notes consisted of following:

 

        Debt Discount                 Debt Discount  
Start Date   End Date   As of 6/30/2020     Addition     Amortization     As of 6/30/2021  
9/27/2019   9/25/2019   $ 35,553     $ -     $ (35,553 )   $ -  
9/27/2019   9/25/2019     3,884           -       (3,884 )            -  
10/28/2019   10/27/2020     65,069       -       (65,069 )     -  
10/28/2019   10/27/2020     7,499       -       (7,499 )     -  
10/28/2019   10/27/2020     65,069       -       (65,069 )     -  
10/28/2019   10/27/2020     7,499       -       (7,499 )     -  
11/29/2020   11/30/2020     39,605       -       (39,605 )     -  
11/29/2020   11/30/2020     4,648       -       (4,648 )     -  
11/29/2020   11/30/2020     39,605       -       (39,605 )     -  
11/29/2020   11/30/2020     4,648       -       (4,648 )     -  
12/10/2019   12/10/2020     42,309       -       (42,309 )     -  
12/10/2019   12/10/2020     5,211       -       (5,211 )     -  
12/10/2019   12/10/2020     42,309       -       (42,309 )     -  
12/10/2019   12/10/2020     5,211       -       (5,211 )     -  
12/27/2019   12/27/2020     49,180       -       (49,180 )     -  
12/27/2019   12/27/2020     6,000       -       (6,000 )     -  
1/3/2020   12/27/2020     50,139       -       (50,139 )     -  
1/3/2020   12/27/2020     6,117       -       (6,117 )     -  
1/14/2020   1/14/2021     79,525       -       (79,525 )     -  
1/14/2020   1/14/2021     1,623       -       (1,623 )     -  
1/22/2020   1/22/2021     53,327       -       (53,327 )     -  
1/22/2020   1/22/2021     1,689       -       (1,689 )     -  
2/4/2020   8/4/2020     21,154       -       (21,154 )     -  
2/18/2020   8/18/2020     26,923       -       (26,923 )     -  
3/5/2020   3/5/2021     82,893       -       (82,893 )     -  
3/5/2020   3/5/2021     2,038       -       (2,038 )     -  
4/24/2020   4/24/2021     59,600       -       (59,600 )     -  
4/24/2020   4/24/2021     1,633       -       (1,633 )     -  

 

6/10/2020   6/10/2021     28,356       -       (28,356 )     -  
6/10/2020   6/10/2021     6,776       -       (6,776 )     -  
6/18/2020   6/18/2021     29,014       -       (29,014 )     -  
6/18/2020   6/18/2021     6,775       -       (6,775 )     -  
7/6/2020   7/6/2021     -       75,000       (75,000 )     -  
7/6/2020   7/6/2021     -       2,000       (2,000 )     -  
7/7/2020   7/7/2021     -       150,000       (150,000 )     -  
7/7/2020   7/7/2021     -       3,000       (3,000 )     -  
7/16/2020   7/16/2021     -       225,000       (225,000 )     -  
7/16/2020   7/16/2021     -       35,700       (35,700 )     -  
7/21/2020   7/21/2021     -       175,000       (175,000 )     -  
7/21/2020   7/21/2021     -       25,200       (25,200 )     -  
9/10/2020   9/10/2021     -       200,000       (160,548 )     39,452  
9/10/2020   9/10/2021     -       27,700       (22,388 )     5,312  
11/10/2020   11/11/2021     -       50,000       (31,694 )     18,306  
11/10/2020   11/11/2021     -       8,300       (5,276 )     3,024  
9/8/2020   3/10/2021     -       93,077       (93,077 )     -  
9/8/2020   3/10/2021     -       10,000       (10,000 )     -  
9/13/2020   3/25/2021     -       189,093       (189,093 )     -  
9/13/2020   3/25/2021     -       19,300       (19,300 )     -  
10/8/2020   4/9/2021     -       210,000       (210,000 )     -  
10/8/2020   4/9/2021     -       21,000       (21,000 )     -  
10/13/2020   4/13/2021     -       250,000       (250,000 )     -  
10/13/2020   4/13/2021     -       25,000       (25,000 )     -  
2/8/2021   2/9/2022     -       59,985       (23,273 )     36,712  
2/8/2021   2/9/2022     -       9,315       (3,614 )     5,701  
6/14/2021   6/14/2024     -       286,765       (4,186 )     282,578  
    Total:   $ 880,879     $ 2,150,435     $ (2,640,228 )   $ 391,086