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

NOTE M - SUBSEQUENT EVENTS

 

On May 17, 2023, the Company appointed Frederick Kalei Cutcher to its Board of Directors.

 

On May 17, 2023, the Company’s Board of Directors elected to increase the Company’s number of authorized shares of its Class A Common Stock from 14,991,000,000 to 19,991,000,000. The Company will file an Amendment to its Articles of Incorporation during the quarter ended June 30, 2023.

 

On May 17, 2023, Jimmy Wayne Anderson resigned in his role as an officer and director of the Company. Mr. Cutcher was retained as the Company’s new Chief Executive Officer and Principal Financial Officer.

 

On May 17, 2023, the Company entered into an Employment Agreement (the “Agreement”) with Mr. Cutcher for his role as the Company’s Chief Executive Officer. Under the terms of the Agreement, Mr. Cutcher is to receive a base salary of $100,000 and $100,000 in Restricted Stock Units that vest at the end of the initial term of the Agreement. The Agreement has a term of one year and shall renew for successive one-year terms unless either party terminates the Agreement. The Agreement is effective as of May 17, 2023.

 

On May 17, 2023, the Company executed a Convertible Note (the “Convertible Note”) payable to Hillcrest Ridgewood Partners, LLC in the principal amount of $40,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (May 17, 2024) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Price (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 8% annually. The transaction closed on May 18, 2023.