Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2023 | May 12, 2023 | |
Details | ||
Registrant CIK | 0001104280 | |
Fiscal Year End | --06-30 | |
Registrant Name | SANGUI BIOTECH INTERNATIONAL INC | |
SEC Form | 10-Q | |
Period End date | Mar. 31, 2023 | |
Tax Identification Number (TIN) | 84-1330732 | |
Number of common stock shares outstanding | 209,901,842 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | false | |
Document Quarterly Report | true | |
Entity File Number | 0-21271 | |
Entity Incorporation, State or Country Code | CO | |
Entity Address, Address Line One | Bleichenbrücke 9 | |
Entity Address, Postal Zip Code | 20354 | |
Entity Address, City or Town | Hamburg | |
Entity Address, Country | DE | |
Country Region | 49 | |
City Area Code | 40 | |
Local Phone Number | 46093120 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
CURRENT ASSETS | ||
Cash | $ 6,984 | $ 30,469 |
Accounts receivable, net | 22,619 | 13,312 |
Prepaid expenses and other assets | 3,674 | 11,822 |
Tax refunds receivable | 0 | 1,979 |
Note receivable, related party | 5,431 | 10,127 |
Total Current Assets | 38,708 | 67,709 |
Property and equipment, net | 0 | 358 |
Operating lease right-of-use asset | 50,396 | 62,721 |
TOTAL ASSETS | 89,104 | 130,788 |
LIABILITIES | ||
Accounts payable and accrued expenses | 176,347 | 128,385 |
Tax payable | 57 | 0 |
Accrued interest - related party | 88,432 | 72,365 |
Current portion of note payable | 12,234 | 11,290 |
Notes payable - related party | 733,241 | 707,696 |
Current portion of operating lease liability | 16,512 | 15,883 |
Total Current Liabilities | 1,026,823 | 935,619 |
Operating lease liability, net of current portion | 30,647 | 41,228 |
Note payable, net of current portion | 41,419 | 48,898 |
Total long-term Liabilities | 72,066 | 90,126 |
Total Liabilities | 1,098,889 | 1,025,745 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, no par value; 10,000,000 shares authorized, -0- shares issued and outstanding | 0 | 0 |
Common stock, no par value; 250,000,000 shares authorized 209,955,598 and 209,955,598 shares issued and 209,901,842 and 209,901,842 shares outstanding respectively | 33,124,956 | 33,124,956 |
Additional paid-in capital | 4,513,328 | 4,513,328 |
Treasury stock, at cost | (19,387) | (19,387) |
Accumulated other comprehensive income | 98,645 | 96,600 |
Accumulated deficit | (38,071,873) | (37,954,625) |
Total stockholders' deficit | (354,331) | (239,128) |
Non-controlling interest | (655,454) | (655,829) |
Total Stockholders' Deficit | (1,009,785) | (894,957) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 89,104 | $ 130,788 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - shares | Mar. 31, 2023 | Jun. 30, 2022 |
Consolidated Balance Sheets | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock, Shares, Issued | 209,955,598 | 209,955,598 |
Common Stock, Shares, Outstanding | 209,901,842 | 209,901,842 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
REVENUES | ||||
License revenues | $ 18,697 | $ 17,954 | $ 70,353 | $ 58,686 |
TOTAL REVENUES | 18,697 | 17,954 | 70,353 | 58,686 |
OPERATING EXPENSES | ||||
Research and development | 808 | 1,979 | 4,807 | 6,478 |
Professional fees | 30,567 | 32,312 | 101,124 | 104,921 |
General and administrative | 10,178 | 11,921 | 30,623 | 38,393 |
Depreciation and amortization | 7 | 192 | 351 | 589 |
Total Operating Expenses | 41,560 | 46,404 | 136,905 | 150,381 |
OPERATING LOSS | (22,863) | (28,450) | (66,552) | (91,695) |
OTHER INCOME (EXPENSE) | ||||
Gain (Loss) on foreign exchange | (10,413) | 21,790 | (34,983) | 56,376 |
Interest expense | (5,192) | (4,562) | (15,338) | (13,981) |
Loss on Settlement on accounts payable | 0 | (4,254) | 0 | (4,254) |
Total other income (loss) | (15,605) | 12,974 | (50,321) | 38,141 |
NET LOSS BEFORE INCOME TAXES AND NON-CONTROLLING INTEREST | (38,468) | (15,476) | (116,873) | (53,554) |
Provision for income taxes | 0 | 0 | 0 | 0 |
NET LOSS BEFORE NON-CONTROLLING INTEREST | (38,468) | (15,476) | (116,873) | (53,554) |
Less: Net loss attributable to non-controlling interest | 277 | 614 | (375) | 1,698 |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | (38,191) | (14,862) | (117,248) | (51,856) |
OTHER COMPREHENSIVE LOSS | ||||
Foreign currency translation adjustments | (1,207) | 1,123 | 2,045 | 190 |
COMPREHENSIVE LOSS | $ (39,675) | $ (14,353) | $ (114,828) | $ (53,364) |
BASIC AND DILUTED LOSS PER SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 209,955,598 | 203,355,598 | 209,955,598 | 208,604,727 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Treasury Stock | AOCI Including Portion Attributable to Noncontrolling Interest | Noncontrolling Interest | Retained Earnings | Total |
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2021 | $ 33,088,176 | $ 4,513,328 | $ (19,387) | $ 89,670 | $ (651,797) | $ (37,895,315) | $ (875,325) |
Shares, Outstanding, Beginning Balance at Jun. 30, 2021 | 206,955,598 | ||||||
Currency translation adjustment | $ 0 | 0 | 0 | 190 | 0 | 0 | 190 |
Net income (loss) | 0 | 0 | 0 | 0 | (1,698) | (51,856) | (53,554) |
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2022 | $ 33,124,956 | 4,513,328 | (19,387) | 89,860 | (653,495) | (37,947,171) | (891,909) |
Shares, Outstanding, Ending Balance at Mar. 31, 2022 | 209,955,598 | ||||||
Proceeds from common stock issued for cash | 28,345 | ||||||
Common stock issued for cash | 2,616,556 | ||||||
Common stock issued to settle accounts payable | $ 8,435 | 0 | 0 | 0 | 0 | 0 | 8,435 |
Common stock issued to settle accounts payable | 383,444 | ||||||
Common stock issued for cash | $ 28,345 | 0 | 0 | 0 | 0 | 0 | 28,345 |
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2021 | $ 33,100,043 | 4,513,328 | (19,387) | 88,737 | (652,881) | (37,932,309) | (902,469) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 207,955,598 | ||||||
Currency translation adjustment | $ 0 | 0 | 0 | 1,123 | 0 | 0 | 1,123 |
Net income (loss) | 0 | 0 | 0 | 0 | (614) | (14,862) | (15,476) |
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2022 | $ 33,124,956 | 4,513,328 | (19,387) | 89,860 | (653,495) | (37,947,171) | (891,909) |
Shares, Outstanding, Ending Balance at Mar. 31, 2022 | 209,955,598 | ||||||
Proceeds from common stock issued for cash | $ 16,478 | 0 | 0 | 0 | 0 | 0 | 16,478 |
Common stock issued for cash | 1,616,556 | ||||||
Common stock issued to settle accounts payable | $ 8,435 | 0 | 0 | 0 | 0 | 0 | 8,435 |
Common stock issued to settle accounts payable | 383,444 | ||||||
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2022 | $ 33,124,956 | 4,513,328 | (19,387) | 96,600 | (655,829) | (37,954,625) | (894,957) |
Shares, Outstanding, Beginning Balance at Jun. 30, 2022 | 209,955,598 | ||||||
Currency translation adjustment | $ 0 | 0 | 0 | 2,045 | 0 | 0 | 2,045 |
Net income (loss) | 0 | 0 | 0 | 0 | 375 | (117,248) | (116,873) |
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2023 | $ 33,124,956 | 4,513,328 | (19,387) | 98,645 | (655,454) | (38,071,873) | (1,009,785) |
Shares, Outstanding, Ending Balance at Mar. 31, 2023 | 209,955,598 | ||||||
Proceeds from common stock issued for cash | 0 | ||||||
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2022 | $ 33,124,956 | 4,513,328 | (19,387) | 99,852 | (655,177) | (38,033,682) | (970,110) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 209,955,598 | ||||||
Currency translation adjustment | $ 0 | 0 | 0 | (1,207) | 0 | 0 | (1,207) |
Net income (loss) | 0 | 0 | 0 | 0 | (277) | (38,191) | (38,468) |
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2023 | $ 33,124,956 | $ 4,513,328 | $ (19,387) | $ 98,645 | $ (655,454) | $ (38,071,873) | $ (1,009,785) |
Shares, Outstanding, Ending Balance at Mar. 31, 2023 | 209,955,598 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (116,873) | $ (53,554) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation and amortization | 351 | 589 |
Loss on settlement of debt | 0 | 4,182 |
Foreign currency exchange transactions | 28,817 | (55,573) |
Amortization of right to use asset | 13,867 | (13,436) |
Changes in operating assets and liabilities | ||
Trade accounts receivable | (8,390) | (6,282) |
Prepaid expenses and other current assets | 8,224 | (16,767) |
Tax refunds receivable | 1,949 | 1,890 |
Accounts payable and accrued expenses | 40,759 | 10,016 |
Related party advances | 4,812 | (2,097) |
Related party accounts payable | 17,365 | 11,872 |
Operating lease liability | (11,419) | 16,041 |
Net Cash Used in Operating Activities | (20,538) | (103,119) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party note payable | 0 | 46,445 |
Proceeds from common stock issued for cash | 0 | 28,345 |
Repayment of note payable | (8,276) | 68,865 |
Net Cash Provided by Financing Activities | (8,276) | 143,655 |
EFFECTS OF EXCHANGE RATES ON CASH | 5,329 | (2,687) |
NET CHANGES IN CASH | (23,485) | 37,849 |
CASH AT BEGINNING OF PERIOD | 30,469 | 29,768 |
CASH AT END OF PERIOD | 6,984 | 67,617 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest | 2,503 | 0 |
NON - CASH INVESTING AND FINANCING ACTIVITIES | ||
Initial Right of use operating lease assets | 0 | 24,110 |
Initial Right of operating liabilities | 0 | 13,563 |
Common Stock issued for settle accounts payables | $ 0 | $ 8,436 |
NOTE 1 - BASIS OF PRESENTATION
NOTE 1 - BASIS OF PRESENTATION | 9 Months Ended |
Mar. 31, 2023 | |
Notes | |
NOTE 1 - BASIS OF PRESENTATION | NOTE 1 - BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared without audit in accordance with accounting principles generally accepted in the United States of America and rules of the Securities Exchange Commission for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements and notes should, therefore, be read in conjunction with the consolidated financial statements and notes thereto in the Company's Form 10-K for the year ended June 30, 2022. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair presentation, have been included. The results of operations for the nine-month period ended March 31, 2023, are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2023. In December 2019, COVID-19 emerged and has subsequently spread worldwide. The World Health Organization has declared COVID-19 a pandemic resulting in federal, state and local governments and private entities mandating various restrictions, including travel restrictions, restrictions on public gatherings, stay at home orders and advisories and quarantining of people who may have been exposed to the virus. At the present time, it is not clear how long this crisis will last and what extent it will take. The highest priority for the Company is the health of employees and business partners. The Company’s main product is affected by the restrictions currently in place around the world. The global restrictions drastically limit our sales activities. Therefore, the license revenue the Company anticipated is not, and for the foreseeable future, will not be received at the levels as planned. The Company is in close contact with its licensee who is responsible for all distribution. Both the Company and its licensee assume that the desired growth of sales will be resumed after the pandemic has been overcome and restrictions are lessened. Prior to the pandemic, the Company had essentially been financed through the sale of shares or by loans from related parties. These financing options are still available to the Company during the COVID-19 crisis. Based on current COVID-19 trends, the United States Department of Health and Human Services is planning for the federal Public Health Emergency for COVID-19, declared under Section 319 of the Public Health Service Act, to expire at the end of the day on May 11, 2023. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2023 | |
Notes | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Nature of Business Sangui Biotech International, Inc., (Sangui or the Company) was incorporated in Colorado in 1995 and conducts business through its 90% owned subsidiary, Sangui BioTech GmbH (Sangui GmbH) and its 99.8% owned subsidiary Sangui Know-how und Patentverwertungsgesellschaft mbH & Co. KG (Sangui KG). Sangui GmbH, which is headquartered in Hamburg, Germany, is engaged in the development of artificial oxygen carriers (external applications of hemoglobin, blood substitutes and blood additives) as well as in the development, marketing and sales of cosmetics and wound management products. Sangui KG is a limited partnership that holds the license rights under the various agreements that the Company enters into from time to time. Principles of Consolidation The consolidated financial statements include the accounts of the Company, Sangui BioTech GmbH and Sangui KG. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the respective reporting period. As future events and their effects cannot be determined with precision, actual results could differ from those estimates. Significant estimates made by management are, among others, the realization of receivables, inventories, long-lived assets, and valuation allowance on deferred tax assets. Due to the current dependence of Sangui on the revenue from the license agreement with Mölnlycke Health Care GmbH, management places the highest priority on the sales development in this area in order to be able to recognize potential risks in good time and to take appropriate measures if necessary. These measures include regular and ad hoc discussions with the licensee about its planned business development. Foreign Currency Translation Assets and liabilities of the Company's foreign operations are translated into U.S. dollars at period-end exchange rates. Net exchange gains or losses resulting from such translation are excluded from net loss but are included in comprehensive loss and accumulated in a separate component of stockholders' equity (deficit). Income and expenses are translated at average exchange rates for the period. Exchanges rates used for the preparation of the consolidated balance sheet as of March 31, 2023, and June 30, 2022, and our unaudited consolidated statements of operations for the nine-month periods ended March 31, 2023 and 2022, were calculated as follows: as of March 31, 2023 0.920570 as of March 31, 2022 0.902405 July 1, 2022 through March 31, 2023 0.968496 July 1, 2021 through March 31, 2022 0.871273 The Company accounts for the transactions denominated in foreign currencies in the Parent Company’s books as transaction gains (losses) recognized in Other Income. Going Concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has accumulated deficit of $38,071,873 as of March 31, 2023. The Company incurred a net loss before non-controlling interest of $116,873 for the nine-months ended March 31, 2023 and used cash in operating activities of $20,538 during the same nine-months ended March 31, 2023. These conditions raise substantial doubt about the Company's ability to continue as a going concern for a period of one year from issuance of the financial statements. The Company expects to continue to incur significant capital expenses in pursuing its business plan to market its products and expand its product line, while obtaining additional financing through stock offerings or other feasible financing alternatives. In order for the Company to continue its operations at its existing levels, the Company will require significant additional funds over the next twelve months. Therefore, the Company is dependent on funds raised through equity or debt offerings. Additional financing may not be available on terms favorable to the Company, or at all. If these funds are not available, the Company may not be able to execute its business plan or take advantage of business opportunities. The ability of the Company to obtain such additional financing and to achieve its operating goals is uncertain. In the event that the Company does not obtain additional capital, is not able to collect its outstanding receivables, or is not able to increase cash flow through the increase of sales, there is a substantial doubt of its being able to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Cash and Cash Equivalents The Company maintains its cash in bank accounts in Germany. Cash and cash equivalents include time deposits for which the Company has no requirements for compensating balances. The Company has not experienced any losses in its uninsured bank accounts. Research and Development Research and development costs are charged to operations as they are incurred. Legal fees and other direct costs incurred in obtaining and protecting patents are expensed as incurred. Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company recognizes revenue based on the five criteria for revenue recognition established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price, 4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance obligations are satisfied. Type of Revenue The Company derives revenue primarily from licensing fees on sales of its wound spray product. The Company recognizes revenue based on the five criteria for revenue recognition established under Topic ASC 606 set forth below. The Company’s licenses provide a right to use and create performance obligations satisfied at a point in time. The Company recognizes revenue from the license when the performance obligation is satisfied through the transfer of the license. The Company will recognize royalty revenue a) when the licensee makes the subsequent sales or use that trigger the royalty, or (b) the performance obligation to which Trade Accounts Receivable Accounts receivable are reflected at estimated net realizable value. The Company maintains an allowance for doubtful accounts based upon a variety of factors. The Company reviews all open accounts and provides specific reserves for customer collection issues when it believes a loss is probable. The reserve estimate includes consideration of such factors as the length of time receivables are past due, the financial condition of the customer, and historical experience. The Company also records a reserve for all customers, excluding those that have been specifically reserved for, based upon evaluation of historical losses which exceeded the specific reserves the Company had established. For the nine-month period ended March 31, 2023, and 2022, the Company recognized bad debt expense in the amounts of $0 and $0, respectively. Basic and Diluted Earnings (Loss) Per Common Share Basic earnings (loss) per common share are computed by dividing income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period of computation. Diluted earnings (loss) per share give effect to all potential dilutive common shares outstanding during the period of compensation. The computation of diluted earnings (loss) per share does not assume conversion, exercise or contingent exercise of securities that would have an antidilutive effect on earnings. As of March 31, 2023, the Company had no potentially dilutive securities that would affect the loss per share if they were to be dilutive. Comprehensive Loss Total comprehensive loss represents the net change in stockholders' equity (deficit) during a period from sources other than transactions with stockholders and as such, includes net earnings (loss). For the Company, the components of other comprehensive loss are limited to the changes in the cumulative foreign currency translation adjustments, which is recorded as components of stockholders' equity (deficit). Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying consolidated financial statements. |
NOTE 3 - COMMITMENTS AND CONTIN
NOTE 3 - COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2023 | |
Notes | |
NOTE 3 - COMMITMENTS AND CONTINGENCIES | NOTE 3 - COMMITMENTS AND CONTINGENCIES Litigation The Company may, from time to time, be involved in various legal disputes resulting from the ordinary course of operating its business. Management is currently not able to predict the outcome of any such cases. However, management believes that the amount of ultimate liability, if any, with respect to such actions will not have a material effect on the Company's financial position or results of operations. At the time of reporting, no litigation is pending. Indemnities and Guarantees During the normal course of business, the Company has made certain indemnities and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include certain agreements with the Company's officers, under which the Company may be required to indemnify such person for liabilities arising out of their employment relationship. The duration of these indemnities and guarantees varies and, in certain cases, is indefinite. The majority of these indemnities and guarantees do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated to make significant payments for these obligations and no liabilities have been recorded for these indemnities and guarantees in the accompanying consolidated balance sheet. Leases The Company leases office facilities from an unrelated third party at 1,172 Euros per month, which amount includes 187 Euros for sales tax. The office lease contract began in January 2020 and expires June 2026. The Company also leases an automobile under an operating lease. The lease provides for a lease payment of 538 Euros per month that began June 2018 expired May of 2020. The company extended the expired contract until May 2021 and then continued on a month-to-month basis, until a new lease vehicle was available. The monthly leasing rate was 670 Euros for the period from June 2020 to May 2021. The company has signed a leasing contract for an automobile with a term of 36 months with monthly leasing installments of 338 Euros ($367) and an initial deposit of 9,189 Euros ($9,982) in May 2021. The automobile was delivered in August 2021. The following table reconciles future minimum operating lease payments to the discounted lease liability as of March 31, 2023: Minimum Lease Payments Under Operating Leases Office Automotive Total Year ending June 30, 2022 - - - 2023 3,209 1,103 4,312 2024 12,951 4,412 17,363 2025 13,184 368 13,552 Thereafter 13,422 - 13,422 Total Operating Lease Obligations $ 42,766 5,883 $ 48,649 Less: Amount representing imputed interest $ (1,407) (83) $ (1,490) Present Value of minimum lease payments $ 41,359 5,800 $ 47,159 Weighted average discount rate 2% Weighted average remaining term 3.01 years License Agreement Pursuant to the contracts dated May 2, 2018, and November 11, 2018, between Sangui GmbH and Sangui KG, respectively, and a former contractor, Sangui KG grants that contractor a license fee on the license income received by Sangui for his previous services as a co-inventor. The license fee is 10% analogously to the remuneration regulation of the German Law on Employee Inventions (ArbnErfG |
NOTE 4 - RELATED PARTY TRANSACT
NOTE 4 - RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2023 | |
Notes | |
NOTE 4 - RELATED PARTY TRANSACTIONS | NOTE 4 – DEBT Notes Payable Related Parties As of March 31, 2023, the Company had outstanding the following loans payable due to a Company Director: Date Loan amount in EURO Loan amount converted into USD Interest rate Interest in USD Due March 06, 2015 100,000 108,628 5% 42,880 June 30, 2022 December 12, 2017 25,000 27,157 2% 2,879 on demand January 19, 2018 25,000 27,157 2% 2,823 on demand March 13, 2018 25,000 27,157 2% 2,744 on demand July 16, 2018 25,000 27,157 2% 2,558 on demand September 10, 2018 25,000 27,157 2% 2,475 on demand October 04, 2018 25,000 27,157 2% 2,439 on demand December 27, 2018 25,000 27,157 2% 2,314 on demand January 21, 2019 15,000 16,294 2% 1,366 on demand February 26, 2019 25,000 27,157 2% 2,223 on demand March 20, 2019 25,000 27,157 2% 2,190 on demand April 08, 2019 20,000 21,726 2% 1,730 on demand May 09, 2019 30,000 32,589 2% 2,539 on demand June 21, 2019 30,000 32,589 2% 2,462 on demand September 17, 2019 20,000 21,726 2% 1,537 on demand October 04, 2019 20,000 21,726 2% 1,517 on demand October 30, 2019 20,000 21,726 2% 1,486 on demand January 08, 2020 10,000 10,863 2% 701 on demand February 20, 2020 10,000 10,863 2% 676 on demand March 06, 2020 15,000 16,294 2% 1,000 on demand April 01, 2020 10,000 10,863 2% 651 on demand May 05, 2020 15,000 16,294 2% 946 on demand June 10, 2020 10,000 10,863 2% 610 on demand July 27, 2020 10,000 10,863 2% 582 on demand September 07, 2020 10,000 10,863 2% 557 on demand September 21, 2020 10,000 10,863 2% 548 on demand October 09, 2020 15,000 16,294 2% 806 on demand December 03, 2020 10,000 10,863 2% 505 on demand January 05, 2021 10,000 10,863 2% 485 on demand February 11, 2021 10,000 10,863 2% 463 on demand March 17, 2021 10,000 10,863 2% 443 on demand July 29, 2021 10,000 10,863 2% 363 on demand October 04, 2021 20,000 21,726 2% 646 on demand December 01, 2021 10,000 10,863 2% 288 on demand Total 675,000 733,241 88,432 On July 29, 2021, October 04, 2021, and December 01, 2021, a Company Director advanced amounts totaling 40,000 Euros ($43,451 as of March 31, 2023) to the Company. The loans are due on demand, accrue interest annually at 2% and are unsecured. As of March 31, 2023, all notes issued have total interest accrued of $88,432. Interest expense for the nine-month period ended March 31, 2023, and 2022 was $12,789 and $13,980, respectively. On October 04, 2022, Company Director advanced 13,000 Euros ($12,720) to the Company. interest of 31Euros ($31) has been accrued. Notes payable On March 25, 2022, the Company entered into a note for 60,000 Euros ($65,177) and accrues interest annually at 6.0%. Interest and principal will be repaid in 60 equal monthly installments of 1,160 Euros starting at the end of April 2022. The last installment is due on March 31, 2027. The loan is secured by the assignment of future receivables from the license agreement relating to the wound spray. The remaining debt as of March 31, 2023, is 49,392 Euros ($53,654). Interest expense for the nine-month period ended March 31, 2023 was $2,503. On July 01, 2021, the Company received a loan of 1,733 Euros ($1,883) from a third party. The interest rate is 1.0% p.a. The capital and accrued interest are to be repaid on June 30, 2023. The loan is unsecured. As of March 31, 2023, interest of 26 Euros ($28) has been accrued. Interest expense for the nine-month period ended March 31, 2023, and 2022 was $9 and $0, respectively. |
NOTE 5 - STOCKHOLDERS' DEFICIT
NOTE 5 - STOCKHOLDERS' DEFICIT | 9 Months Ended |
Mar. 31, 2023 | |
Notes | |
NOTE 5 - STOCKHOLDERS' DEFICIT | NOTE 5 – STOCKHOLDERS’ DEFICT Preferred Stock Common Stock Treasury Stock |
NOTE 6 - SUBSEQUENT EVENTS
NOTE 6 - SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2023 | |
Notes | |
NOTE 6 - SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company’s management has reviewed all material events and there are no additional material subsequent events to report. |
NOTE 2 - SUMMARY OF SIGNIFICA_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Principles of Consolidation (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, Sangui BioTech GmbH and Sangui KG. All intercompany accounts and transactions have been eliminated in consolidation. |
NOTE 2 - SUMMARY OF SIGNIFICA_3
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the respective reporting period. As future events and their effects cannot be determined with precision, actual results could differ from those estimates. Significant estimates made by management are, among others, the realization of receivables, inventories, long-lived assets, and valuation allowance on deferred tax assets. Due to the current dependence of Sangui on the revenue from the license agreement with Mölnlycke Health Care GmbH, management places the highest priority on the sales development in this area in order to be able to recognize potential risks in good time and to take appropriate measures if necessary. These measures include regular and ad hoc discussions with the licensee about its planned business development. |
NOTE 2 - SUMMARY OF SIGNIFICA_4
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Foreign Currency Translation (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of the Company's foreign operations are translated into U.S. dollars at period-end exchange rates. Net exchange gains or losses resulting from such translation are excluded from net loss but are included in comprehensive loss and accumulated in a separate component of stockholders' equity (deficit). Income and expenses are translated at average exchange rates for the period. Exchanges rates used for the preparation of the consolidated balance sheet as of March 31, 2023, and June 30, 2022, and our unaudited consolidated statements of operations for the nine-month periods ended March 31, 2023 and 2022, were calculated as follows: as of March 31, 2023 0.920570 as of March 31, 2022 0.902405 July 1, 2022 through March 31, 2023 0.968496 July 1, 2021 through March 31, 2022 0.871273 The Company accounts for the transactions denominated in foreign currencies in the Parent Company’s books as transaction gains (losses) recognized in Other Income. |
NOTE 2 - SUMMARY OF SIGNIFICA_5
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Going Concern (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Going Concern | Going Concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has accumulated deficit of $38,071,873 as of March 31, 2023. The Company incurred a net loss before non-controlling interest of $116,873 for the nine-months ended March 31, 2023 and used cash in operating activities of $20,538 during the same nine-months ended March 31, 2023. These conditions raise substantial doubt about the Company's ability to continue as a going concern for a period of one year from issuance of the financial statements. The Company expects to continue to incur significant capital expenses in pursuing its business plan to market its products and expand its product line, while obtaining additional financing through stock offerings or other feasible financing alternatives. In order for the Company to continue its operations at its existing levels, the Company will require significant additional funds over the next twelve months. Therefore, the Company is dependent on funds raised through equity or debt offerings. Additional financing may not be available on terms favorable to the Company, or at all. If these funds are not available, the Company may not be able to execute its business plan or take advantage of business opportunities. The ability of the Company to obtain such additional financing and to achieve its operating goals is uncertain. In the event that the Company does not obtain additional capital, is not able to collect its outstanding receivables, or is not able to increase cash flow through the increase of sales, there is a substantial doubt of its being able to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
NOTE 2 - SUMMARY OF SIGNIFICA_6
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company maintains its cash in bank accounts in Germany. Cash and cash equivalents include time deposits for which the Company has no requirements for compensating balances. The Company has not experienced any losses in its uninsured bank accounts. |
NOTE 2 - SUMMARY OF SIGNIFICA_7
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Research and Development (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Research and Development | Research and Development Research and development costs are charged to operations as they are incurred. Legal fees and other direct costs incurred in obtaining and protecting patents are expensed as incurred. |
NOTE 2 - SUMMARY OF SIGNIFICA_8
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Revenue Recognition | Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company recognizes revenue based on the five criteria for revenue recognition established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price, 4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance obligations are satisfied. Type of Revenue The Company derives revenue primarily from licensing fees on sales of its wound spray product. The Company recognizes revenue based on the five criteria for revenue recognition established under Topic ASC 606 set forth below. The Company’s licenses provide a right to use and create performance obligations satisfied at a point in time. The Company recognizes revenue from the license when the performance obligation is satisfied through the transfer of the license. The Company will recognize royalty revenue a) when the licensee makes the subsequent sales or use that trigger the royalty, or (b) the performance obligation to which |
NOTE 2 - SUMMARY OF SIGNIFICA_9
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Trade Accounts Receivable (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Trade Accounts Receivable | Trade Accounts Receivable Accounts receivable are reflected at estimated net realizable value. The Company maintains an allowance for doubtful accounts based upon a variety of factors. The Company reviews all open accounts and provides specific reserves for customer collection issues when it believes a loss is probable. The reserve estimate includes consideration of such factors as the length of time receivables are past due, the financial condition of the customer, and historical experience. The Company also records a reserve for all customers, excluding those that have been specifically reserved for, based upon evaluation of historical losses which exceeded the specific reserves the Company had established. For the nine-month period ended March 31, 2023, and 2022, the Company recognized bad debt expense in the amounts of $0 and $0, respectively. |
NOTE 2 - SUMMARY OF SIGNIFIC_10
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basic and Diluted Loss per Common Share (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Basic and Diluted Loss per Common Share | Basic and Diluted Earnings (Loss) Per Common Share Basic earnings (loss) per common share are computed by dividing income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period of computation. Diluted earnings (loss) per share give effect to all potential dilutive common shares outstanding during the period of compensation. The computation of diluted earnings (loss) per share does not assume conversion, exercise or contingent exercise of securities that would have an antidilutive effect on earnings. As of March 31, 2023, the Company had no potentially dilutive securities that would affect the loss per share if they were to be dilutive. |
NOTE 2 - SUMMARY OF SIGNIFIC_11
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Comprehensive Loss (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Comprehensive Loss | Comprehensive Loss Total comprehensive loss represents the net change in stockholders' equity (deficit) during a period from sources other than transactions with stockholders and as such, includes net earnings (loss). For the Company, the components of other comprehensive loss are limited to the changes in the cumulative foreign currency translation adjustments, which is recorded as components of stockholders' equity (deficit). |
NOTE 2 - SUMMARY OF SIGNIFIC_12
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Segments of an Enterprise and Related Information (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policies | |
Segments of an Enterprise and Related Information | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying consolidated financial statements. |
NOTE 2 - SUMMARY OF SIGNIFIC_13
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Foreign Currency Translation: Schedule of Foreign currency rates (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Tables/Schedules | |
Schedule of Foreign currency rates | as of March 31, 2023 0.920570 as of March 31, 2022 0.902405 July 1, 2022 through March 31, 2023 0.968496 July 1, 2021 through March 31, 2022 0.871273 |
NOTE 3 - COMMITMENTS AND CONT_2
NOTE 3 - COMMITMENTS AND CONTINGENCIES: Minimum Lease Payments Under Operating Leases (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Tables/Schedules | |
Minimum Lease Payments Under Operating Leases | Minimum Lease Payments Under Operating Leases Office Automotive Total Year ending June 30, 2022 - - - 2023 3,209 1,103 4,312 2024 12,951 4,412 17,363 2025 13,184 368 13,552 Thereafter 13,422 - 13,422 Total Operating Lease Obligations $ 42,766 5,883 $ 48,649 Less: Amount representing imputed interest $ (1,407) (83) $ (1,490) Present Value of minimum lease payments $ 41,359 5,800 $ 47,159 Weighted average discount rate 2% Weighted average remaining term 3.01 years |
NOTE 4 - RELATED PARTY TRANSA_2
NOTE 4 - RELATED PARTY TRANSACTIONS: Notes Payable Related Parties (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Tables/Schedules | |
Notes Payable Related Parties | Date Loan amount in EURO Loan amount converted into USD Interest rate Interest in USD Due March 06, 2015 100,000 108,628 5% 42,880 June 30, 2022 December 12, 2017 25,000 27,157 2% 2,879 on demand January 19, 2018 25,000 27,157 2% 2,823 on demand March 13, 2018 25,000 27,157 2% 2,744 on demand July 16, 2018 25,000 27,157 2% 2,558 on demand September 10, 2018 25,000 27,157 2% 2,475 on demand October 04, 2018 25,000 27,157 2% 2,439 on demand December 27, 2018 25,000 27,157 2% 2,314 on demand January 21, 2019 15,000 16,294 2% 1,366 on demand February 26, 2019 25,000 27,157 2% 2,223 on demand March 20, 2019 25,000 27,157 2% 2,190 on demand April 08, 2019 20,000 21,726 2% 1,730 on demand May 09, 2019 30,000 32,589 2% 2,539 on demand June 21, 2019 30,000 32,589 2% 2,462 on demand September 17, 2019 20,000 21,726 2% 1,537 on demand October 04, 2019 20,000 21,726 2% 1,517 on demand October 30, 2019 20,000 21,726 2% 1,486 on demand January 08, 2020 10,000 10,863 2% 701 on demand February 20, 2020 10,000 10,863 2% 676 on demand March 06, 2020 15,000 16,294 2% 1,000 on demand April 01, 2020 10,000 10,863 2% 651 on demand May 05, 2020 15,000 16,294 2% 946 on demand June 10, 2020 10,000 10,863 2% 610 on demand July 27, 2020 10,000 10,863 2% 582 on demand September 07, 2020 10,000 10,863 2% 557 on demand September 21, 2020 10,000 10,863 2% 548 on demand October 09, 2020 15,000 16,294 2% 806 on demand December 03, 2020 10,000 10,863 2% 505 on demand January 05, 2021 10,000 10,863 2% 485 on demand February 11, 2021 10,000 10,863 2% 463 on demand March 17, 2021 10,000 10,863 2% 443 on demand July 29, 2021 10,000 10,863 2% 363 on demand October 04, 2021 20,000 21,726 2% 646 on demand December 01, 2021 10,000 10,863 2% 288 on demand Total 675,000 733,241 88,432 |
NOTE 2 - SUMMARY OF SIGNIFIC_14
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Mar. 31, 2023 |
Sangui BioTech GmbH | |
Equity Method Investment, Ownership Percentage | 90% |
NOTE 2 - SUMMARY OF SIGNIFIC_15
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Foreign Currency Translation: Schedule of Foreign currency rates (Details) | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Year End Rates | ||
Foreign Currency Exchange Rate, Translation | 0.920570 | 0.902405 |
Average Period Rates | ||
ForeignCurrencyExchangeRateTranslation | 0.968496 | 0.871273 |
NOTE 2 - SUMMARY OF SIGNIFIC_16
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Going Concern (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Details | |||||
Accumulated deficit | $ 38,071,873 | $ 38,071,873 | $ 37,954,625 | ||
NET LOSS BEFORE NON-CONTROLLING INTEREST | $ (38,468) | $ (15,476) | (116,873) | $ (53,554) | |
Net Cash Used in Operating Activities | $ 20,538 | $ 103,119 |
NOTE 2 - SUMMARY OF SIGNIFIC_17
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Trade Accounts Receivable (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Details | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 0 | $ 0 |
NOTE 3 - COMMITMENTS AND CONT_3
NOTE 3 - COMMITMENTS AND CONTINGENCIES (Details) | 9 Months Ended |
Mar. 31, 2023 | |
Office | |
Lessee, Operating Lease, Description | The Company leases office facilities from an unrelated third party at 1,172 Euros per month, which amount includes 187 Euros for sales tax. The office lease contract began in January 2020 and expires June 2026. |
Automobile | |
Lessee, Operating Lease, Description | The Company also leases an automobile under an operating lease. The lease provides for a lease payment of 538 Euros per month that began June 2018 expired May of 2020. The company extended the expired contract until May 2021 and then continued on a month-to-month basis, until a new lease vehicle was available. The monthly leasing rate was 670 Euros for the period from June 2020 to May 2021. |
Automobile 2 | |
Lessee, Operating Lease, Description | The company has signed a leasing contract for an automobile with a term of 36 months with monthly leasing installments of 338 Euros ($367) and an initial deposit of 9,189 Euros ($9,982) in May 2021. The automobile was delivered in August 2021. |
NOTE 3 - COMMITMENTS AND CONT_4
NOTE 3 - COMMITMENTS AND CONTINGENCIES: Minimum Lease Payments Under Operating Leases (Details) | 9 Months Ended |
Mar. 31, 2023 USD ($) | |
2023 | $ 4,312 |
2024 | 17,363 |
2025 | 13,552 |
Thereafter | 13,422 |
Total Operating Lease Obligations | 48,649 |
Less: Amount representing imputed interest | (1,490) |
Present Value of minimum lease payments | 47,159 |
Office | |
2023 | 3,209 |
2024 | 12,951 |
2025 | 13,184 |
Thereafter | 13,422 |
Total Operating Lease Obligations | 42,766 |
Less: Amount representing imputed interest | (1,407) |
Present Value of minimum lease payments | $ 41,359 |
Weighted average discount rate | 2% |
Weighted average remaining terms | 3 years 3 days |
Automobile | |
2023 | $ 1,103 |
2024 | 4,412 |
2025 | 368 |
Thereafter | 0 |
Total Operating Lease Obligations | 5,883 |
Less: Amount representing imputed interest | (83) |
Present Value of minimum lease payments | $ 5,800 |
NOTE 4 - RELATED PARTY TRANSA_3
NOTE 4 - RELATED PARTY TRANSACTIONS: Notes Payable Related Parties (Details) - USD ($) | Mar. 31, 2023 | Dec. 01, 2021 | Oct. 04, 2021 | Jul. 29, 2021 | Mar. 17, 2021 | Feb. 11, 2021 | Jan. 05, 2021 | Dec. 03, 2020 | Oct. 09, 2020 | Sep. 21, 2020 | Sep. 07, 2020 | Jul. 27, 2020 | Jun. 10, 2020 | May 05, 2020 | Apr. 01, 2020 | Mar. 06, 2020 | Feb. 20, 2020 | Jan. 08, 2020 | Oct. 30, 2019 | Oct. 04, 2019 | Sep. 17, 2019 | Jun. 21, 2019 | May 09, 2019 | Apr. 08, 2019 | Mar. 20, 2019 | Feb. 26, 2019 | Jan. 21, 2019 | Dec. 27, 2018 | Oct. 04, 2018 | Sep. 10, 2018 | Jul. 16, 2018 | Mar. 13, 2018 | Jan. 19, 2018 | Dec. 12, 2017 | Mar. 06, 2015 |
Interest rate | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 5% | |
Due | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | on demand | June 30, 2022 | |
Director | Euro Member Countries, Euro | |||||||||||||||||||||||||||||||||||
Loan amount in EURO | $ 675,000 | $ 10,000 | $ 20,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 15,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 15,000 | $ 10,000 | $ 15,000 | $ 10,000 | $ 10,000 | $ 20,000 | $ 20,000 | $ 20,000 | $ 30,000 | $ 30,000 | $ 20,000 | $ 25,000 | $ 25,000 | $ 15,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 100,000 |
Director | United States dollar (next day) (funds code) | |||||||||||||||||||||||||||||||||||
Loan amount converted into USD | 733,241 | 10,863 | 21,726 | 10,863 | 10,863 | 10,863 | 10,863 | 10,863 | 16,294 | 10,863 | 10,863 | 10,863 | 10,863 | 16,294 | 10,863 | 16,294 | 10,863 | 10,863 | 21,726 | 21,726 | 21,726 | 32,589 | 32,589 | 21,726 | 27,157 | 27,157 | 16,294 | 27,157 | 27,157 | 27,157 | 27,157 | 27,157 | 27,157 | 27,157 | 108,628 |
Interest in USD | $ 88,432 | $ 288 | $ 646 | $ 363 | $ 443 | $ 463 | $ 485 | $ 505 | $ 806 | $ 548 | $ 557 | $ 582 | $ 610 | $ 946 | $ 651 | $ 1,000 | $ 676 | $ 701 | $ 1,486 | $ 1,517 | $ 1,537 | $ 2,462 | $ 2,539 | $ 1,730 | $ 2,190 | $ 2,223 | $ 1,366 | $ 2,314 | $ 2,439 | $ 2,475 | $ 2,558 | $ 2,744 | $ 2,823 | $ 2,879 | $ 42,880 |
NOTE 4 - RELATED PARTY TRANSA_4
NOTE 4 - RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 01, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Interest Expense, Debt | $ 5,192 | $ 4,562 | $ 15,338 | $ 13,981 | |
Notes Payable | 53,654 | 53,654 | |||
Proceeds from Collection of (Payments to Fund) Long-Term Loans to Related Parties | $ 1,883 | ||||
Interest | |||||
Due to Related Parties, Current | 88,432 | 88,432 | |||
Director | Principal | |||||
Due to Related Parties, Current | 43,451 | 43,451 | |||
Loans Payable | |||||
Interest Expense, Debt | 12,789 | 13,980 | |||
Director 2 | |||||
Interest Expense, Debt | 31 | ||||
Director 2 | Principal | |||||
Due to Related Parties, Current | $ 12,720 | 12,720 | |||
Notes Payable | |||||
Interest Expense, Debt | 2,503 | ||||
Notes Payable2 | |||||
Interest Expense, Debt | $ 9 | $ 0 |
NOTE 5 - STOCKHOLDERS' DEFICIT
NOTE 5 - STOCKHOLDERS' DEFICIT (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Details | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock, Shares, Issued | 209,955,598 | 209,955,598 |
Common Stock, Shares, Outstanding | 209,901,842 | 209,901,842 |
Treasury Stock, Common, Shares | 53,756 | |
Treasury Stock, Value | $ 19,387 |