Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2020 | Nov. 12, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | Propanc Biopharma, Inc. | |
Entity Central Index Key | 0001517681 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 691,170,618 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
CURRENT ASSETS: | ||
Cash | $ 51,218 | $ 67,007 |
GST tax receivable | 2,852 | 2,015 |
TOTAL CURRENT ASSETS | 54,070 | 69,022 |
Security deposit - related party | 2,151 | 2,067 |
Operating lease right-of-use assets, net - related party | 15,792 | 21,682 |
Property and equipment, net | 5,541 | 5,747 |
TOTAL ASSETS | 77,554 | 98,518 |
CURRENT LIABILITIES: | ||
Accounts payable | 929,828 | 842,156 |
Accrued expenses and other payables | 863,706 | 702,231 |
Convertible notes and related accrued interest, net of discounts and premiums | 1,029,688 | 1,557,734 |
Operating lease liability - related party | 19,957 | 25,072 |
Embedded conversion option liabilities | 5,916 | 177,009 |
Due to former director - related party | 31,880 | 30,639 |
Loans from directors and officer - related parties | 53,058 | 50,993 |
Employee benefit liability | 378,990 | 354,109 |
TOTAL CURRENT LIABILITIES | 3,313,023 | 3,739,943 |
TOTAL LIABILITIES | 3,313,023 | 3,739,943 |
Commitments and Contingencies (See Note 8) | ||
STOCKHOLDERS' DEFICIT: | ||
Preferred stock, 1,500,005 shares authorized, $0.01 par value: | ||
Common stock, $0.001 par value; 1,000,000,000 shares authorized; 715,597,215 and 258,120,381 shares issued and issuable; 715,597,166 and 258,120,332 outstanding as of September 30, 2020 and June 30, 2020, respectively | 715,596 | 258,120 |
Additional paid-in capital | 51,105,811 | 50,656,031 |
Accumulated other comprehensive income | 1,191,916 | 1,267,671 |
Accumulated deficit | (56,207,315) | (55,781,770) |
Treasury stock (49 shares) | (46,477) | (46,477) |
TOTAL STOCKHOLDERS' DEFICIT | (3,235,469) | (3,641,425) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 77,554 | 98,518 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' DEFICIT: | ||
Preferred stock, 1,500,005 shares authorized, $0.01 par value: | 5,000 | 5,000 |
TOTAL STOCKHOLDERS' DEFICIT | 5,000 | 5,000 |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS' DEFICIT: | ||
Preferred stock, 1,500,005 shares authorized, $0.01 par value: | ||
TOTAL STOCKHOLDERS' DEFICIT |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 |
Preferred stock, shares authorized | 1,500,005 | 1,500,005 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 715,597,215 | 258,120,381 |
Common stock, shares outstanding | 715,597,166 | 258,120,332 |
Treasury stock, shares | 49 | 49 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 500,000 | 500,000 |
Preferred stock, shares outstanding | 500,000 | 500,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 5 | 5 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
REVENUE | ||
Revenue | ||
OPERATING EXPENSES | ||
Administration expenses | 323,111 | 833,414 |
Occupancy expenses | 9,204 | 10,632 |
Research and development | 50,846 | 65,372 |
TOTAL OPERATING EXPENSES | 383,161 | 909,418 |
LOSS FROM OPERATIONS | (383,161) | (909,418) |
OTHER INCOME (EXPENSE) | ||
Interest expense | (159,281) | (675,225) |
Interest income | 3 | |
Change in fair value of derivative liabilities | 64,952 | 518,956 |
Gain on extinguishment of debt, net | 49,985 | |
Foreign currency transaction gain (loss) | 1,960 | (535,150) |
TOTAL OTHER EXPENSE, NET | (42,384) | (691,416) |
LOSS BEFORE TAXES | (425,545) | (1,600,834) |
TAX BENEFIT | 108,894 | |
NET LOSS | $ (425,545) | $ (1,491,940) |
BASIC AND DILUTED NET LOSS PER SHARE | $ 0 | $ (1.41) |
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 597,314,067 | 1,054,433 |
NET LOSS | $ (425,545) | $ (1,491,940) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Unrealized foreign currency translation gain (loss) | (75,755) | 563,687 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (75,755) | 563,687 |
TOTAL COMPREHENSIVE LOSS | $ (501,300) | $ (928,253) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Jun. 30, 2019 | $ 5,000 | $ 968 | $ 45,713,322 | $ (51,041,047) | $ (46,477) | $ 1,066,998 | $ (4,301,236) | |
Balance, shares at Jun. 30, 2019 | 500,000 | 1 | 968,042 | |||||
Issuance of common stock for conversion of convertible debt and accrued interest | $ 182 | 123,531 | 123,713 | |||||
Issuance of common stock for conversion of convertible debt and accrued interest, shares | 181,939 | |||||||
Reclassification of put premium upon debt conversion | 73,235 | 73,235 | ||||||
Relative fair value of warrants issued with convertible debt | 375,905 | 375,905 | ||||||
Issuance of common stock for services | $ 20 | 39,780 | 39,800 | |||||
Issuance of common stock for services, shares | 20,000 | |||||||
Stock based compensation in connection with stock option grants and restricted stock unit grants | 75,104 | 75,104 | ||||||
Foreign currency translation gain/loss | 563,687 | 563,687 | ||||||
Net loss | (1,491,940) | (1,491,940) | ||||||
Balance at Sep. 30, 2019 | $ 5,000 | $ 1,170 | 46,400,877 | (52,532,987) | (46,477) | 1,630,685 | (4,541,732) | |
Balance, shares at Sep. 30, 2019 | 500,000 | 1 | 1,169,981 | |||||
Balance at Jun. 30, 2020 | $ 5,000 | $ 258,120 | 50,656,031 | (55,781,770) | (46,477) | 1,267,671 | (3,641,425) | |
Balance, shares at Jun. 30, 2020 | 500,000 | 1 | 258,120,381 | |||||
Issuance of common stock for conversion of convertible debt and accrued interest | $ 442,031 | 38,544 | 480,575 | |||||
Issuance of common stock for conversion of convertible debt and accrued interest, shares | 442,031,352 | |||||||
Reclassification of put premium upon debt conversion | 204,919 | 204,919 | ||||||
Foreign currency translation gain/loss | (75,755) | (75,755) | ||||||
Issuance of common stock for exercise of warrants | $ 15,445 | 185,599 | 201,044 | |||||
Issuance of common stock for exercise of warrants, shares | 15,445,482 | |||||||
Stock based compensation in connection with stock option grants | 20,718 | 20,718 | ||||||
Net loss | (425,545) | (425,545) | ||||||
Balance at Sep. 30, 2020 | $ 5,000 | $ 715,596 | $ 51,105,811 | $ (56,207,315) | $ (46,477) | $ 1,191,916 | $ (3,235,469) | |
Balance, shares at Sep. 30, 2020 | 500,000 | 1 | 715,597,215 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (425,545) | $ (1,491,940) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Foreign currency transaction loss (gain) | (1,960) | 535,150 |
Depreciation expense | 438 | 636 |
Amortization of debt discounts | 121,281 | 104,406 |
Change in fair value of derivative liabilities | (64,952) | (518,956) |
Gain on extinguishment of debt, net | (49,985) | |
Stock option and restricted stock expense | 20,718 | 114,904 |
Non-cash interest expense | 6,750 | |
Accretion of put premium | 538,974 | |
Changes in Assets and Liabilities: | ||
GST receivable | (755) | (640) |
Prepaid expenses and other assets | 37,145 | |
Accounts payable | 53,576 | 77,057 |
Deferred rent | 633 | 976 |
Employee benefit liability | 10,544 | 9,453 |
Accrued expenses | 133,046 | (162,676) |
Accrued interest | 16,262 | 29,180 |
NET CASH USED IN OPERATING ACTIVITIES | (179,949) | (726,331) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from convertible promissory notes, net of original issue discounts and issue costs | 948,000 | |
Repayments of convertible promissory notes | (43,000) | |
Debt issuance cost | (83,000) | |
Proceeds from the exercise of warrants | 201,044 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 158,044 | 865,000 |
Effect of exchange rate changes on cash | 6,116 | (44,940) |
NET INCREASE (DECREASE) IN CASH | (15,789) | 93,729 |
CASH AT BEGINNING OF PERIOD | 67,007 | 2,394 |
CASH AT END OF PERIOD | 51,218 | 96,123 |
Supplemental Disclosure of Cash Flow Information | ||
Interest | 13,172 | 2,665 |
Income Tax | ||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Reduction of put premium related to conversions of convertible notes | 204,919 | 73,235 |
Conversion of convertible notes and accrued interest to common stock | 417,670 | 123,713 |
Discounts related to warrants issued with convertible notes | 375,905 | |
Discounts related to derivative liability | 75,000 | |
Operating lease right-of-use asset and operating lease liability recorded on adoption of ASC 842 | $ 46,696 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting and Reporting Policies | 3 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies | NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES Nature of Operations Propanc Biopharma, Inc. (the “Company,” “we,” “us” or “our”) was originally incorporated in Melbourne, Victoria Australia on October 15, 2007 as Propanc PTY LTD, and continues to be based in Camberwell, Victoria Australia. Since its inception, substantially all of the operations of the Company have been focused on the development of new cancer treatments targeting high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to prevent the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes acting synergistically. It is currently in the preclinical phase of development. On November 23, 2010, the Company was incorporated in the state of Delaware as Propanc Health Group Corporation. In January 2011, to reorganize the Company, we acquired all of the outstanding shares of Propanc PTY LTD on a one-for-one basis making it a wholly-owned subsidiary of the Company. On July 22, 2016, the Company formed a wholly owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise. As of September 30, 2020, there has been no activity within this entity. Effective April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to better reflect the Company’s stage of operations and development. The Company has filed multiple patent applications relating to its lead product, PRP. The first application was filed in October 2010. This patent has been granted and remains in force in the United States, Belgium, Czech Republic, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, Liechtenstein, Turkey, United Kingdom, Australia, China, Hong Kong, Japan, Indonesia, Israel, New Zealand, Singapore, Malaysia, South Africa, Mexico, Republic of Korea and India. In Brazil and Canada, the patent application remains under examination. In 2016 and 2017 we filed other patent applications. Three applications were filed under the Patent Cooperation Treaty (the “PCT”). The PCT assists applicants in seeking patent protection by filing one international patent application under the PCT, which allows the applicants to seek protection for an invention in over 150 countries. Once national or regional applications are filed, the application is placed under the control of the national or regional patent offices, as applicable, in what is called the national or regional phase. One PCT application, filed in November 2016, entered the national phase in July 2018. A second application filed in January 2017 entered the national phase commencing July 2018. A third application entered the national phase in October 2018. The Company hopes to capture and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions of proenzymes for treating cancer by filing additional patent applications as it advances its lead product candidate, PRP, through various stages of development. Basis of Presentation The Company’s interim unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Quarterly Report”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to present fairly our results of operations for the three months ended September 30, 2020 and 2019 and cash flows for the three months ended September 30, 2020 and 2019 and our financial position at September 30, 2020 have been made. The Company’s results of operations for the three months ended September 30, 2020 are not necessarily indicative of the operating results to be expected for the full fiscal year ending June 30, 2021. Certain information and disclosures normally included in the notes to the Company’s annual audited consolidated financial statements have been condensed or omitted from the Company’s interim unaudited condensed consolidated financial statements included in this Quarterly Report. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2020. The June 30, 2020 balance sheet is derived from those statements. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Propanc Biopharma, Inc., the parent entity, and its wholly-owned subsidiary, Propanc PTY LTD. All inter-company balances and transactions have been eliminated in consolidation. Propanc (UK) Limited was an inactive subsidiary at September 30, 2020. Use of Estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“US GAAP”) 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates in the accompanying consolidated financial statements include the estimates of useful lives for depreciation, valuation of the operating lease liability and related right-of-use asset, valuation of derivatives, valuation of beneficial conversion features on convertible debt, allowance for uncollectable receivables, valuation of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation due to certain average exchange rates applied in lieu of spot rates on transaction dates. Foreign Currency Translation and Other Comprehensive Income (Loss) The Company’s wholly owned subsidiary’s functional currency is the Australian dollar (AUD). For financial reporting purposes, the Australian dollar has been translated into the Company’s reporting currency which is the United States dollar ($) and/or (USD). Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity (deficit) as “Accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency transactions are included in the statements of operations and comprehensive income (loss) as other comprehensive income (loss). There have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after the balance sheet date. Other Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses). Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the consolidated results of operations as incurred. Effective fiscal year 2021, the parent company determined that these intercompany loans will not be repaid in the foreseeable future and thus, per ASC 830-20-35-3, gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment, a component of other comprehensive income. Accordingly, for the three months ended September 30, 2020, the Company recognized an exchange loss of approximately $583,227 on intercompany loans made by the parent to the subsidiary which have not been repaid as of September 30, 2020 and has been recorded within cumulative translation adjustment, a component of other comprehensive income. Prior to July 1, 2020, the Company recorded the foreign currency transaction gains and losses from measuring the intercompany balances as a component of other income (expenses) as reflected in the condensed consolidated statements of operations. The Company recorded foreign currency transaction gain (loss) of $1,960 and $(535,150) during the three months ended September 30, 2020 and 2019, respectively, as reflected in the condensed consolidated statements of operations. As of September 30, 2020 and June 30, 2020, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were as follows: September 30, 2020 June 30, 2020 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7170 0.6891 Average exchange rate for the period USD : AUD exchange rate 0.7151 0.6742 Change in Accumulated Other Comprehensive Income (Loss) by component during the three months ended September 30, 2020 was as follows: Foreign Balance, June 30, 2020 $ 1,267,671 Foreign currency translation gain (75,755 ) Ending balance, September 30, 2020 $ 1,191,916 Fair Value of Financial Instruments and Fair Value Measurements The Company measures its financial assets and liabilities in accordance with US GAAP. For certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, the carrying amounts approximate fair value due to their short maturities. Amounts recorded for notes payable, net of discount, and loans payable also approximate fair value because current interest rates available for debt with similar terms and maturities are substantially the same. The Company follows accounting guidance for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs, other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. Also see Note 11 - Derivative Financial Instruments and Fair Value Measurements. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the balance sheets. There were no cash equivalents as of September 30, 2020 or June 30, 2020. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals, and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the declining balance method. The depreciable amount is the cost less its residual value. The estimated useful lives are as follows: Machinery and equipment - 5 years Furniture - 7 years Patents Patents are stated at cost and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by a regulatory agency. However, the Company will expense any patent costs as long as we are in the startup stage. Accordingly, as the Company’s products are not currently approved for market, all patent costs incurred from 2013 through September 30, 2020 were expensed immediately. This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency. Impairment of Long-Lived Assets In accordance with ASC 360-10, “ Long-lived assets,” Employee Benefit/Liability Liabilities arising in respect of wages and salaries, accumulated annual leave, accumulated long service leave and any other employee benefits expected to be settled within twelve months of the reporting date are measured based on the employee’s remuneration rates applicable at the reporting date. All other employee benefit liabilities are measured at the present value of the estimated future cash outflow to be made in respect of services provided by employees up to the reporting date. All employee liabilities are owed within the next twelve months. Australian Goods and Services Tax (“GST”) Revenues, expenses and balance sheet items are recognized net of the amount of GST, except payable and receivable balances which are shown inclusive of GST. The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office. Cash flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. As of September 30, 2020 and June 30, 2020, the Company was owed $2,852 and $2,015, respectively, from the Australian Taxation Office. These amounts were fully collected subsequent to the balance sheet reporting dates. Derivative Instruments ASC Topic 815, Derivatives and Hedging Convertible Notes With Variable Conversion Options The Company has entered into convertible notes, some of which contain variable conversion options, whereby the outstanding principal and accrued interest may be converted, by the holder, into common shares at a fixed discount to the price of the common stock at or around the time of conversion. The Company treats these convertible notes as stock settled debt under ASC 480, “ Distinguishing Liabilities from Equity Income Taxes The Company is governed by Australia and United States income tax laws, which are administered by the Australian Taxation Office and the United States Internal Revenue Service, respectively. The Company follows ASC 740 “ Accounting for Income Taxes The Company follows ASC 740, Sections 25 through 60, “ Accounting for Uncertainty in Income Taxes Research and Development Costs and Tax Credits In accordance with ASC 730-10, “Research and Development-Overall,” The Company may apply for research and development tax concessions with the Australian Taxation Office on an annual basis. Although the amount is possible to estimate at year end, the Australian Taxation Office may reject or materially alter the claim amount. Accordingly, the Company does not recognize the benefit of the claim amount until cash receipt since collectability is not certain until such time. The tax concession is a refundable credit. If the Company has net income, then the Company can receive the credit which reduces its income tax liability. If the Company has net losses, then the Company may still receive a cash payment for the credit, however, the Company’s net operating loss carryforwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate is applied to that gross amount. The concession is recognized as an income tax benefit, in operations, upon receipt. During each of the three months ended September 30, 2020 and 2019, the Company applied for, and received from the Australian Taxation Office, a research and development tax credit in the amount of $0 and $108,894, respectively, which is reflected as a tax benefit in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). Stock Based Compensation The Company records stock-based compensation in accordance with ASC 718, “ Stock Compensation The Company adopted ASU 2018-07 and accounts for non-employee share-based awards in accordance with the measurement and recognition criteria of ASC 718 and recognizes the fair value of such awards over the service period. The Company used the modified prospective method of adoption. There was no cumulative effect of adoption on July 1, 2019. Revenue Recognition The Company adopted and implemented on July 1, 2018, ASC 606 – Revenue from Contracts with Customers (“ASC 606”). ASC 606 did not have a material impact on the consolidated financial statements. Upon implementation of ASC 606, the Company recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Subject to these criteria, the Company intends to recognize revenue relating to royalties on product sales in the period in which the sale occurs and the royalty term has begun. Legal Expenses All legal costs for litigation are charged to expense as incurred. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases On July 1, 2019, the Company adopted ASU No. 2016-02, applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases and; (ii) initial direct costs for any existing leases. For contracts entered into on or after the effective date, at the inception of a contract the Company assessed whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. Operating lease ROU assets represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company use an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the condensed consolidated statements of operations. Basic and Diluted Net Loss Per Common Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. Each holder of the notes has agreed to a 4.99% beneficial ownership conversion limitation (subject to certain noteholders’ ability to increase such limitation to 9.99% upon 60 days’ notice to the Company), and each note may not be converted during the first six-month period from the date of issuance. The securities for the period ended September 30, 2020 and 2019 were considered dilutive securities which were excluded from the computation since the effect is anti-dilutive. September 30, 2020 September 30, 2019 (Unaudited) (Unaudited) Stock Options 59,644 59,644 Stock Warrants 135,725,000 975,059 Restricted stock to be issued 117,000 117,000 Convertible Debt 510,673,916 4,089,765 Total 646,575,560 5,241,468 Recent Accounting Pronouncements We have reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. We have carefully considered the new pronouncements that alter previous generally accepted accounting principles and do not believe that any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of the Company’s financial management. |
Going Concern
Going Concern | 3 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 – GOING CONCERN The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with US GAAP, which contemplate continuation of the Company as a going concern. For the three months ended September 30, 2020, the Company had no revenues and had net cash used in operations of $179,949. Additionally, as of September 30, 2020, the Company had a working capital deficit, stockholders’ deficit and accumulated deficit of $3,258,953, $3,235,469 and $56,207,315, respectively. It is management’s opinion that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least twelve months from the date of this Quarterly Report. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing to fulfill its development activities, acceptance of the Company’s patent applications, obtaining additional sources of suitable and adequate financing and ultimately achieving a level of sales adequate to support the Company’s cost structure and business plan. The Company’s ability to continue as a going concern is also dependent on its ability to further develop and execute on its business plan. However, there can be no assurances that any or all of these endeavors will be successful. In March 2020, the outbreak of COVID-19 (coronavirus) caused by a novel strain of the coronavirus was recognized as a pandemic by the World Health Organization, and the outbreak has become increasingly widespread in the United States, Europe and Australia, including in each of the areas in which the Company operates. The COVID-19 (coronavirus) outbreak has had a notable impact on general economic conditions, including but not limited to the temporary closures of many businesses, “shelter in place” and other governmental regulations, reduced business and consumer spending due to both job losses, reduced investing activity and M&A transactions, among many other effects attributable to the COVID-19 (coronavirus), and there continue to be many unknowns. While to date the Company has not been required to stop operating, management is evaluating its use of its office space, virtual meetings and the like. The Company continues to monitor the impact of the COVID-19 (coronavirus) outbreak closely. The extent to which the COVID-19 (coronavirus) outbreak will impact our operations, ability to obtain financing or future financial results is uncertain. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment consist of the following as of September 30, 2020 and June 30, 2020. September 30, 2020 June 30, 2020 (Unaudited) Office equipment at cost $ 27,364 $ 26,299 Less: Accumulated depreciation (21,823 ) (20,552 ) Total property, plant, and equipment $ 5,541 $ 5,747 Depreciation expense for the three months ended September 30, 2020 and 2019 were $438 and $636, respectively. |
Due to Former Director - Relate
Due to Former Director - Related Party | 3 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Due to Former Director - Related Party | NOTE 4 – DUE TO FORMER DIRECTOR - RELATED PARTY Due to director - related party represents unsecured advances made primarily by a former director for operating expenses on behalf of the Company such as intellectual property and formation expenses. The expenses were paid for on behalf of the Company and are due upon demand. The Company is currently not being charged interest under these advances. The total amount owed the former director at September 30, 2020 and June 30, 2020 is $31,880 and $30,639, respectively. The Company plans to repay the advances as its cash resources allow (see Note 9). |
Loans from Directors and Office
Loans from Directors and Officer - Related Party | 3 Months Ended |
Sep. 30, 2020 | |
Loans From Directors And Officer - Related Party | |
Loans from Directors and Officer - Related Party | NOTE 5 – LOANS FROM DIRECTORS AND OFFICER – RELATED PARTY Loans from the Company’s directors and officer at September 30, 2020 and June 30, 2020 were $53,058 and $50,993, respectively. The loans bear no interest and are all payable on demand. The Company did not repay any amount on these loans during the three months ended September 30, 2020 (see Note 9). |
Convertible Notes
Convertible Notes | 3 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Notes | NOTE 6 – CONVERTIBLE NOTES The Company’s convertible notes outstanding at September 30, 2020 and June 30, 2020 were as follows: September 30, 2020 June 30, 2020 (Unaudited) Convertible notes and debenture $ 594,561 $ 1,029,496 Unamortized discounts (5,386 ) (126,667 ) Accrued interest 70,627 80,101 Premium, net 369,886 574,804 Convertible notes, net $ 1,029,688 $ 1,557,734 Eagle Equities Financing Agreements December 29, 2017 Securities Purchase Agreement The Company entered into an executory contract on December 29, 2017, whereby the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “December 2017 Eagle Note”) from the Company in the aggregate principal amount of $532,435, with principal and the interest thereon convertible into shares of the Company’s common stock at the option of Eagle Equities at any time. The transactions closed on January 2, 2018. The December 2017 Eagle Note contained an original issue discount of $25,354 such that the purchase price was $507,081. The maturity date of the December 2017 Eagle Note was December 29, 2018. The Company was in discussions with Eagle Equities to extend the maturity date. The December 2017 Eagle Note bore interest at a rate of 8% per annum, which interest were to be paid by the Company to Eagle Equities in shares of the Company’s common stock upon receipt of a notice of conversion by the Company from Eagle Equities at any time. The Company recorded $0 of accrued interest for the December 2017 Eagle Note and total principal outstanding as of June 30, 2020 under the December 2017 Eagle Note was $0 following conversion of the remaining principal $171,965 and $24,751 of accrued interest during the fiscal year to June 30, 2020. Accordingly, there was no outstanding balance as of June 30, 2020. Eagle Equities had the option to convert all or any amount of the principal face amount of the December 2017 Eagle Note, at any time, for shares of the Company’s common stock at a price equal to 60% of the lowest closing bid price of the Company’s common stock as reported on the OTCQB for the ten prior trading days, including the day upon which the Company receives a notice of conversion from Eagle Equities. The note was treated as stock settled debt under ASC 480 and accordingly the Company recorded a $354,956 put premium of which $240,313 was released to additional paid in capital following conversion of $360,470 of principal during the fiscal year to June 30, 2019, and a further $114,643 was released to additional paid in capital following conversion of the remaining principal of $171,965 during the fiscal year to June 30, 2020. Accordingly, there was no outstanding balance as of June 30, 2020. Upon an event of default, principal and accrued interest will become immediately due and payable under the notes. Additionally, upon an event of default, both notes will accrue interest at a default interest rate of 24% per annum or the highest rate of interest permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. In April 2020, Eagle Equities agreed to waive the 24% default interest on this note. July 13, 2018 Securities Purchase Agreement Effective July 13, 2018, the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “July 2018 Note”) from the Company in the aggregate principal amount of $75,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option of Eagle Equities any time after the six month anniversary of the July 2018 Eagle Note. The transaction closed on July 16, 2018 and on July 19, 2018 the Company received proceeds of $71,250 as $3,750 was paid directly to legal fees. The maturity date of the July 2018 Eagle Note was July 13, 2019. The July 2018 Eagle Note bears interest at a rate of 8% per annum, which interest shall be paid by the Company to Eagle Equities in shares of the Company’s common stock upon receipt of a notice of conversion by the Company from Eagle Equities at any time after the six-month anniversary of the Note. Additionally, Eagle Equities had the option to convert all or any amount of the principal face amount of the July 2018 Eagle Note, at any time, for shares of the Company’s common stock at a price equal to 60% of the lowest closing bid price of the Company’s common stock for the ten prior trading days, including the day upon which the Company receives a notice of conversion, subject to adjustment in certain events. Eagle Equities shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Eagle Equities and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock. The July 2018 Eagle Note was treated as stock settled debt under ASC 480 and accordingly, the Company recorded a $50,000 put premium of which $50,000 was released in fiscal 2020 to additional paid in capital following the full conversion of the note. The Company recorded $0 of accrued interest and the total principal outstanding under the July 2018 Eagle Note was $0 as of June 30, 2020 following conversion of $75,000 of principal and $9,300 of accrued interest during the fiscal year ended June 30, 2020. The Company had the right to prepay the July 2018 Eagle Note with certain penalties until January 9, 2019. No prepayment was made as of such date. As a result, the July 2018 Eagle Note was convertible. Accordingly, there was no outstanding balance as of June 30, 2020. Upon an event of default, principal and accrued interest will become immediately due and payable under the notes. Additionally, upon an event of default, both notes will accrue interest at a default interest rate of 24% per annum or the highest rate of interest permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. In April 2020, Eagle Equities agreed to waive the 24% default interest on this note. August 29, 2018 Securities Purchase Agreement Effective August 29, 2018, the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “August 2018 Eagle Note”) from the Company in the aggregate principal amount of $105,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option of Eagle Equities any time after the six-month anniversary of the August 2018 Eagle Note. The transactions contemplated by the agreement closed on August 30, 2018. The maturity date of the August 29, 2018 Eagle Note was August 29, 2019. The Company is currently in discussions with Eagle Equities to extend the maturity date. The August 2018 Eagle Note bears interest at a rate of 8% per annum, which interest shall be paid by the Company to Eagle Equities in shares of the Company’s common stock upon receipt of a notice of conversion by the Company from Eagle Equities at any time after the six-month anniversary of the August 2018 Eagle Note. Additionally, Eagle Equities has the option to convert all or any amount of the principal face amount of the August 2018 Eagle Note, at any time, into shares of the Company’s common stock at a price equal to 60% of the lowest closing bid price (the “Closing Bid Price”) of the Company’s common stock as reported on the OTC Markets quotation system for the ten prior trading days, including the day upon which the Company receives a notice of conversion from Eagle Equities (the “Conversion Price”). However, in the event that the Company’s common stock is restricted by the DTC for any reason, the Conversion Price shall be lowered to 50% of the lowest Closing Bid Price for the duration of such restriction. If the Company fails to maintain a reserve of shares of its common stock at least four times the number of shares issuable upon conversion of the August 2018 Eagle Note for at least 60 days after the issuance of the August 28, 2018 Eagle Note, the conversion discount shall be increased by 10%. Notwithstanding the foregoing, Eagle Equities shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Eagle Equities and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock. The Company had the right to prepay the August 2018 Eagle Note with certain penalties until February 25, 2019. No prepayment was made as of such date. As a result, the August 2018 Eagle Note then became convertible. The August 2018 Eagle Note is treated as stock settled debt under ASC 480 and accordingly, the Company recorded a $70,000 put premium of which $17,000 and $53,000 were released to additional paid in capital following conversion of principal during the fiscal year to June 30, 2020 and the three months ended September 30, 2020, respectively. The Company recorded $11,663 of accrued interest and the total principal outstanding under the August 2018 Eagle Note was $79,500 as of June 30, 2020 following conversion of $25,500 of principal and $3,788 of accrued interest during the fiscal year ended June 30, 2020. The Company recorded $0 of accrued interest and the total principal outstanding under the August 2018 Eagle Note was $0 as of September 30, 2020 following conversion of $79,500 of principal and $12,035 of accrued interest during the three months ended September 30, 2020. Accordingly, there was no outstanding balance as of September 30, 2020. Upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 24% per annum or at the highest rate permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. In April 2020, Eagle Equities agreed to waive the 24% default interest on this note. October 2, 2018 Securities Purchase Agreement Effective October 2, 2018, the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “October 2018 Eagle Note”) from the Company in the aggregate principal amount of $210,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option of Eagle Equities any time after the six-month anniversary of the October 2018 Eagle Note. The transactions contemplated by the purchase agreement closed on October 3, 2018. Pursuant to the terms of the purchase agreement, Eagle Equities deducted $10,000 from the principal payment due under the October 2018 Eagle Note, at the time of closing, to be applied to its legal expenses. The maturity date of the October 2018 Eagle Note was October 2, 2019. The October 2018 Eagle Note shall bore interest at a rate of 8% per annum, which interest shall be paid by the Company to Eagle Equities in shares of common stock upon receipt of a notice of conversion by the Company from Eagle Equities at any time after the six-month anniversary of the October 2018 Eagle Note. Additionally, Eagle Equities had the option to convert all or any amount of the principal amount of the October 2018 Eagle Note, at any time, for shares of the Company’s common stock at a price equal to 60% of the lowest closing bid price of the Company’s common stock for the ten prior trading days, including the day upon which the Company receives a notice of conversion, subject to adjustment in certain events. Eagle Equities shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Eagle Equities and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock. No prepayment was made as of such date. As a result, the October 2018 Eagle Note then became convertible. The October 2, 2018 Eagle Note was treated as stock settled debt under ASC 480 and accordingly, the Company recorded a $140,000 put premium of which $140,000 was released to additional paid in capital following conversion of principal during the year ended June 30, 2020. The Company recorded $12,473 of accrued interest and the total principal outstanding under the October 2018 Eagle Note was $210,000 as of June 30, 2019. The Company recorded $0 of accrued interest and the total principal outstanding under the October 2018 Eagle Note was $0 as of June 30, 2020 following conversion of $210,000 of principal and $25,725 of accrued interest during the year ended June 30, 2020. The Company had the right to prepay the October 2018 Eagle Note with certain penalties until March 31, 2019. Accordingly, there was no outstanding balance as of June 30, 2020. Upon an event of default, principal and accrued interest will become immediately due and payable under the notes. Additionally, upon an event of default, both notes will accrue interest at a default interest rate of 24% per annum or the highest rate of interest permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. In April 2020, Eagle Equities agreed to waive the 24% default interest on this note. November 30, 2018 Securities Purchase Agreement Effective November 30, 2018, the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “November 2018 Eagle Note”) from the Company in the aggregate principal amount of $105,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option of Eagle Equities any time after the six-month anniversary of the November 2018 Eagle Note. The transactions contemplated by the purchase agreement closed on December 3, 2018. Pursuant to the terms of the purchase agreement, Eagle Equities deducted $5,000 from the principal payment due under the November 2018 Eagle Note, at the time of closing, to be applied to its legal expenses. The maturity date of the November 2018 Eagle Note was November 30, 2019. The November 2018 Eagle Note bore interest at a rate of 8% per annum, which interest shall be paid by the Company to Eagle Equities in shares of common stock upon receipt of a notice of conversion by the Company from Eagle Equities at any time after the six-month anniversary of the November 2018 Eagle Note. Additionally, Eagle Equities had the option to convert all or any amount of the principal amount of the November 2018 Eagle Note, at any time, for shares of the Company’s common stock at a price equal to 61% of the lowest closing bid price (the “Closing Bid Price”) of the Company’s common stock as reported on the OTC Markets Group, Inc. quotation system for the ten prior trading days, including the day upon which the Company receives a notice of conversion from Eagle Equities (the “Conversion Price”). However, in the event that the Company’s common stock is restricted by the Depository Trust Company for any reason, the Conversion Price shall be lowered to 51% of the lowest Closing Bid Price for the duration of such restriction. If the Company fails to maintain a reserve of shares of its common stock at least two and a half times the number of shares issuable upon conversion of the November 2018 Eagle Note for at least 60 days after the issuance of the November 2018 Eagle Note, the conversion discount shall be increased by 10%. Notwithstanding the foregoing, Eagle Equities shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Eagle Equities and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock. The November 2018 Eagle Note was treated as stock settled debt under ASC 480 and accordingly, the Company recorded a $67,131 put premium of which $67,131 was released to additional paid in capital following conversion of principal during the year ended June 30, 2020. The Company recorded $4,879 of accrued interest and the total principal outstanding under the November 2018 Eagle Note was $105,000 as of June 30, 2019. The Company recorded $0 of accrued interest and the total principal outstanding under the November 2018 Eagle Note was $0 as of June 30, 2020 following conversion of $105,000 of principal and $12,832 of accrued interest during the year ended June 30, 2020. The November 2018 Eagle Note may be prepaid with certain penalties by the Company until May 29, 2019. No prepayment was made as of such date. Accordingly, there was no outstanding balance as of June 30, 2020. Upon an event of default, principal and accrued interest will become immediately due and payable under the notes. Additionally, upon an event of default, both notes will accrue interest at a default interest rate of 24% per annum or the highest rate of interest permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. In April 2020, Eagle Equities agreed to waive the 24% default interest on this note. December 24, 2018 Securities Purchase Agreement Effective December 24, 2018, the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “December 2018 Eagle Note”) from the Company in the aggregate principal amount of $126,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option of Eagle Equities any time after the six-month anniversary of the December 2018 Eagle Note. The transactions contemplated by the purchase agreement closed on December 24, 2018. Pursuant to the terms of the purchase agreement, Eagle Equities deducted $6,000 from the principal payment due under the December 2018 Eagle Note, at the time of closing, to be applied to its legal expenses. The Company used the net proceeds from the December 2018 Eagle Note to repay an outstanding convertible promissory note before such note became convertible. The maturity date of the December 2018 Eagle Note was December 24, 2019. The December 2018 Eagle Note shall bear interest at a rate of 8% per annum, which interest shall be paid by the Company to Eagle Equities in shares of common stock upon receipt of a notice of conversion by the Company from Eagle Equities at any time after the six-month anniversary of the December 2018 Eagle Note. Additionally, Eagle Equities has the option to convert all or any amount of the principal amount of the December 2018 Eagle Note, at any time, for shares of the Company’s common stock at a price equal to 61% of the lowest closing bid price (the “Closing Bid Price”) of the Company’s common stock as reported on the OTC Markets Group, Inc. quotation system for the ten prior trading days, including the day upon which the Company receives a notice of conversion from Eagle Equities (the “Conversion Price”). However, in the event that the Company’s common stock is restricted by the Depository Trust Company for any reason, the Conversion Price shall be lowered to 51% of the lowest Closing Bid Price for the duration of such restriction. If the Company fails to maintain a reserve of shares of its common stock at least two and a half times the number of shares issuable upon conversion of the December 2018 Eagle Note for at least 60 days after the issuance of the December 2018 Eagle Note, the conversion discount shall be increased by 10%. Notwithstanding the foregoing, Eagle Equities shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Eagle Equities and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock. The December 2018 Eagle Note is treated as stock settled debt under ASC 480 and accordingly, the Company recorded an $80,557 put premium of which $25,433 was released to additional paid in capital following conversion of principal during the three months ended September 30, 2020. The Company has recorded $15,327 of accrued interest and the total principal outstanding under the December 2018 Eagle Note was $126,000 as of June 30, 2020. The December 2018 Eagle Note may be prepaid with certain penalties until June 22, 2019. No prepayment was made as of such date. The Company recorded $11,598 of accrued interest and the total principal outstanding under the December 2018 Eagle Note was $86,220 as of September 30, 2020 following conversion of $39,780 of principal and $5,123 of accrued interest during the three months ended September 30, 2020. Accordingly, there was $86,220 outstanding principal balance as of September 30, 2020. Upon an event of default, principal and accrued interest will become immediately due and payable under the notes. Additionally, upon an event of default, both notes will accrue interest at a default interest rate of 24% per annum or the highest rate of interest permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. In April 2020, Eagle Equities agreed to waive the 24% default interest on this note, however, the note is currently past due. The total principal amount outstanding under the above Eagle Equities financing agreements, specifically the August 29, 2018 and the December 24, 2018 agreements was $205,500 as of June 30, 2020 and accrued interest totaled $26,990. The total principal amount outstanding under the above Eagle Equities financing agreements, specifically the December 24, 2018 agreements was $86,220 as of September 30, 2020 and accrued interest totaled $11,598. GS Capital Financing Agreements October 2, 2018 Securities Purchase Agreement Effective October 2, 2018, the Company entered into a securities purchase agreement with GS Capital, pursuant to which GS Capital purchased two 8% unsecured convertible redeemable notes (the “October 2, 2018 GS Notes”) from the Company in the aggregate principal amount of $212,000, such principal and the interest thereon convertible into shares of the Company’s common stock. The purchase price of $106,000 of the first note (the “October 2018 GS Note”) was paid in cash by GS Capital on October 3, 2018. After payment of certain legal fees and expenses, net proceeds to the Company from the October 2018 GS Note totaled $100,700. The purchase price of $106,000 of the second note (the “October 2, 2018 GS Back End Note”) was initially paid for by GS Capital issuing to the Company an offsetting $106,000 collateralized secured note (the “October 2, 2018 GS Secured Note”). The terms of the October 2018 GS Back End Note require cash funding prior to any conversion thereunder, and such cash funding shall occur on or before June 2, 2019. Both the October 2, 2018 GS Note and the October 2, 2018 GS Back End Note, which was funded on February 27, 2019, matured on October 2, 2019, upon which any outstanding principal and interest thereon is due and payable. The amounts cash funded plus accrued interest under both the October 2018 GS Note and the October 2018 GS Back End Note are convertibles into shares of the Company’s common stock, at any time after April 2, 2019, at a conversion price for each share of common stock equal to 61% of the lowest closing bid price of the Company’s common stock for the ten prior trading days including the day upon which a notice of conversion is received by the Company from GS Capital, subject to adjustment in certain events. GS Capital shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by GS Capital and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock. The October 2018 GS Note and the October 2018 GS Back End Note are treated as stock settled debt under ASC 480 and accordingly, the Company recorded a total $67,771 put premium for each note of which $44,690 was released in respect of the October 2018 GS Note in the fiscal year ended June 30, 2019, and a further $22,901 was released during the year ended June 30, 2020 following full conversion of the October 2018 GS Note resulting from conversion of the remaining principal balance of $35,820 and $2,434 in accrued interest. $67,770 of the put premium was released in respect of the October 2018 GS Back-End Note during the year ended June 30, 2020 following conversion $106,000 of the principal balance. The maturity date of the October 2, 2018 GS Back-Note was October 2019. The total principal balance under the October 2018 GS Back-End Note, was $0 and accrued interest totaled $2,658 as of June 30, 2020 and $0 principal balance and accrued interest of $0 as of September 30, 2020. Accordingly, there was no outstanding principal balance as of September 30, 2020. The October 2, 2018 GS Notes contain certain events of default, upon which principal and accrued interest will become immediately due and payable. In addition, upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 24% per annum, or if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. January 22, 2020 GS Capital Securities Purchase Agreements Effective January 22, 2020, the Company entered into a securities purchase agreement with GS Capital, pursuant to which GS Capital purchased a convertible promissory note (the “January 22, 2020 GS Note”) from the Company in the aggregate principal amount of $58,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option of GS Capital any time after the six month anniversary of the January 22, 2020 GS Capital Note. The January 22, 2020 GS Note contains an original discount of $3,500. The transactions contemplated by the GS Capital Securities Purchase Agreement closed on January 22, 2020. Pursuant to the terms of the GS Capital Securities Purchase Agreement, GS Capital deducted $2,500 from the principal payment due under the January 22, 2020 GW Note, at the time of closing, to be applied to its legal expenses and received net cash proceeds of $52,000 on January 28, 2020. The Company intends to use the net proceeds from the January 22, 2020 GW Note for general working capital purposes. The maturity date of the January 22, 2020 GS Capital is January 22, 2021. The January 22, 2020 GS Capital Note bears interest at a rate of 10% per annum, which interest may be paid by the Company to GS Capital in shares of the Company’s common stock; but shall not be payable until the January 22, 2020 GS Capital Note becomes payable, whether at the maturity date or upon acceleration or by prepayment. Additionally, GS Capital has the option to convert all or any amount of the principal face amount of the January 22, 2020 GS Capital Note at any time from the date of issuance and ending on the later of the maturity date or the date the Default Amount is paid if an event of default occurs, which is an amount between 112% and 130% of an amount equal to the then outstanding principal amount of the January 22, 2020 GS Capital Note plus any interest accrued, for shares of the Company’s common stock at the then-applicable conversion price. The conversion price for the January 22, 2020 GS Capital Note shall be equal to a 40% discount of the lowest closing bid price (“Lowest Trading Price”) of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, GS Capital shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by GS Capital and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock which may be increased up to 9.99% upon 60 days prior written notice by the GS Capital to the Company. The note is treated as stock settled debt under ASC 480 and accordingly the Company recorded a $38,667 put premium which was expensed in fiscal 2020 of which $4,408 was released to additional paid in capital following conversion of principal during the three months ended September 30, 2020. The Company has recorded $2,542 of accrued interest and the total principal outstanding under the January 22, 2020 GS Note was $58,000 as of June 30, 2020. The Company recorded $3,557 of accrued interest and the total principal outstanding under the January 22, 2020 GS Note was $51,388 as of September 30, 2020 following conversion of $6,612 of principal and $330 of accrued interest during the three months ended September 30, 2020. Accordingly, there was $51,388 outstanding principal balance as of September 30, 2020. The January 22, 2020 GS Note contain certain events of default, upon which principal and accrued interest will become immediately due and payable. In addition, upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 24% per annum, or if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. The total principal amount outstanding under the above GS Capital financing agreement, specifically the January 22, 2020 GS Note, was $58,000 and accrued interest of $2,542 as of June 30, 2020. The remaining principal outstanding and accrued interest under this note as of September 30, 2020 was $51,388 and $3,557, respectively. Convertible Note Issued with Consulting Agreement August 10, 2017 Consulting Agreement On August 10, 2017, the Company entered into a consulting agreement, retroactive to May 16, 2017, with a certain consultant, pursuant to which the consultant agreed to provide certain consulting and business advisory services in exchange for a $310,000 junior subordinated convertible note. The maturity date of the August 10, 2017 Convertible Note was August 2019 and is currently past due (see Note 8). The note accrues interest at a rate of 10% per annum and is convertible into common stock at the lesser of $750 or 65% of the three lowest trades in the ten trading days prior to the conversion. The note was fully earned upon signing the agreement and matures on August 10, 2019. The Company accrued $155,000 related to this expense at June 30, 2017 and recorded the remaining $155,000 related to this expense in fiscal year 2018. Upon an event of default, principal and accrued interest will become immediately due and payable under the note. Additionally, upon an event of default, at the election of the holder, the note would accrue interest at a default interest rate of 18% per annum or the highest rate of interest permitted by law. The consulting agreement had a three-month term and expired on August 16, 2017. An aggregate total of $578,212 of this note was bifurcated with the embedded conversion option recorded as a derivative liability at fair value. During the year ended June 30, 2018, the consultant converted $140,000 of principal and $10,764 of interest. During the year ended June 30, 2019, the consultant converted an additional $161,000 of principal and $19,418 of interest leaving a principal balance owed of $9,000 at June 30, 2019. During the year ended June 30, 2020, the consultant converted an additional $500 of principal and $5,248 of interest such that the remaining principal outstanding and accrued interest under this note as of June 30, 2020 was $8,500 and $22,168, respectively. The remaining principal outstanding and accrued interest under this note as of September 30, 2020 was $8,500 and $22,567, respectively. Power Up Lending Group Financing Agreements July 3, 2019 Securities Purchase Agreement Effective July 3, 2019, the Company entered into a securities purchase agreement with Power Up Lending Group Ltd. (“Power Up”), pursuant to which Power Up purchased a convertible promissory note (the “July 3, 2019 Power Up Note”) from the Company in the aggregate principal amount of $78,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option of Power Up. The transaction closed on July 3, 2019 and the Company received payment on July 8, 2019 in the amount of $78,000, of which $2,500 was paid directly toward legal fees and $500 to Power Up for due diligence fees resulting in net cash proceeds of $75,000. The maturity |
Stockholders' Deficit
Stockholders' Deficit | 3 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Deficit | NOTE 7 – STOCKHOLDERS’ DEFICIT Preferred Stock The total number of shares of preferred stock that the Company is authorized to issue is 1,500,005, $0.01 par value per share. These preferred shares have no rights to dividends, profit sharing or liquidation preferences. Of the total preferred shares authorized, 500,000 have been designated as Series A Preferred Stock (“Series A Preferred Stock”), pursuant to the Certificate of Designation filed with the Secretary of State of the State of Delaware on December 9, 2014. James Nathanielsz, the Company’s Chief Executive Officer and Chief Financial Officer, beneficially owns all of the outstanding shares of Series A Preferred Stock via North Horizon Pty Ltd., which entitles him, as a holder of Series A Preferred Stock, to vote on all matters submitted or required to be submitted to a vote of the Company’s stockholders, except election and removal of directors, and each share of Series A Preferred Stock entitles him to two votes per share of Series A Preferred Stock. North Horizon Pty Ltd. is a Nathanielsz Family Trust. Mr. James Nathanielsz, the Chief Executive Officer, Chief Financial Officer and a director of our Company, has voting and investment power over these shares. 500,000 shares of Series A Preferred Stock are issued and outstanding as of September 30, 2020 and June 30, 2020. Of the total preferred shares authorized, pursuant to the Certificate of Designation filed with the Secretary of State of the State of Delaware on June 16, 2015, up to five shares have been designated as Series B Preferred Stock (“Series B Preferred Stock”). Each holder of outstanding shares of Series B Preferred Stock is entitled to voting power equivalent to the number of votes equal to the total number of shares of common stock outstanding as of the record date for the determination of stockholders entitled to vote at each meeting of stockholders of the Company and entitled to vote on all matters submitted or required to be submitted to a vote of the stockholders of the Company. One share of Series B Preferred Stock is issued and outstanding as of September 30, 2020 and June 30, 2020. Mr. Nathanielsz directly beneficially owns such one share of Series B Preferred Stock. No shares of Series A Preferred Stock or Series B Preferred Stock were issued during the three months ended September 30, 2020 and in the fiscal year 2020. Common Stock: Shares issued for conversion of convertible debt From July 1, 2020 through September 30, 2020, the Company issued an aggregate of 442,031,352 shares of its common stock (24,426,642 are considered issuable) at an average contractual conversion price of $0.00096, ranging from $0.00056 to $0.0020, as a result of the conversion of principal of $391,935, interest of $25,735 and conversion fees $6,750 underlying certain outstanding convertible notes converted during such period. The total recorded to equity was $480,575. Notes totaling $75,000 contained bifurcated embedded conversion option derivatives. Accordingly, the fair market value of the shares issued was $134,155 resulting in a loss on extinguishment at the time of conversion of $56,155 and $106,141 of derivative fair value was recorded as a gain on extinguishment at the time of conversion. The Company reclassified $204,919 in put premiums to additional paid in capital following conversions during the three months ended September 30, 2020. The Company has 282,421,876 shares of its common stock reserved for future issuances based on lender reserve requirements pursuant to underlying financing agreements at September 30, 2020. Shares issued for exercise of warrants During the three months ended September 30, 2020, the Company received aggregate gross proceeds of $201,044 from the exercise of 10,445,482 prefunded warrants and 5,000,000 Series B Warrants. Warrants: The following table summarizes warrant activity for the three months ended September 30, 2020: Weighted Number of Average Shares Price Per Share Outstanding at June 30, 2020 151,170,482 $ 0.15 Issued - - Exercised (15,445,482 ) 0.01 Forfeited - - Expired - - Outstanding at September 30, 2020 135,725,000 $ 0.16 Exercisable at September 30, 2020 135,725,000 $ 0.16 Outstanding and Exercisable: Weighted average remaining contractual term 2.51 Aggregate intrinsic value $ 0 Exercise of Warrants During the three months ended September 30, 2020, the Company received aggregate gross proceeds of $201,044 from the exercise of 10,445,482 prefunded warrants and 5,000,000 Series B Warrants. Options: A summary of the Company’s option activity during the three months ended September 30, 2020 is presented below: Weighted Number of Average Exercise Shares Price Per Share Outstanding at June 30, 2020 59,644 $ 76.37 Issued - - Exercised - - Forfeited - - Expired - - Outstanding at September 30, 2020 59,644 $ 76.37 Exercisable at September 30, 2020 20,644 $ 212.09 Outstanding and Exercisable: Weighted average remaining contractual term 8.47 Weighted average fair value of options granted during the period $ - Aggregate intrinsic value $ - During the three months ended September 30, 2020, the Company recognized stock-based compensation of $20,718 related to vested stock options. There was $134,669 of unvested stock options expense as of September 30, 2020 that will be recognized through May 2022 or 1.62 years. No stock options were granted during the three months ended September 30, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 – COMMITMENTS AND CONTINGENCIES Legal Matters A complaint against us, dated September 26, 2019, has been filed by Foley Shechter Ablovatskiy (“Foley Shechter”), our former counsel, seeking $151,031.50 in legal fees, in addition to interest and costs of suit. The Company believes these claims to be unfounded and is vigorously defending itself. To that end, on November 20, 2019 the Company filed a motion to dismiss certain counts of the complaint, with prejudice. That motion remains pending with the Supreme Court of the State of New York, County of New York. Oral argument is scheduled for November 5, 2020. Upon resolution of the motion, the Company shall file an answer, together with affirmative defenses and counterclaims. The counterclaims shall include, without limitation, malpractice claims, arising out of Foley Shechter’s grossly negligent mishandling of certain transactions and excessive billing related thereto. Certain amounts related to this claim are included in accounts payable and accrued expenses in the accompanying Consolidated Financial Statements. If our motion to dismiss is granted, our potential liability would be reduced to $51,031.51 plus interest and attorney’s fees. Regal Consulting, LLC (“Regal”) initiated litigation against the Company in Clark County District Court, Nevada. Regal is demanding approximately $400,000 and 60,000 shares of the Company’s common stock as payment for services that Regal purports to have performed. Regal additionally claims that $106,500 remains due on a Convertible Note executed by the Company in May of 2017 (the “2017 Note”), and asserts that it is owed in excess of $100,000 in penalties in connection with the Company’s refusal to honor certain Conversion Notices. The Company filed an Answer and Counterclaim, denying liability and alleging that Regal procured by fraud the Company’s execution of various consulting agreements and additionally failed to provide the consulting services contemplated by said agreements. The discovery process is ongoing. In addition, the parties have agreed to mediate their dispute and are in the process of selecting a mediator and scheduling their mediation. IRS Liability As part of its requirement for having a foreign operating subsidiary, the Company’s parent U.S. entity is required to file an informational Form 5471 to the Internal Revenue Service (the “IRS”), which is a form that explains the nature of the relationship between the foreign subsidiary and the parent company. From 2012 through the 2014, the Company did not file this form in a timely manner. As a result of the non-timely filings, the Company incurred a penalty from the IRS in the amount of $10,000 per year, or $30,000 in total, plus accrued interest, such penalty and interest having been accrued and is included in the Accrued expenses and other payable figure in the consolidated balance sheet. The Company recorded the penalties for all three years during the year ended June 30, 2018 and is negotiating a payment plan. The Company is current on all subsequent filings. The Company’s tax advisor is awaiting a response from the IRS on this matter. Operating Agreements In November 2009, the Company entered into a commercialization agreement with the University of Bath (UK) (the “University”) whereby the Company and the University co-owned the intellectual property relating to the Company’s pro-enzyme formulations. In June 2012, the Company and the University entered into an assignment and amendment whereby the Company assumed full ownership of the intellectual property while agreeing to pay royalties of 2% of net revenues to the University. Additionally, the Company agreed to pay 5% of each and every license agreement subscribed for. The contract is cancellable at any time by either party. To date, no amounts are owed under the agreement. Operating Leases On May 5, 2016, the Company entered into a new five-year operating lease agreement with a Horizon Pty Ltd., a related party, of which Mr. Nathanielsz, our CEO, CFO and a director, and his wife are owners and directors, with monthly rent currently at $3,606 AUD or $2,431 USD, inclusive of GST (See Note 9 – Related Party Transactions). The initial rental amount was $3,000 AUD subject to a 3% yearly escalation. In adopting ASC Topic 842, Leases (Topic 842), the Company has elected the ‘package of practical expedients’, which permit it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of 12 month or less. On July 1, 2019, upon adoption of ASC Topic 842, the Company recorded right-of-use assets $48,662 and total lease liabilities of $48,662 based on an incremental borrowing rate of 6%. ROU is summarized below: September 30, 2020 Office lease ROU $ 48,662 Less accumulated reduction (32,870 ) Balance of ROU asset as of September 30, 2020 $ 15,792 Operating lease liability related to the ROU asset is summarized below: September 30, 2020 Office lease liability $ 48,662 Reduction of lease liability (28,705 ) Total $ 19,957 Future Minimum lease payments under non-cancelable operating lease at September 30, 2020 are as follows: Fiscal Year 2021 $ 23,636 Imputed interest (3,678 ) Total operating lease liability $ 19,957 Amatsigroup Agreement The Company entered into a Manufacturing Services Agreement (the “MSA”) and Quality Assurance Agreement (the “QAA”), each with an effective date of August 12, 2016, with Amatsigroup NV (“Amatsigroup”), formerly known as Q-Biologicals, NV, a contract manufacturing organization located in Belgium. Pursuant to the MSA, Amatsigroup produces certain drug substances and products containing certain enzymes for the Company at its facility in Belgium. The Company uses these substances and products for development purposes, including but not limited to future clinical trials. The MSA contemplates payment to Amatsigroup pursuant to a pre-determined fee schedule based on the completion of certain milestones that depend on our manufacturing requirements and final batch yield. The Company anticipates that its payments to Amatsigroup under the MSA will range between $2.5 million and $5.0 million over three years, when the finished drug product is manufactured and released for clinical trials. The Company has spent a total of $1,689,146 of costs to date under this contract of which $49,854 was expensed in fiscal 2019, $701,973 in fiscal 2018 and $937,319 in fiscal 2017. The MSA expired in 2019 and may be extended by mutual agreement in writing with a possible extension currently under consideration. The Company can terminate the MSA early for any reason upon the required notice period, however, in such event, the pre-payment paid upon signing the MSA is considered non-refundable. Each party to the MSA shall have the right to terminate the MSA by written notice to the other party if the other party commits a material breach of the MSA (subject to a 30-day cure period). The QAA sets forth the parties’ respective obligations and responsibilities relating to the manufacturing and testing of the products under the MSA. The agreements with Amatsigroup contain certain customary representations, warranties and limitations of liabilities, and confidentiality and indemnity obligations. The MSA expired in 2019 and may be extended by mutual agreement in writing with a possible extension currently under consideration. Collaboration Agreement On September 13, 2018, the Company entered into a two-year collaboration agreement with the University of Jaén (the “University”) to provide certain research services to the Company, which agreement will be extended. In consideration of such services, the Company agreed to pay the University approximately 52,000 Euros ($59,508 USD) in year one and a maximum of 40,000 Euros ($45,775 USD) in year two. The Company paid 31,754 Euros ($36,117 USD) in 2019 and has accrued 21,050 Euros ($24,660 USD) as of September 30, 2020. Additionally, in exchange for full ownership of the intellectual property the Company agreed to pay royalties of 2% of net revenues to the University. On October 1, 2020, the Company entered into another two-year collaboration agreement with the University (see Note 12). |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 9 – RELATED PARTY TRANSACTIONS Since its inception, the Company has conducted transactions with its directors and entities related to such directors. These transactions have included the following: As of September 30, 2020 and June 30, 2020, the Company owed a current and a former director a total of $53,058 and $50,993, respectively, for money loaned to the Company throughout the years. The total loans balance owed at September 30, 2020 and June 30, 2020 is not interest bearing (See Note 5 – Loans from Directors and Officer – Related Party). As of September 30, 2020 and June 30 2020, the Company owed its former director a total of $31,880 and $30,639, respectively, related to expenses paid on behalf of the Company related to corporate startup costs and intellectual property (See Note 4 – Due to Former Director – Related Party). Effective May 5, 2016, the Company entered into an agreement for the lease of its principal executive offices with North Horizon Pty Ltd., a related party, of which Mr. Nathanielsz, our CEO, CFO and a director, and his wife are owners and directors. The lease has a five-year term expiring May 2021 and provides for annual rental payments of $39,600 AUD or $28,325 USD, which includes $3,600 AUD or $2,575 USD of goods and service tax for total payments of $198,000 AUD or $141,629 USD during the term of the lease. As of September 30, 2020, total payments of $27,834 AUD or $19,957 USD remain on the lease. (See Note 8 – Commitments and Contingencies) Employment and Services Agreements with Management The Company and Mr. Nathanielsz entered into an employment agreement as of February 25, 2015 (the “Nathanielsz Employment Agreement”) setting forth the terms and conditions of Mr. Nathanielsz employment as the Company’s President and Chief Executive Officer. The Nathanielsz Employment Agreement was scheduled to expire on February 25, 2019; however, the term of the Nathanielsz Employment Agreement automatically renews for successive one-year periods unless either party provides 30 days’ prior written notice of its intent not to renew. The Nathanielsz Employment Agreement continues in effect as of September 30, 2020 as amended May 14, 2019 (see below). The Nathanielsz Employment Agreement provides Mr. Nathanielsz with a base salary of $25,000 AUD per month ($300,000 AUD annually or $205,680 USD) and a monthly contribution to Mr. Nathanielsz’s pension equal to 9.5% of his monthly salary. Mr. Nathanielsz has the ability to convert any accrued but unpaid salary into common stock at the end of each fiscal year at a conversion price to be determined by Mr. Nathanielsz and the Company, which will in no event be lower than par value or higher than the closing bid price on the date of conversion. Pursuant to the Nathanielsz Employment Agreement, Mr. Nathanielsz is entitled to an annual discretionary bonus in an amount up to 200% of his annual base salary, which bonus shall be determined by the Company’s board of directors based upon the performance of the Company. On March 16, 2018, the Company’s board of directors approved an increase of Mr. Nathanielsz’s annual base salary from $300,000 AUD ($205,680 USD) to $400,000 AUD ($274,240 USD), effective February 2018. Mr. Nathanielsz’s wife, Sylvia Nathanielsz, is and has been a non-executive part-time employee of the Company since October 2015. Effective February 1, 2018. Mrs. Nathanielsz receives an annual salary of $120,000 AUD ($80,904 USD) and is entitled to customary benefits. Pursuant to a February 25, 2016 board resolution, James Nathanielsz shall be paid $4,481 AUD ($3,205 USD), on a monthly basis for the purpose of acquiring and maintaining an automobile. For the three months ended September 30, 2020, a total of $11,533 AUD ($8,247 USD) in payments have been made with respect to Mr. Nathanielsz’s car allowance. Pursuant to the approval of the Company’s board of directors, on May 14, 2019, Mr. Nathanielsz was granted a $460,000 AUD ($315,376 USD) bonus for accomplishments achieved while serving as the Company’s Chief Executive Officer during the fiscal year ended June 30, 2019 with $200,000 AUD ($137,120 USD) of such bonus payable by the Corporation to the CEO throughout the Corporation’s 2019 fiscal year as the Corporation’s cash resources allow, with the remaining $260,000 AUD ($178,256 USD) of such bonus to be deferred by the CEO until a future date when the Corporation’s cash resources allow for such payment, as agreed to by the CEO. A total of $90,000 AUD ($64,377 USD) in payments were made in the year ended June 30, 2019. On July 13, 2020 the Board approved a bonus of $240,000 AUD being equal to 60% of Mr. Nathanielsz base salary which was accrued as of June 30, 2020. A total of $202,620 AUD ($136,606 USD) in payments were made in during the year ended June 30, 2020, with $407,380 AUD ($280,726 USD) remaining due and payable. A total of $40,000 AUD ($55,936 USD) in payments were made in during the three months ended September 30, 2020, with $367,380 AUD ($226,138 USD) remaining due and payable. Amended and Restated Employment Agreement ― On May 14, 2019 (the “Effective Date”), the Company entered into an Amended and Restated Employment Agreement (the “Employment Agreement”) with James Nathanielsz, the Company’s Chief Executive Officer, Chairman, acting Chief Financial Officer and a director, for a term of three years, subject to automatic one-year renewals, at an annual salary of $400,000 AUD. Pursuant to the Employment Agreement, Mr. Nathanielsz was granted options to purchase 39,000 shares of the Company’s common stock (the “Nathanielsz Options”), with an exercise price per share of $4.675 (110% of the closing market price of the Company’s common stock on May 14, 2019 (or $4.25), the date of approval of such grant by the Company’s board of directors), (ii) 39,000 restricted stock units of the Company (the “Initial Nathanielsz RSUs”), and (iii) an additional 39,000 restricted stock units of the Company (the “Additional Nathanielsz RSUs”). Such options and restricted stock units were granted pursuant to the 2019 Plan approved by the Company’s board of directors on the Effective Date. The Nathanielsz Options have a term of 10 years from the date of grant. 1/3rd of the Nathanielsz Options shall vest every successive one-year anniversary following the Effective Date, provided, that on each such vesting date Mr. Nathanielsz is employed by the Company and subject to the other provisions of the Employment Agreement. The Initial Nathanielsz RSUs shall vest on the one-year anniversary of the Effective Date, subject to Mr. Nathanielsz’s continued employment with the Company through such vesting date. The Additional Nathanielsz RSUs will vest as follows, subject to Mr. Nathanielsz’s continued employment with the Company through the applicable vesting date: (i) 7,800 of the Additional Nathanielsz RSUs shall vest upon the Company submitting Clinical Trial Application (the “CTA”) for PRP, the Company’s lead product candidate (“PRP”), for a First-In-Human study for PRP (the “Study”) in an applicable jurisdiction to be selected by the Company, (ii) 7,800 of the Additional Nathanielsz RSUs shall vest upon the CTA being approved in an applicable jurisdiction, (iii) 7,800 of the Additional RSUs shall vest upon the Company completing an equity financing in the amount of at least $4,000,000 in gross proceeds, (iv) 7,800 of the Additional Nathanielsz RSUs shall vest upon the shares of the Company’s Common Stock being listed on a senior stock exchange (NYSE, NYSEMKT or NASDAQ), and (v) the remaining 7,800 of the Additional Nathanielsz RSUs shall vest upon the Company enrolling its first patient in the Study. Each vested restricted stock unit shall be settled by delivery to Mr. Nathanielsz of one share of the Company’s common stock and/or the fair market value of one share of common stock in cash, at the sole discretion of the Company’s board of directors and subject to the 2019 Plan, on the first to occur of: (i) the date of a Change of Control (as defined in the Employment Agreement), (ii) the date that is ten business days following the vesting of such restricted stock unit, (iii) the date of Mr. Nathanielsz’s death or Disability (as defined in the Employment Agreement), and (iv) Mr. Nathanielsz’s employment being terminated either by the Company without Cause or by Mr. Nathanielsz for Good Reason (each as defined in the Employment Agreement). In the event of a Change of Control, any unvested portion of the Nathanielsz Options and such restricted stock units shall vest immediately prior to such event. Amended and Restated Services Agreement ― On the Effective Date, the Company also entered into an Amended and Restated Services Agreement (the “Services Agreement”) with Dr. Kenyon, the Company’s Chief Scientific Officer and a director, for a term of three years, subject to automatic one-year renewals, at an annual salary of $54,000 AUD. In connection with the execution of the Services Agreement, Dr. Kenyon was designated as an executive officer of the Company and assumed a more active executive role with the Company. Pursuant to the Services Agreement, Dr. Kenyon was granted options to purchase 19,500 shares of the Company’s common stock (the “Kenyon Options”), with an exercise price per share of $4.25 (100% of the closing market price of the Company’s common stock on May 14, 2019, the date of approval of such grant by the Company’s board of directors), (ii) 19,500 restricted stock units of the Company (the “Initial Kenyon RSUs”), and (iii) an additional 19,500 restricted stock units of the Company (the “Additional Kenyon RSUs”). Such options and restricted stock units were granted pursuant to the 2019 Plan approved by the Company’s board of directors on the Effective Date. The Kenyon Options have a term of 10 years from the date of grant. 1/3rd of the Kenyon Options shall vest every successive one-year anniversary following the Effective Date, provided, that on each such vesting date Dr. Kenyon is employed by the Company and subject to the other provisions of the Services Agreement. The Initial Kenyon RSUs shall vest on the one-year anniversary of the Effective Date, subject to Dr. Kenyon’s continued employment with the Company through such vesting date. The Additional Kenyon RSUs will vest as follows, subject to Dr. Kenyon’s continued employment with the Company through the applicable vesting date: (i) 4,875 of the Additional Kenyon RSUs shall vest upon the Company submitting the CTA for PRP for the Study in an applicable jurisdiction to be selected by the Company, (ii) 4,875 of the Additional Kenyon RSUs shall vest upon the Company completing an equity financing in the amount of at least $4,000,000 in gross proceeds, (iii) 4,875 of the Additional Kenyon RSUs shall vest upon the shares of the Company’s Common Stock being listed on a senior stock exchange (NYSE, NYSEMKT or NASDAQ), and (iv) the remaining 4,875 of the Additional Kenyon RSUs shall vest upon the Company enrolling its first patient in the Study. Each vested Kenyon RSU shall be settled by delivery to Mr. Kenyon of one share of the Company’s common stock and/or the fair market value of one share of common stock in cash, at the sole discretion of the Company’s board of directors and subject to the Plan, on the first to occur of: (i) the date of a Change of Control (as defined in the Services Agreement), (ii) the date that is ten business days following the vesting of such Kenyon RSU, (iii) the date of Dr. Kenyon’s death or Disability (as defined in the Services Agreement), and (iv) Dr. Kenyon’s employment being terminated either by the Company without Cause or by Dr. Kenyon for Good Reason (as defined in the Services Agreement). In the event of a Change of Control (as defined in the Services Agreement), 50% of any unvested portion of the Kenyon Options and the Kenyon RSUs shall vest immediately prior to such event. Intercompany Loans All Intercompany loans were made by the parent to the subsidiary, Propanc PTY LTD, which have not been repaid as of September 30, 2020. Effective fiscal year 2021, the parent company determined that intercompany loans will not be repaid in the foreseeable future and thus, per ASC 830-20-35-3, gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment, a component of other comprehensive income. Prior to July 1, 2020, the Company recorded the foreign currency transaction gains and losses from measuring the intercompany balances as a component of other income (expenses) as reflected in the condensed consolidated statements of operations. |
Concentrations and Risks
Concentrations and Risks | 3 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations and Risks | NOTE 10 – CONCENTRATIONS AND RISKS Concentration of Credit Risk The Company maintains its cash in banks and financial institutions in Australia. Bank deposits in Australian banks are uninsured. The Company has not experienced any losses in such accounts through September 30, 2020. The Company did not receive any funding from lenders during the three months ended September 30, 2020. The Company primarily relies on funding from three convertible debt lenders and received proceeds during the three months ended September 30, 2019 from each of the three lenders were $75,000, $285,000, and $505,000, respectively, which represents approximately 9%, 33% and 58%, respectively of total proceeds received by the Company during the three months ended September 30, 2019. Receivable Concentration As of September 30, 2020 and June 30, 2020, the Company’s receivables were 100% related to reimbursements on GST taxes paid. Patent and Patent Concentration The Company has filed multiple patent applications relating to its lead product, PRP. The Company’s lead patent application has been granted and remains in force in the United States, Belgium, Czech Republic, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, Liechtenstein, Turkey, United Kingdom, Australia, China, Japan, Indonesia, Israel, New Zealand, Singapore, Malaysia, South Africa, Mexico, Republic of Korea and India. In Brazil and Canada, the patent application remains under examination. In 2016 and early 2017, we filed other patent applications. Three applications were filed under the Patent Cooperation Treaty (the “PCT”). The PCT assists applicants in seeking patent protection by filing one international patent application under the PCT, applicants can simultaneously seek protection for an invention in over 150 countries. Once filed, the application is placed under the control of the national or regional patent offices, as applicable, in what is called the national phase. One of the PCT applications filed in November 2016, entered national phase in July 2018 and another PCT application is currently entering national phase in August 2018. A third PCT application entered the national phase in October 2018. Further patent applications are expected to be filed to capture and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions of proenzymes for treating cancer. Foreign Operations As of September 30, 2020 and June 30, 2020, the Company’s operations are based in Camberwell, Australia, however the majority of research and development is being conducted in the European Union. On July 22, 2016, the Company formed a wholly owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose of submitting an orphan drug application with the European Medicines Agency as a small and medium-sized enterprise. As of September 30, 2020 and June 30, 2020, there has been no activity within this entity. |
Derivative Financial Instrument
Derivative Financial Instruments and Fair Value Measurements | 3 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Fair Value Measurements | NOTE 11 - DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Derivative Financial Instruments: The Company applies the provisions of ASC 815-40, Contracts in Entity’s Own Equity The Company calculates the estimated fair values of the liabilities for derivative instruments using the Binomial Trees Method. The closing price of the Company’s common stock at September 30, 2020, the last trading day of the period ended September 30, 2020, was $0.0019. Volatility, expected remaining term and risk-free interest rates used to estimate the fair value of derivative liabilities at September 30, 2020 are indicated in the table that follows. The expected term is equal to the remaining term of the warrants or convertible instruments and the risk-free rate is based upon rates for treasury securities with the same term. Convertible Debt Initial Valuations into during the three September 30, 2020 Volatility - 269.61 % Expected Remaining Term (in years) - 00.01 Risk Free Interest Rate - 0.08 % Expected dividend yield None None Fair Value Measurements: The Company measures and reports at fair value the liability for derivative instruments. The fair value liabilities for price adjustable warrants and embedded conversion options have been recorded as determined utilizing the Binomial Trees model. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and June 30, 2020: Balance at September 30, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 5,916 $ — $ — $ 5,916 Total $ 5,916 $ — $ — $ 5,916 Balance at June 30, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 177,009 $ — $ — $ 177,009 Total $ 177,009 $ — $ — $ 177,009 The following is a roll forward for the three months ended September 30, 2020 of the fair value liability of price adjustable derivative instruments: Fair Value of Liability for Derivative Instruments Balance at June 30, 2020 $ 177,009 Initial fair value of embedded conversion option derivative liability recorded as debt discount - Initial fair value of embedded conversion option derivative liability recorded as expense - Gain on debt extinguishment (106,141 ) Change in fair value included in statements of operations (64,952 ) Balance at September 30, 2020 $ 5,916 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12 – SUBSEQUENT EVENTS Collaboration Agreement On October 1, 2020, the Company entered into a two-year collaboration agreement with the University of Jaén (the “University”) to provide certain research services to the Company. In consideration of such services, the Company agreed to pay the University approximately 30,000 Euros ($35,145 USD) which shall be paid in four installment payment of 5,000 Euros in November 2020, 5,000 Euros ($5,858) in March 2021, 10,000 Euros ($11,715) in December 2021 and 10,000 Euros ($11,715) in September 2022. Additionally, the University shall hire and train a doctoral student for this project and as such the Company shall pay the University 25,837 Euros ($30,268 USD). In exchange for full ownership of the intellectual property the Company agreed to pay royalties of 2% of net revenues to the University. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Policies) | 3 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Propanc Biopharma, Inc. (the “Company,” “we,” “us” or “our”) was originally incorporated in Melbourne, Victoria Australia on October 15, 2007 as Propanc PTY LTD, and continues to be based in Camberwell, Victoria Australia. Since its inception, substantially all of the operations of the Company have been focused on the development of new cancer treatments targeting high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to prevent the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes acting synergistically. It is currently in the preclinical phase of development. On November 23, 2010, the Company was incorporated in the state of Delaware as Propanc Health Group Corporation. In January 2011, to reorganize the Company, we acquired all of the outstanding shares of Propanc PTY LTD on a one-for-one basis making it a wholly-owned subsidiary of the Company. On July 22, 2016, the Company formed a wholly owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise. As of September 30, 2020, there has been no activity within this entity. Effective April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to better reflect the Company’s stage of operations and development. The Company has filed multiple patent applications relating to its lead product, PRP. The first application was filed in October 2010. This patent has been granted and remains in force in the United States, Belgium, Czech Republic, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, Liechtenstein, Turkey, United Kingdom, Australia, China, Hong Kong, Japan, Indonesia, Israel, New Zealand, Singapore, Malaysia, South Africa, Mexico, Republic of Korea and India. In Brazil and Canada, the patent application remains under examination. In 2016 and 2017 we filed other patent applications. Three applications were filed under the Patent Cooperation Treaty (the “PCT”). The PCT assists applicants in seeking patent protection by filing one international patent application under the PCT, which allows the applicants to seek protection for an invention in over 150 countries. Once national or regional applications are filed, the application is placed under the control of the national or regional patent offices, as applicable, in what is called the national or regional phase. One PCT application, filed in November 2016, entered the national phase in July 2018. A second application filed in January 2017 entered the national phase commencing July 2018. A third application entered the national phase in October 2018. The Company hopes to capture and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions of proenzymes for treating cancer by filing additional patent applications as it advances its lead product candidate, PRP, through various stages of development. |
Basis of Presentation | Basis of Presentation The Company’s interim unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Quarterly Report”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to present fairly our results of operations for the three months ended September 30, 2020 and 2019 and cash flows for the three months ended September 30, 2020 and 2019 and our financial position at September 30, 2020 have been made. The Company’s results of operations for the three months ended September 30, 2020 are not necessarily indicative of the operating results to be expected for the full fiscal year ending June 30, 2021. Certain information and disclosures normally included in the notes to the Company’s annual audited consolidated financial statements have been condensed or omitted from the Company’s interim unaudited condensed consolidated financial statements included in this Quarterly Report. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2020. The June 30, 2020 balance sheet is derived from those statements. |
Principles of Consolidation | Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Propanc Biopharma, Inc., the parent entity, and its wholly-owned subsidiary, Propanc PTY LTD. All inter-company balances and transactions have been eliminated in consolidation. Propanc (UK) Limited was an inactive subsidiary at September 30, 2020. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“US GAAP”) 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates in the accompanying consolidated financial statements include the estimates of useful lives for depreciation, valuation of the operating lease liability and related right-of-use asset, valuation of derivatives, valuation of beneficial conversion features on convertible debt, allowance for uncollectable receivables, valuation of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation due to certain average exchange rates applied in lieu of spot rates on transaction dates. |
Foreign Currency Translation and Other Comprehensive Income (Loss) | Foreign Currency Translation and Other Comprehensive Income (Loss) The Company’s wholly owned subsidiary’s functional currency is the Australian dollar (AUD). For financial reporting purposes, the Australian dollar has been translated into the Company’s reporting currency which is the United States dollar ($) and/or (USD). Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity (deficit) as “Accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency transactions are included in the statements of operations and comprehensive income (loss) as other comprehensive income (loss). There have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after the balance sheet date. Other Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses). Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the consolidated results of operations as incurred. Effective fiscal year 2021, the parent company determined that these intercompany loans will not be repaid in the foreseeable future and thus, per ASC 830-20-35-3, gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment, a component of other comprehensive income. Accordingly, for the three months ended September 30, 2020, the Company recognized an exchange loss of approximately $583,227 on intercompany loans made by the parent to the subsidiary which have not been repaid as of September 30, 2020 and has been recorded within cumulative translation adjustment, a component of other comprehensive income. Prior to July 1, 2020, the Company recorded the foreign currency transaction gains and losses from measuring the intercompany balances as a component of other income (expenses) as reflected in the condensed consolidated statements of operations. The Company recorded foreign currency transaction gain (loss) of $1,960 and $(535,150) during the three months ended September 30, 2020 and 2019, respectively, as reflected in the condensed consolidated statements of operations. As of September 30, 2020 and June 30, 2020, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were as follows: September 30, 2020 June 30, 2020 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7170 0.6891 Average exchange rate for the period USD : AUD exchange rate 0.7151 0.6742 Change in Accumulated Other Comprehensive Income (Loss) by component during the three months ended September 30, 2020 was as follows: Foreign Balance, June 30, 2020 $ 1,267,671 Foreign currency translation gain (75,755 ) Ending balance, September 30, 2020 $ 1,191,916 |
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements The Company measures its financial assets and liabilities in accordance with US GAAP. For certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, the carrying amounts approximate fair value due to their short maturities. Amounts recorded for notes payable, net of discount, and loans payable also approximate fair value because current interest rates available for debt with similar terms and maturities are substantially the same. The Company follows accounting guidance for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs, other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. Also see Note 11 - Derivative Financial Instruments and Fair Value Measurements. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the balance sheets. There were no cash equivalents as of September 30, 2020 or June 30, 2020. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals, and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the declining balance method. The depreciable amount is the cost less its residual value. The estimated useful lives are as follows: Machinery and equipment - 5 years Furniture - 7 years |
Patents | Patents Patents are stated at cost and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by a regulatory agency. However, the Company will expense any patent costs as long as we are in the startup stage. Accordingly, as the Company’s products are not currently approved for market, all patent costs incurred from 2013 through September 30, 2020 were expensed immediately. This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with ASC 360-10, “ Long-lived assets,” |
Employee Benefit/Liability | Employee Benefit/Liability Liabilities arising in respect of wages and salaries, accumulated annual leave, accumulated long service leave and any other employee benefits expected to be settled within twelve months of the reporting date are measured based on the employee’s remuneration rates applicable at the reporting date. All other employee benefit liabilities are measured at the present value of the estimated future cash outflow to be made in respect of services provided by employees up to the reporting date. All employee liabilities are owed within the next twelve months. |
Australian Goods and Services Tax ("GST") | Australian Goods and Services Tax (“GST”) Revenues, expenses and balance sheet items are recognized net of the amount of GST, except payable and receivable balances which are shown inclusive of GST. The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office. Cash flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. As of September 30, 2020 and June 30, 2020, the Company was owed $2,852 and $2,015, respectively, from the Australian Taxation Office. These amounts were fully collected subsequent to the balance sheet reporting dates. |
Derivative Instruments | Derivative Instruments ASC Topic 815, Derivatives and Hedging |
Convertible Notes with Variable Conversion Options | Convertible Notes With Variable Conversion Options The Company has entered into convertible notes, some of which contain variable conversion options, whereby the outstanding principal and accrued interest may be converted, by the holder, into common shares at a fixed discount to the price of the common stock at or around the time of conversion. The Company treats these convertible notes as stock settled debt under ASC 480, “ Distinguishing Liabilities from Equity |
Income Taxes | Income Taxes The Company is governed by Australia and United States income tax laws, which are administered by the Australian Taxation Office and the United States Internal Revenue Service, respectively. The Company follows ASC 740 “ Accounting for Income Taxes The Company follows ASC 740, Sections 25 through 60, “ Accounting for Uncertainty in Income Taxes |
Research and Development Costs and Tax Credits | Research and Development Costs and Tax Credits In accordance with ASC 730-10, “Research and Development-Overall,” The Company may apply for research and development tax concessions with the Australian Taxation Office on an annual basis. Although the amount is possible to estimate at year end, the Australian Taxation Office may reject or materially alter the claim amount. Accordingly, the Company does not recognize the benefit of the claim amount until cash receipt since collectability is not certain until such time. The tax concession is a refundable credit. If the Company has net income, then the Company can receive the credit which reduces its income tax liability. If the Company has net losses, then the Company may still receive a cash payment for the credit, however, the Company’s net operating loss carryforwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate is applied to that gross amount. The concession is recognized as an income tax benefit, in operations, upon receipt. During each of the three months ended September 30, 2020 and 2019, the Company applied for, and received from the Australian Taxation Office, a research and development tax credit in the amount of $0 and $108,894, respectively, which is reflected as a tax benefit in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). |
Stock Based Compensation | Stock Based Compensation The Company records stock-based compensation in accordance with ASC 718, “ Stock Compensation The Company adopted ASU 2018-07 and accounts for non-employee share-based awards in accordance with the measurement and recognition criteria of ASC 718 and recognizes the fair value of such awards over the service period. The Company used the modified prospective method of adoption. There was no cumulative effect of adoption on July 1, 2019. |
Revenue Recognition | Revenue Recognition The Company adopted and implemented on July 1, 2018, ASC 606 – Revenue from Contracts with Customers (“ASC 606”). ASC 606 did not have a material impact on the consolidated financial statements. Upon implementation of ASC 606, the Company recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Subject to these criteria, the Company intends to recognize revenue relating to royalties on product sales in the period in which the sale occurs and the royalty term has begun. |
Legal Expenses | Legal Expenses All legal costs for litigation are charged to expense as incurred. |
Leases | Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases On July 1, 2019, the Company adopted ASU No. 2016-02, applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases and; (ii) initial direct costs for any existing leases. For contracts entered into on or after the effective date, at the inception of a contract the Company assessed whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. Operating lease ROU assets represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company use an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the condensed consolidated statements of operations. |
Basic and Diluted Net Loss Per Common Share | Basic and Diluted Net Loss Per Common Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. Each holder of the notes has agreed to a 4.99% beneficial ownership conversion limitation (subject to certain noteholders’ ability to increase such limitation to 9.99% upon 60 days’ notice to the Company), and each note may not be converted during the first six-month period from the date of issuance. The securities for the period ended September 30, 2020 and 2019 were considered dilutive securities which were excluded from the computation since the effect is anti-dilutive. September 30, 2020 September 30, 2019 (Unaudited) (Unaudited) Stock Options 59,644 59,644 Stock Warrants 135,725,000 975,059 Restricted stock to be issued 117,000 117,000 Convertible Debt 510,673,916 4,089,765 Total 646,575,560 5,241,468 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. We have carefully considered the new pronouncements that alter previous generally accepted accounting principles and do not believe that any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of the Company’s financial management. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Translation Exchange Rates | As of September 30, 2020 and June 30, 2020, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were as follows: September 30, 2020 June 30, 2020 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7170 0.6891 Average exchange rate for the period USD : AUD exchange rate 0.7151 0.6742 |
Schedule of Change in Accumulated Other Comprehensive Income (Loss) | Change in Accumulated Other Comprehensive Income (Loss) by component during the three months ended September 30, 2020 was as follows: Foreign Balance, June 30, 2020 $ 1,267,671 Foreign currency translation gain (75,755 ) Ending balance, September 30, 2020 $ 1,191,916 |
Schedule of Property and Equipment Estimated Useful Lives | The estimated useful lives are as follows: Machinery and equipment - 5 years Furniture - 7 years |
Schedule of Dilutive Securities Excluded from Computation | The securities for the period ended September 30, 2020 and 2019 were considered dilutive securities which were excluded from the computation since the effect is anti-dilutive. September 30, 2020 September 30, 2019 (Unaudited) (Unaudited) Stock Options 59,644 59,644 Stock Warrants 135,725,000 975,059 Restricted stock to be issued 117,000 117,000 Convertible Debt 510,673,916 4,089,765 Total 646,575,560 5,241,468 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following as of September 30, 2020 and June 30, 2020. September 30, 2020 June 30, 2020 (Unaudited) Office equipment at cost $ 27,364 $ 26,299 Less: Accumulated depreciation (21,823 ) (20,552 ) Total property, plant, and equipment $ 5,541 $ 5,747 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes | The Company’s convertible notes outstanding at September 30, 2020 and June 30, 2020 were as follows: September 30, 2020 June 30, 2020 (Unaudited) Convertible notes and debenture $ 594,561 $ 1,029,496 Unamortized discounts (5,386 ) (126,667 ) Accrued interest 70,627 80,101 Premium, net 369,886 574,804 Convertible notes, net $ 1,029,688 $ 1,557,734 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Warrant Activity | The following table summarizes warrant activity for the three months ended September 30, 2020: Weighted Number of Average Shares Price Per Share Outstanding at June 30, 2020 151,170,482 $ 0.15 Issued - - Exercised (15,445,482 ) 0.01 Forfeited - - Expired - - Outstanding at September 30, 2020 135,725,000 $ 0.16 Exercisable at September 30, 2020 135,725,000 $ 0.16 Outstanding and Exercisable: Weighted average remaining contractual term 2.51 Aggregate intrinsic value $ 0 |
Schedule of Stock Option Activity | A summary of the Company’s option activity during the three months ended September 30, 2020 is presented below: Weighted Number of Average Exercise Shares Price Per Share Outstanding at June 30, 2020 59,644 $ 76.37 Issued - - Exercised - - Forfeited - - Expired - - Outstanding at September 30, 2020 59,644 $ 76.37 Exercisable at September 30, 2020 20,644 $ 212.09 Outstanding and Exercisable: Weighted average remaining contractual term 8.47 Weighted average fair value of options granted during the period $ - Aggregate intrinsic value $ - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Right Use of Asset | ROU is summarized below: September 30, 2020 Office lease ROU $ 48,662 Less accumulated reduction (32,870 ) Balance of ROU asset as of September 30, 2020 $ 15,792 |
Schedule of Operating Lease Liability | Operating lease liability related to the ROU asset is summarized below: September 30, 2020 Office lease liability $ 48,662 Reduction of lease liability (28,705 ) Total $ 19,957 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future Minimum lease payments under non-cancelable operating lease at September 30, 2020 are as follows: Fiscal Year 2021 $ 23,636 Imputed interest (3,678 ) Total operating lease liability $ 19,957 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The expected term is equal to the remaining term of the warrants or convertible instruments and the risk-free rate is based upon rates for treasury securities with the same term. Convertible Debt Initial Valuations into during the three September 30, 2020 Volatility - 269.61 % Expected Remaining Term (in years) - 00.01 Risk Free Interest Rate - 0.08 % Expected dividend yield None None |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and June 30, 2020: Balance at September 30, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 5,916 $ — $ — $ 5,916 Total $ 5,916 $ — $ — $ 5,916 Balance at June 30, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 177,009 $ — $ — $ 177,009 Total $ 177,009 $ — $ — $ 177,009 |
Schedule of Derivative Liabilities at Fair Value | The following is a roll forward for the three months ended September 30, 2020 of the fair value liability of price adjustable derivative instruments: Fair Value of Liability for Derivative Instruments Balance at June 30, 2020 $ 177,009 Initial fair value of embedded conversion option derivative liability recorded as debt discount - Initial fair value of embedded conversion option derivative liability recorded as expense - Gain on debt extinguishment (106,141 ) Change in fair value included in statements of operations (64,952 ) Balance at September 30, 2020 $ 5,916 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Recognized an exchange loss on foreign currency translation | $ (75,755) | $ 563,687 | |
Foreign currency transaction loss | 1,960 | (535,150) | |
Cash equivalents | |||
Value added tax receivable | 2,852 | $ 2,015 | |
Research and development costs | 50,846 | 65,372 | |
Tax credits | $ 108,894 | ||
Debt conversion percentage | 4.99% | ||
Debt conversion percentage, description | Each holder of the notes has agreed to a 4.99% beneficial ownership conversion limitation (subject to certain noteholders' ability to increase such limitation to 9.99% upon 60 days' notice to the Company), | ||
Intercompany Loans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Recognized an exchange loss on foreign currency translation | $ 583,227 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting and Reporting Policies - Schedule of Translation Exchange Rates (Details) | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
USD : AUD exchange rate | 0.7170 | 0.6891 | |
Weighted Average [Member] | |||
USD : AUD exchange rate | 0.7151 | 0.6742 |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting and Reporting Policies - Schedule of Change in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Accounting Policies [Abstract] | ||
Beginning balance | $ 1,267,671 | |
Foreign currency translation gain | (75,755) | $ 563,687 |
Ending balance | $ 1,191,916 |
Nature of Operations and Summ_7
Nature of Operations and Summary of Significant Accounting and Reporting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details) | 3 Months Ended |
Sep. 30, 2020 | |
Machinery and Equipment [Member] | |
Property and equipment estimated useful lives | 5 years |
Furniture [Member] | |
Property and equipment estimated useful lives | 7 years |
Nature of Operations and Summ_8
Nature of Operations and Summary of Significant Accounting and Reporting Policies - Schedule of Dilutive Securities Excluded from Computation (Details) - shares | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive securities excluded from computation of earnings per share | 646,575,560 | 5,241,468 |
Stock Options [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 59,644 | 59,644 |
Stock Warrants [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 135,725,000 | 975,059 |
Restricted Stock to be Issued [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 117,000 | 117,000 |
Convertible Debt [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 510,673,916 | 4,089,765 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Revenues | ||||
Net cash used in operating activities | (179,949) | (726,331) | ||
Working capital deficit | (3,258,953) | |||
Stockholders' deficit | (3,235,469) | $ (4,541,732) | $ (3,641,425) | $ (4,301,236) |
Accumulated deficit | $ (56,207,315) | $ (55,781,770) |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 438 | $ 636 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Property, Plant and Equipment [Abstract] | ||
Office equipment at cost | $ 27,364 | $ 26,299 |
Less: Accumulated depreciation | (21,823) | (20,552) |
Total property, plant, and equipment | $ 5,541 | $ 5,747 |
Due to Former Director - Rela_2
Due to Former Director - Related Party (Details Narrative) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Related Party Transactions [Abstract] | ||
Due to directors - related parties | $ 31,880 | $ 30,639 |
Loans from Directors and Offi_2
Loans from Directors and Officer - Related Party (Details Narrative) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Directors and Officer [Member] | ||
Loans payable | $ 53,058 | $ 50,993 |
Convertible Notes (Details Narr
Convertible Notes (Details Narrative) | Mar. 25, 2020USD ($) | Mar. 05, 2020USD ($) | Mar. 03, 2020Integer | Feb. 19, 2020USD ($) | Jan. 22, 2020USD ($) | Jan. 13, 2020USD ($) | Jan. 07, 2020USD ($)Integer | Nov. 26, 2019USD ($)Integer | Nov. 22, 2019USD ($) | Oct. 03, 2019USD ($) | Oct. 02, 2019USD ($) | Sep. 04, 2019USD ($) | Aug. 30, 2019USD ($)$ / sharesshares | Aug. 01, 2019USD ($) | Jul. 30, 2019USD ($) | Jul. 08, 2019USD ($) | Jul. 03, 2019USD ($)Integer | May 23, 2019USD ($)$ / shares | Dec. 24, 2018USD ($)Integer | Nov. 30, 2018USD ($)Integer | Oct. 02, 2018USD ($)Integer | Aug. 29, 2018USD ($)Integer | Jul. 19, 2018USD ($) | Jul. 13, 2018USD ($)Integer | Dec. 29, 2017USD ($)Integer | Aug. 10, 2017USD ($)Integer | Apr. 30, 2020 | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Mar. 12, 2020USD ($) | Jun. 30, 2019USD ($) | Oct. 03, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Original issue discount | $ 5,386 | $ 126,667 | |||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 948,000 | ||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 391,935 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | $ 25,735 | ||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 4.99% | ||||||||||||||||||||||||||||||||||
Debt premium amount | $ 369,886 | 574,804 | |||||||||||||||||||||||||||||||||
Additional paid in capital | 51,105,811 | 50,656,031 | |||||||||||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 5,916 | 177,009 | |||||||||||||||||||||||||||||||||
Conversion price, per share | $ / shares | $ 0.00096 | ||||||||||||||||||||||||||||||||||
Amortization of debt discount | $ 121,281 | 104,406 | |||||||||||||||||||||||||||||||||
Reclassified premium amount for additional paid in capital | $ 204,919 | 73,235 | |||||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||||||
Conversion price, per share | $ / shares | $ 0.00056 | ||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||
Conversion price, per share | $ / shares | $ 0.0020 | ||||||||||||||||||||||||||||||||||
GS Capital Partners, LLC [Member] | January 22, 2020 GS Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 58,000 | ||||||||||||||||||||||||||||||||||
Accrued interest | 2,542 | ||||||||||||||||||||||||||||||||||
December 29, 2017 Securities Purchase Agreement [Member] | December 2017 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 0 | ||||||||||||||||||||||||||||||||||
Accrued interest | 0 | ||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 171,965 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 24,751 | ||||||||||||||||||||||||||||||||||
December 29, 2017 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
December 29, 2017 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | December 2017 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 532,435 | $ 360,470 | |||||||||||||||||||||||||||||||||
Original issue discount | $ 25,354 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Debt premium amount | $ 354,956 | ||||||||||||||||||||||||||||||||||
Additional paid in capital | 240,313 | ||||||||||||||||||||||||||||||||||
December 29, 2017 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | December 2017 Eagle Note One [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 171,965 | ||||||||||||||||||||||||||||||||||
Additional paid in capital | 114,643 | ||||||||||||||||||||||||||||||||||
December 29, 2017 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
December 29, 2017 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | December 2017 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 507,081 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Dec. 29, 2018 | ||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
July 13, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
July 13, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | July 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 75,000 | 0 | |||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 71,250 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Jul. 13, 2019 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | $ 0 | 0 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 75,000 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 9,300 | ||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt premium amount | $ 50,000 | ||||||||||||||||||||||||||||||||||
Additional paid in capital | $ 50,000 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
Legal fees | $ 3,750 | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
August 29, 2018 Securities Purchase Agreement [Member] | August 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 0 | 79,500 | |||||||||||||||||||||||||||||||||
Accrued interest | 0 | 11,663 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 79,500 | 25,500 | |||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 12,035 | 3,788 | |||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Debt premium amount | 70,000 | ||||||||||||||||||||||||||||||||||
Additional paid in capital | 53,000 | 17,000 | |||||||||||||||||||||||||||||||||
August 29, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | August 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 105,000 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Aug. 29, 2019 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | 24.00% | |||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt original issue discount, rate | 10.00% | ||||||||||||||||||||||||||||||||||
August 29, 2018 Securities Purchase Agreement [Member] | Depository Trust Company [Member] | August 29, 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 50.00% | ||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | |||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | October 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 210,000 | 0 | 210,000 | ||||||||||||||||||||||||||||||||
Debt maturity date | Oct. 2, 2019 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 0 | 12,473 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 210,000 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 25,725 | ||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt premium amount | $ 140,000 | ||||||||||||||||||||||||||||||||||
Additional paid in capital | 140,000 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 10,000 | ||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | October 2018 GS Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 212,000 | 35,820 | $ 106,000 | ||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 100,700 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Oct. 2, 2019 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 2,434 | ||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 61.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt premium amount | $ 67,771 | 22,901 | 44,690 | ||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | October 2018 GS Note [Member] | First Note [Member] | |||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 106,000 | ||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | October 2018 GS Note [Member] | Second Note [Member] | |||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 106,000 | ||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | October 2018 GS Back-End Note [Member] | |||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 106,000 | ||||||||||||||||||||||||||||||||||
Debt premium amount | 67,770 | ||||||||||||||||||||||||||||||||||
November 30, 2018 Securities Purchase Agreement [Member] | November 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 0 | ||||||||||||||||||||||||||||||||||
Debt premium amount | 67,131 | ||||||||||||||||||||||||||||||||||
Additional paid in capital | 67,131 | ||||||||||||||||||||||||||||||||||
November 30, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | November 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 105,000 | 0 | 105,000 | ||||||||||||||||||||||||||||||||
Debt maturity date | Nov. 30, 2019 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 0 | 4,879 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 105,000 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 12,832 | ||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 61.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | 24.00% | |||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt original issue discount, rate | 10.00% | ||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 5,000 | ||||||||||||||||||||||||||||||||||
November 30, 2018 Securities Purchase Agreement [Member] | Depository Trust Company [Member] | November 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 51.00% | ||||||||||||||||||||||||||||||||||
December 24, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | December 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 126,000 | 86,220 | 126,000 | ||||||||||||||||||||||||||||||||
Debt maturity date | Dec. 24, 2019 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 11,598 | 15,327 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 39,780 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 5,123 | ||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | 86,220 | ||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 61.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt premium amount | $ 80,557 | ||||||||||||||||||||||||||||||||||
Additional paid in capital | $ 25,433 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | 24.00% | |||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt original issue discount, rate | 10.00% | ||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 6,000 | ||||||||||||||||||||||||||||||||||
December 24, 2018 Securities Purchase Agreement [Member] | Depository Trust Company [Member] | December 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 51.00% | ||||||||||||||||||||||||||||||||||
December 29, 2017, June 14, 2018, July 13, 2018, August 29, 2018, October 2, 2018, November 30, 2018 and December 24, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 86,220 | 205,500 | |||||||||||||||||||||||||||||||||
Accrued interest | 11,598 | 26,990 | |||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||
Original issue discount | 0 | 539,000 | |||||||||||||||||||||||||||||||||
Amortization of debt discount | 0 | $ 534,000 | |||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | January 13, 2020 Ader Alef Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 110,250 | 79,032 | 110,250 | ||||||||||||||||||||||||||||||||
Original issue discount | $ 5,250 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Jan. 13, 2021 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 5,763 | 4,073 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | $ 100,000 | 31,218 | |||||||||||||||||||||||||||||||||
Debt premium amount | $ 59,365 | 16,810 | |||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
Legal fees | $ 5,000 | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | January 13, 2020 Ader Alef Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 35.00% | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 120.00% | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt instrument, description | The conversion price for the January 13, 2020 Ader Alef Note during the first 6 months the January 13, 2020 Ader Alef Note is in effect shall be fixed at $2.50 and thereafter shall be equal to a 35% discount of the lowest closing bid price ("Lowest Trading Price") of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, Ader Alef shall be restricted from effecting a conversion if such conversion, along with other shares of the Company's common stock beneficially owned by Ader Alef and its affiliates, exceeds 4.99% of the outstanding shares of the Company's common stock which may be increased up to 9.99% upon 60 days prior written notice by the Ader Alef to the Company. | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | January 13, 2020 Ader Alef Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | October 2018 GS Back End Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 0 | 0 | |||||||||||||||||||||||||||||||||
Accrued interest | 0 | 2,658 | |||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | January 22, 2020 GS Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 58,000 | 51,388 | 58,000 | ||||||||||||||||||||||||||||||||
Original issue discount | $ 3,500 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Jan. 22, 2021 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 3,557 | 2,542 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 6,612 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 330 | ||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | 51,388 | ||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 40.00% | ||||||||||||||||||||||||||||||||||
Debt premium amount | $ 38,667 | ||||||||||||||||||||||||||||||||||
Additional paid in capital | 4,408 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt conversion, description | The conversion price for the January 22, 2020 GS Capital Note shall be equal to a 40% discount of the lowest closing bid price ("Lowest Trading Price") of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, GS Capital shall be restricted from effecting a conversion if such conversion, along with other shares of the Company's common stock beneficially owned by GS Capital and its affiliates, exceeds 4.99% of the outstanding shares of the Company's common stock which may be increased up to 9.99% upon 60 days prior written notice by the GS Capital to the Company. | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | January 22, 2020 GS Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 52,000 | ||||||||||||||||||||||||||||||||||
Debt default amount percentage | 112.00% | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | January 22, 2020 GS Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Debt default amount percentage | 130.00% | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Odyssey Capital Funding LLC [Member] | July 2019 Odyssey Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 295,000 | $ 320,000 | 0 | ||||||||||||||||||||||||||||||||
Original issue discount | $ 25,000 | ||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | 285,000 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Jul. 30, 2020 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | $ 0 | 0 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 320,000 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 23,220 | ||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | ||||||||||||||||||||||||||||||||||
Debt premium amount | $ 172,308 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
Legal fees | $ 10,000 | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | 120.00% | |||||||||||||||||||||||||||||||||
Debt instrument, description | Common Stock beneficially owned by the Holder and its affiliates would exceed 4.99% of the outstanding shares of the Common Stock of the Company (which may be increased up to 9.9% upon 60 days' prior written notice by the Holder to the Company). | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 550,000 | $ 550,000 | 236,141 | 358,965 | |||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 505,000 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Aug. 30, 2020 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 8,185 | 486 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 122,825 | 191,035 | |||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 3,687 | 43,176 | |||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | ||||||||||||||||||||||||||||||||||
Debt premium amount | $ 366,667 | 81,883 | $ 127,356 | ||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
Legal fees | $ 5,000 | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 1.99% | 125.00% | 4.99% | ||||||||||||||||||||||||||||||||
Diligence fees | $ 40,000 | ||||||||||||||||||||||||||||||||||
Debt instrument, description | Upon the holder's election to convert accrued interest, default interest or any penalty amounts as stipulated, the Company may elect to pay those amounts in cash. The note may also be prepaid by the Company at any time between the date of issuance and August 13, 2020 at 135% multiplied by the sum of (a) the then outstanding principal amount plus (b) accrued and unpaid interest plus (c) default interests, if any. The conversion price for the August 30, 2019 Auctus Note shall be the Variable Conversion Price, being 60% of the Market Price on the date of conversion. Notwithstanding the foregoing, Auctus shall be restricted from effecting a conversion if such conversion, along with other shares of the Company's common stock beneficially owned by Auctus and its affiliates, exceeds 4.99% of the outstanding shares of the Company's common stock. | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] | First Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | shares | 450,000 | ||||||||||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 2.25 | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] | Second Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | shares | 300,000 | ||||||||||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 3.33 | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] | Third Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | shares | 225,000 | ||||||||||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 4.50 | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 15,000 | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GW Holdings Group, LLC [Member] | October 1, 2019 GW Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 131,000 | 12,600 | $ 30,000 | ||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 125,000 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Oct. 1, 2020 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 989 | 1,776 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 17,400 | 101,000 | |||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 1,144 | 5,082 | |||||||||||||||||||||||||||||||||
Debt premium amount | $ 87,333 | 67,333 | |||||||||||||||||||||||||||||||||
Additional paid in capital | 11,600 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 6,000 | ||||||||||||||||||||||||||||||||||
Debt instrument, description | The conversion price for the October 1, 2019 GW Holdings Note shall be equal to a 40% discount of the lowest closing bid price ("Lowest Trading Price") of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, GW Holdings shall be restricted from effecting a conversion if such conversion, along with other shares of the Company's common stock beneficially owned by GW Holdings and its affiliates, exceeds 4.99% of the outstanding shares of the Company's common stock which may be increased up to 9.99% upon 60 days prior written notice by the GW Holdings to the Company. | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GW Holdings Group, LLC [Member] | October 1, 2019 GW Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 110.00% | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GW Holdings Group, LLC [Member] | October 1, 2019 GW Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | October 3, 2019 GW Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 108,000 | 55,680 | 65,280 | ||||||||||||||||||||||||||||||||
Original issue discount | 5,000 | ||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 100,000 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Oct. 3, 2020 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 8,841 | 7,232 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 9,600 | 42,720 | |||||||||||||||||||||||||||||||||
Debt premium amount | $ 72,000 | 6,400 | 28,480 | ||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 15.00% | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 3,000 | ||||||||||||||||||||||||||||||||||
Debt instrument, description | The conversion price for the October 3, 2019 Crown Bridge Note shall be equal to a 40% discount of the lowest closing bid price ("Lowest Trading Price") of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, Crown Bridge shall be restricted from effecting a conversion if such conversion, along with other shares of the Company's common stock beneficially owned by Crown Bridge and its affiliates, exceeds 4.99% of the outstanding shares of the Company's common stock which may be increased up to 9.99% upon 60 days prior written notice by the Crown Bridge to the Company. | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | October 3, 2019 GW Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 110.00% | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | October 3, 2019 GW Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | LG Capital Funding, LLC [Member] | |||||||||||||||||||||||||||||||||||
Original issue discount | $ 40,385 | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | LG Capital Funding, LLC [Member] | January 13, 2020 Ader Alef Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 75,000 | 65,000 | 75,000 | ||||||||||||||||||||||||||||||||
Original issue discount | $ 3,750 | ||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 71,250 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Feb. 19, 2021 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 3,214 | 2,164 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 10,000 | ||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 24.00% | ||||||||||||||||||||||||||||||||||
Debt premium amount | 5,385 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | LG Capital Funding, LLC [Member] | January 13, 2020 Ader Alef Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 112.00% | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 9.99% | ||||||||||||||||||||||||||||||||||
Debt instrument, description | The conversion price for the February 19, 2020 LG Capital Note during the first 6 months the February 19, 2020 LG Capital Note is in effect shall be fixed at $0.50 and thereafter shall be equal to a 35% discount of the lowest closing bid price ("Lowest Trading Price") of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, LG Capital shall be restricted from effecting a conversion if such conversion, along with other shares of the Company's common stock beneficially owned by LG Capital and its affiliates, exceeds 9.99% of the outstanding shares of the Company's common stock. | ||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | LG Capital Funding, LLC [Member] | January 13, 2020 Ader Alef Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 135.00% | ||||||||||||||||||||||||||||||||||
GS Capital Financing Agreement [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 51,388 | ||||||||||||||||||||||||||||||||||
Accrued interest | 3,557 | ||||||||||||||||||||||||||||||||||
August 10, 2017 Consulting Agreement [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 310,000 | 8,500 | 8,500 | 9,000 | |||||||||||||||||||||||||||||||
Debt maturity date | Aug. 10, 2019 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 22,567 | 22,168 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | $ 750 | 500 | |||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 18.00% | ||||||||||||||||||||||||||||||||||
Accrued expenses | 5,248 | $ 155,000 | $ 155,000 | ||||||||||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 578,212 | ||||||||||||||||||||||||||||||||||
August 10, 2017 Consulting Agreement [Member] | Consultant [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 161,000 | 140,000 | |||||||||||||||||||||||||||||||||
Accrued interest | $ 19,418 | $ 10,764 | |||||||||||||||||||||||||||||||||
July 3, 2019 Securities Purchase Agreement [Member] | July 3, 2019 Power Up Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 78,000 | 0 | |||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 75,000 | ||||||||||||||||||||||||||||||||||
Debt maturity date | Jul. 3, 2020 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 0 | ||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 78,000 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 3,120 | ||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||
Legal fees | 2,500 | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt default amount percentage | 22.00% | ||||||||||||||||||||||||||||||||||
Debt conversion, description | The conversion price for the July 3, 2019 Power Up Note shall be $3.25, subject to certain Market Price (as defined below) adjustment. If the Market Price is greater than or equal to $5.00, the conversion price shall be the greater of 65% of the Market Price ("Variable Conversion Price") and $3.25. In the event Market Price is less than $5.00, the conversion price shall be the Variable Conversion Price. As defined in the July 3, 2019 Power Up Note, the "Market Price" shall be the average of the lowest three closing bid prices during the ten day trading period prior to and including the day the Company receives a notice of conversion from Power Up on the electronic quotation system or applicable principal securities exchange or trading market or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the "pink sheets" during the ten prior trading days, including the day upon which the Company receives a notice of conversion from Power Up. Notwithstanding the foregoing, Power Up shall be restricted from effecting a conversion if such conversion, along with other shares of the Company's common stock beneficially owned by Power Up and its affiliates, exceeds 4.99% of the outstanding shares of the Company's common stock. | ||||||||||||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 155,904 | ||||||||||||||||||||||||||||||||||
Prepayment penalty | 78,000 | ||||||||||||||||||||||||||||||||||
Diligence fees | $ 500 | ||||||||||||||||||||||||||||||||||
November 26, 2019 Securities Purchase Agreement [Member] | November 26, 2019 Power Up Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 43,000 | 0 | |||||||||||||||||||||||||||||||||
Debt maturity date | Nov. 26, 2020 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 0 | ||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 43,000 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 1,720 | ||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt default amount percentage | 22.00% | ||||||||||||||||||||||||||||||||||
Debt conversion, description | The conversion price for the November 26, 2019 Power Up Note shall be $3.05, subject to certain Market Price (as defined below) adjustment. If the Market Price is greater than or equal to $5.00, the conversion price shall be the greater of 65% of the Market Price ("Variable Conversion Price") and $3.05. In the event Market Price is less than $5.00, the conversion price shall be the Variable Conversion Price. As defined in the November 26, 2019 Power Up Note, the "Market Price" shall be the average of the lowest three closing bid prices during the ten day trading period prior to and including the day the Company receives a notice of conversion from Power Up on the electronic quotation system or applicable principal securities exchange or trading market or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the "pink sheets" during the ten prior trading days, including the day upon which the Company receives a notice of conversion from Power Up. Notwithstanding the foregoing, Power Up shall be restricted from effecting a conversion if such conversion, along with other shares of the Company's common stock beneficially owned by Power Up and its affiliates, exceeds 4.99% of the outstanding shares of the Company's common stock. | ||||||||||||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 52,222 | ||||||||||||||||||||||||||||||||||
Prepayment penalty | 40,000 | ||||||||||||||||||||||||||||||||||
Diligence fees | $ 500 | ||||||||||||||||||||||||||||||||||
January 7, 2020 Power Up Lending Group Securities Purchase Agreement [Member] | January 7, 2020 Power Up Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 75,000 | 0 | 75,000 | ||||||||||||||||||||||||||||||||
Debt maturity date | Jan. 7, 2021 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 0 | 2,869 | |||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 75,000 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 3,000 | ||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt default amount percentage | 22.00% | ||||||||||||||||||||||||||||||||||
Debt conversion, description | The conversion price for the January 7, 2020 Power Up Note shall be $3.05, subject to certain Market Price (as defined below) adjustment. If the Market Price is greater than or equal to $5.00, the conversion price shall be the greater of 65% of the Market Price ("Variable Conversion Price") and $3.05. In the event Market Price is less than $5.00, the conversion price shall be the Variable Conversion Price. As defined in the January 7, 2020 Power Up Note, the "Market Price" shall be the average of the lowest three closing bid prices during the ten day trading period prior to and including the day the Company receives a notice of conversion from Power Up on the electronic quotation system or applicable principal securities exchange or trading market or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the "pink sheets" during the ten prior trading days, including the day upon which the Company receives a notice of conversion from Power Up. Notwithstanding the foregoing, Power Up shall be restricted from effecting a conversion if such conversion, along with other shares of the Company's common stock beneficially owned by Power Up and its affiliates, exceeds 4.99% of the outstanding shares of the Company's common stock. | ||||||||||||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 314,406 | ||||||||||||||||||||||||||||||||||
Prepayment penalty | 72,000 | ||||||||||||||||||||||||||||||||||
Diligence fees | $ 500 | ||||||||||||||||||||||||||||||||||
March 12, 2020 Power Up Lending Group Securities Purchase Agreement [Member] | March 12, 2020 Power Up Note [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 0 | 43,000 | $ 43,000 | ||||||||||||||||||||||||||||||||
Debt maturity date | Mar. 12, 2021 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 0 | 1,034 | |||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | ||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||
Debt default amount percentage | 22.00% | ||||||||||||||||||||||||||||||||||
Debt conversion, description | The conversion price for the March 12, 2020 Power Up Note shall be $3.05, subject to certain Market Price (as defined below) adjustment. If the Market Price is greater than or equal to $5.00, the conversion price shall be the greater of 65% of the Market Price ("Variable Conversion Price") and $3.05. In the event Market Price is less than $5.00, the conversion price shall be the Variable Conversion Price. As defined in the March 12, 2020 Power Up Note, the "Market Price" shall be the average of the lowest three closing bid prices during the ten day trading period prior to and including the day the Company receives a notice of conversion from Power Up on the electronic quotation system or applicable principal securities exchange or trading market or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the "pink sheets" during the ten prior trading days, including the day upon which the Company receives a notice of conversion from Power Up. Notwithstanding the foregoing, Power Up shall be restricted from effecting a conversion if such conversion, along with other shares of the Company's common stock beneficially owned by Power Up and its affiliates, exceeds 4.99% of the outstanding shares of the Company's common stock. | ||||||||||||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 55,929 | ||||||||||||||||||||||||||||||||||
Prepayment penalty | 40,000 | ||||||||||||||||||||||||||||||||||
Diligence fees | $ 500 | ||||||||||||||||||||||||||||||||||
Repayment in cash | 43,000 | ||||||||||||||||||||||||||||||||||
Repayment of interest | $ 1,816 | ||||||||||||||||||||||||||||||||||
Redstart Holdings Corp Financing Agreement [Member] | Redstart Holdings Note [Member] | November 19, 2019 [Member] | |||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | ||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 22.00% | ||||||||||||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 166,564 | ||||||||||||||||||||||||||||||||||
Debt instrument, description | The Company had the right to prepay the May 2019 Redstart Holdings Note until November 19, 2019. If the May 2019 Redstart Holdings Note was prepaid within 90 days of the issuance date, then the prepayment premium shall be 115% of the face amount plus any accrued interest; if the May 2019 Redstart Holdings Note was prepaid after 91 days from the issuance date, but prior to 121 days from the issuance date, then the prepayment premium shall be 120% of the face amount plus any accrued interest; and if the May 2019 Redstart Holdings Note was prepaid after 121 days from the issuance date, but prior to 150 days from the issuance date, then the prepayment premium shall be 125% of the face amount plus any accrued interest; and if the May 2019 Redstart Holdings Note was prepaid after 151 days from the issuance date, but prior to 180 days from the issuance date, then the prepayment premium shall be 129% of the face amount plus any accrued interest. | ||||||||||||||||||||||||||||||||||
Conversion price, per share | $ / shares | $ 32.50 | ||||||||||||||||||||||||||||||||||
Debt instrument market price per share | $ / shares | $ 50 | ||||||||||||||||||||||||||||||||||
Redstart Holdings Corp Financing Agreement [Member] | Redstart Holdings Corp [Member] | |||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 133,000 | 0 | |||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 130,000 | ||||||||||||||||||||||||||||||||||
Debt maturity date | May 23, 2020 | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||
Accrued interest | 0 | ||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 133,000 | ||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 5,320 | ||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | |||||||||||||||||||||||||||||||||||
Legal fees | $ 3,000 | ||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% |
Convertible Notes - Schedule of
Convertible Notes - Schedule of Convertible Notes (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Debt Disclosure [Abstract] | ||
Convertible notes and debenture | $ 594,561 | $ 1,029,496 |
Unamortized discounts | (5,386) | (126,667) |
Accrued interest | 70,627 | 80,101 |
Premium, net | 369,886 | 574,804 |
Convertible notes, net | $ 1,029,688 | $ 1,557,734 |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 09, 2014 | |
Preferred stock, shares authorized | 1,500,005 | 1,500,005 | 500,000 | ||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||
Stock issued during period | 442,031,352 | ||||
Stock issuable during period | 24,426,642 | ||||
Conversion price | $ 0.00096 | ||||
Debt conversion of converted amount | $ 391,935 | ||||
Debt conversion of interest | 25,735 | ||||
Conversion fees | 6,750 | ||||
Loss on extinguishment | 49,985 | ||||
Proceeds from warrants exercise | 201,044 | ||||
Share based compensation | 20,718 | $ 114,904 | |||
Unrecognized restricted stock units expense | $ 134,669 | ||||
Term of warrant | 1 year 7 months 13 days | ||||
Number of options granted | |||||
Underlying Financing Agreements [Member] | |||||
Stock issued during period | 282,421,876 | ||||
Common Stock [Member] | |||||
Proceeds from issuance of common stock | $ 480,575 | ||||
Conversion option derivatives | 75,000 | ||||
Fair market value of the shares | 134,155 | ||||
Loss on extinguishment | 56,155 | ||||
Derivative fair value | 106,141 | ||||
Premiums to additional paid in capital | $ 204,919 | ||||
Minimum [Member] | |||||
Conversion price | $ 0.00056 | ||||
Maximum [Member] | |||||
Conversion price | $ 0.0020 | ||||
Series A Preferred Stock [Member] | |||||
Preferred stock, shares authorized | 500,000 | 500,000 | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||
Preferred stock, shares issued | 500,000 | 500,000 | |||
Preferred stock, shares outstanding | 500,000 | 500,000 | |||
Stock issued during period | |||||
Series B Preferred Stock [Member] | |||||
Preferred stock, shares authorized | 5 | 5 | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||
Preferred stock, shares issued | 1 | 1 | |||
Preferred stock, shares outstanding | 1 | 1 | |||
Stock issued during period | |||||
Prefunded Warrants [Member] | |||||
Warrants exercised | 10,445,482 | ||||
Series B Warrants [Member] | |||||
Warrants exercised | 5,000,000 |
Stockholders' Deficit - Schedul
Stockholders' Deficit - Schedule of Warrant Activity (Details) | 3 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of Shares, Outstanding, Beginning balance | shares | 151,170,482 |
Number of Shares, Issued | shares | |
Number of Shares, Exercised | shares | (15,445,482) |
Number of Shares, Forfeited | shares | |
Number of Shares, Expired | shares | |
Number of Shares, Outstanding, Ending balance | shares | 135,725,000 |
Number of Shares, Exercisable, Ending balance | shares | 135,725,000 |
Weighted Average Price Per Share, Outstanding, Beginning balance | $ / shares | $ 0.15 |
Weighted Average Price Per Share, Issued | $ / shares | |
Weighted Average Price Per Share, Exercised | $ / shares | 0.01 |
Weighted Average Price Per Share, Forfeited | $ / shares | |
Weighted Average Price Per Share, Expired | $ / shares | |
Weighted Average Price Per Share, Outstanding, Ending balance | $ / shares | 0.16 |
Weighted Average Price Per Share, Exercisable, Ending balance | $ / shares | $ 0.16 |
Weighted average remaining contractual term | 2 years 6 months 3 days |
Aggregate intrinsic value | $ | $ 0 |
Stockholders' Deficit - Sched_2
Stockholders' Deficit - Schedule of Stock Option Activity (Details) | 3 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of Shares, Outstanding, Beginning balance | shares | 59,644 |
Number of Shares, Issued | shares | |
Number of Shares, Exercised | shares | |
Number of Shares, Forfeited | shares | |
Number of Shares, Expired | shares | |
Number of Shares, Outstanding, Ending balance | shares | 59,644 |
Number of Shares, Exercisable, Ending balance | shares | 20,644 |
Weighted Average Price Per Share, Outstanding, Beginning balance | $ / shares | $ 76.37 |
Weighted Average Price Per Share, Issued | $ / shares | |
Weighted Average Price Per Share, Exercised | $ / shares | |
Weighted Average Price Per Share, Forfeited | $ / shares | |
Weighted Average Price Per Share, Expired | $ / shares | |
Weighted Average Price Per Share, Outstanding, Ending balance | $ / shares | 76.37 |
Weighted Average Price Per Share, Exercisable, Ending balance | $ / shares | $ 212.09 |
Weighted average remaining contractual term | 8 years 5 months 20 days |
Weighted average fair value of options granted during the period | 0 years |
Aggregate intrinsic value | $ |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | Sep. 26, 2019USD ($) | Sep. 13, 2018USD ($) | Sep. 13, 2018EUR (€) | Aug. 12, 2016USD ($) | May 05, 2016USD ($) | May 05, 2016AUD ($) | May 31, 2017USD ($) | Jun. 30, 2012 | Sep. 30, 2020USD ($)shares | Sep. 30, 2020EUR (€)shares | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2020USD ($) | Jul. 02, 2019USD ($) |
Penalty amount | $ 30,000 | |||||||||||||||
Right-of-use assets | 15,792 | $ 21,682 | ||||||||||||||
Total lease liabilities | 19,957 | |||||||||||||||
Payment for services | 24,660 | $ 36,117 | ||||||||||||||
Revenue [Member] | ||||||||||||||||
Royalties percentage | 2.00% | 2.00% | ||||||||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||||||||
Right-of-use assets | $ 48,662 | |||||||||||||||
Total lease liabilities | $ 48,662 | |||||||||||||||
Incremental borrowing rate | 6.00% | |||||||||||||||
Euros [Member] | ||||||||||||||||
Payment for services | € | € 21,050 | € 31,754 | ||||||||||||||
Royalty Agreement Terms [Member] | ||||||||||||||||
Operating leases income statement revenue percentage | 2.00% | |||||||||||||||
License Agreement Terms [Member] | ||||||||||||||||
Operating leases income statement revenue percentage | 5.00% | |||||||||||||||
New Five-Year Operating Lease Agreement [Member] | ||||||||||||||||
Operating lease term | 5 years | 5 years | ||||||||||||||
Payments for rent | $ 2,431 | |||||||||||||||
Lease description | The initial rental amount was $3,000 AUD subject to a 3% yearly escalation. | The initial rental amount was $3,000 AUD subject to a 3% yearly escalation. | ||||||||||||||
New Five-Year Operating Lease Agreement [Member] | AUD Currency [Member] | ||||||||||||||||
Payments for rent | $ 3,606 | |||||||||||||||
Manufacturing Services Agreement [Member] | Minimum [Member] | ||||||||||||||||
Anticipated milestone payment | $ 2,500,000 | |||||||||||||||
Manufacturing Services Agreement [Member] | Maximum [Member] | ||||||||||||||||
Anticipated milestone payment | $ 5,000,000 | |||||||||||||||
Amatsigroup Agreement [Member] | ||||||||||||||||
Payments description | The Company anticipates that its payments to Amatsigroup under the MSA will range between $2.5 million and $5.0 million over three years, when the finished drug product is manufactured and released for clinical trials. The Company has spent a total of $1,689,146 of costs to date under this contract of which $49,854 was expensed in fiscal 2019, $701,973 in fiscal 2018 and $937,319 in fiscal 2017. The MSA expired in 2019 and may be extended by mutual agreement in writing with a possible extension currently under consideration. | |||||||||||||||
Contract cost | 1,689,146 | $ 49,854 | $ 701,973 | $ 937,319 | ||||||||||||
One-Year Collaboration Agreement [Member] | ||||||||||||||||
Payment for services | $ 59,508 | |||||||||||||||
One-Year Collaboration Agreement [Member] | Euros [Member] | ||||||||||||||||
Payment for services | € | € 52,000 | |||||||||||||||
Two-Year Collaboration Agreement [Member] | ||||||||||||||||
Payment for services | $ 45,775 | |||||||||||||||
Two-Year Collaboration Agreement [Member] | Euros [Member] | ||||||||||||||||
Payment for services | € | € 40,000 | |||||||||||||||
From 2012 through the 2014 [Member] | ||||||||||||||||
Penalty amount | 10,000 | |||||||||||||||
Regal Consulting, LLC [Member] | ||||||||||||||||
Loss contingency amount | $ 400,000 | |||||||||||||||
Number of shares issued for services | shares | 60,000 | 60,000 | ||||||||||||||
Regal Consulting, LLC [Member] | 2017 Note [Member] | ||||||||||||||||
Convertible note | $ 106,500 | |||||||||||||||
Penalty amount | $ 100,000 | |||||||||||||||
Foley Shechter [Member] | ||||||||||||||||
Legal fees | $ 151,032 | |||||||||||||||
Potential liability reduction | $ 51,032 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Right Use of Asset (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Office lease ROU | $ 48,662 | |
Less accumulated reduction | (32,870) | |
Balance of ROU asset | $ 15,792 | $ 21,682 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Operating Lease Liability (Details) | Sep. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Office lease liability | $ 48,662 |
Reduction of lease liability | (28,705) |
Total | $ 19,957 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) | Sep. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal Year 2021 | $ 23,636 |
Imputed interest | (3,678) |
Total operating lease liability | $ 19,957 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | Jul. 13, 2020USD ($) | May 14, 2019USD ($)$ / sharesshares | May 14, 2019AUD ($)shares | Mar. 16, 2018USD ($) | Mar. 16, 2018AUD ($) | Feb. 01, 2018USD ($) | Feb. 01, 2018AUD ($) | May 05, 2016USD ($) | May 05, 2016USD ($) | May 05, 2016AUD ($) | Feb. 25, 2016USD ($) | Feb. 25, 2016AUD ($) | Feb. 25, 2015AUD ($) | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2020AUD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020AUD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019AUD ($) | Jun. 30, 2020AUD ($) | May 05, 2016AUD ($) |
Loans from related party | $ 53,058 | $ 50,993 | |||||||||||||||||||
Due to related parties | $ 31,880 | 30,639 | |||||||||||||||||||
Exercise price | $ / shares | |||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||
Payments form related party | $ 55,936 | 136,606 | $ 64,377 | ||||||||||||||||||
Bonus payable amount | 137,120 | ||||||||||||||||||||
Remaining bonus amount | $ 178,256 | ||||||||||||||||||||
Remaining due and payable | 226,138 | 280,726 | |||||||||||||||||||
Nathanielsz Employment Agreement [Member] | |||||||||||||||||||||
Expired date | Feb. 25, 2019 | ||||||||||||||||||||
Annual salary | $ 205,680 | ||||||||||||||||||||
Percentage of pension of monthly salary | 9.50% | 9.50% | |||||||||||||||||||
Percentage of bonus of annual base salary | 200.00% | 200.00% | |||||||||||||||||||
Nathanielsz Employment Agreement [Member] | Minimum [Member] | |||||||||||||||||||||
Annual salary | $ 205,680 | ||||||||||||||||||||
Nathanielsz Employment Agreement [Member] | Maximum [Member] | |||||||||||||||||||||
Annual salary | $ 274,240 | ||||||||||||||||||||
AUD Currency [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||
Payments form related party | $ 40,000 | $ 202,620 | $ 90,000 | ||||||||||||||||||
Bonus payable amount | 200,000 | ||||||||||||||||||||
Remaining bonus amount | $ 260,000 | ||||||||||||||||||||
Remaining due and payable | 367,380 | $ 407,380 | |||||||||||||||||||
AUD Currency [Member] | Nathanielsz Employment Agreement [Member] | |||||||||||||||||||||
Annual salary | $ 25,000 | 300,000 | |||||||||||||||||||
AUD Currency [Member] | Nathanielsz Employment Agreement [Member] | Minimum [Member] | |||||||||||||||||||||
Annual salary | $ 300,000 | ||||||||||||||||||||
AUD Currency [Member] | Nathanielsz Employment Agreement [Member] | Maximum [Member] | |||||||||||||||||||||
Annual salary | $ 400,000 | ||||||||||||||||||||
Initial Nathanielsz RSUs [Member] | Employment Agreement [Member] | |||||||||||||||||||||
Restricted stock shares of common stock | shares | 39,000 | 39,000 | |||||||||||||||||||
Additional Nathanielsz RSUs [Member] | Employment Agreement [Member] | |||||||||||||||||||||
Restricted stock shares of common stock | shares | 39,000 | 39,000 | |||||||||||||||||||
Rsus vest, shares | shares | 7,800 | 7,800 | |||||||||||||||||||
Gross proceeds from equity financing | $ 4,000,000 | ||||||||||||||||||||
Initial Kenyon RSUs [Member] | Services Agreement [Member] | |||||||||||||||||||||
Restricted stock shares of common stock | shares | 19,500 | 19,500 | |||||||||||||||||||
Additional Kenyon RSUs [Member] | Services Agreement [Member] | |||||||||||||||||||||
Restricted stock shares of common stock | shares | 19,500 | 19,500 | |||||||||||||||||||
Rsus vest, shares | shares | 4,875 | 4,875 | |||||||||||||||||||
Gross proceeds from equity financing | $ 4,000,000 | ||||||||||||||||||||
North Horizon Pty Ltd [Member] | |||||||||||||||||||||
Lease term | 5 years | 5 years | 5 years | ||||||||||||||||||
Lease expiration date | May 31, 2021 | ||||||||||||||||||||
Annual rental payments | $ 28,325 | ||||||||||||||||||||
Goods and service tax | 2,575 | ||||||||||||||||||||
Future minimum payments due | 19,957 | ||||||||||||||||||||
North Horizon Pty Ltd [Member] | AUD Currency [Member] | |||||||||||||||||||||
Annual rental payments | $ 39,600 | ||||||||||||||||||||
Goods and service tax | $ 3,600 | ||||||||||||||||||||
North Horizon Pty Ltd [Member] | AUD Currency [Member] | |||||||||||||||||||||
Future minimum payments due | $ 27,834 | ||||||||||||||||||||
Current and Former Director [Member] | |||||||||||||||||||||
Loans from related party | $ 53,058 | 50,993 | |||||||||||||||||||
Former Director [Member] | |||||||||||||||||||||
Due to related parties | 31,880 | $ 30,639 | |||||||||||||||||||
Nathanielsz [Member] | North Horizon Pty Ltd [Member] | |||||||||||||||||||||
Future minimum payments due | $ 141,629 | $ 141,629 | |||||||||||||||||||
Nathanielsz [Member] | North Horizon Pty Ltd [Member] | AUD Currency [Member] | |||||||||||||||||||||
Future minimum payments due | $ 198,000 | ||||||||||||||||||||
Mr. Nathanielsz [Member] | |||||||||||||||||||||
Annual salary | $ 80,904 | ||||||||||||||||||||
Payments form related party | $ 8,247 | ||||||||||||||||||||
Mr. Nathanielsz [Member] | AUD Currency [Member] | |||||||||||||||||||||
Annual salary | $ 120,000 | ||||||||||||||||||||
Mr. Nathanielsz [Member] | AUD Currency [Member] | |||||||||||||||||||||
Payments form related party | $ 11,533 | ||||||||||||||||||||
James Nathanielsz [Member] | |||||||||||||||||||||
Payments form related party | $ 3,205 | ||||||||||||||||||||
James Nathanielsz [Member] | AUD Currency [Member] | |||||||||||||||||||||
Payments form related party | $ 4,481 | ||||||||||||||||||||
Mr. Nathanielsz [Member] | Board of Directors [Member] | |||||||||||||||||||||
Officers' compensation | $ 240,000 | $ 315,376 | |||||||||||||||||||
Mr. Nathanielsz [Member] | Employment Agreement [Member] | |||||||||||||||||||||
Agreement term | 3 years | 3 years | |||||||||||||||||||
Agreement renewal term | 1 year | 1 year | |||||||||||||||||||
Option purchase shares | shares | 39,000 | 39,000 | |||||||||||||||||||
Exercise price | $ / shares | $ 4.675 | ||||||||||||||||||||
Market price | 110.00% | 110.00% | |||||||||||||||||||
Granted exercise price | $ / shares | $ 4.25 | ||||||||||||||||||||
Restricted stock shares of common stock | shares | 39,000 | 39,000 | |||||||||||||||||||
Option term | 10 years | 10 years | |||||||||||||||||||
Options vested, description | The Nathanielsz Options have a term of 10 years from the date of grant. 1/3rd of the Nathanielsz Options shall vest every successive one-year anniversary following the Effective Date, provided, that on each such vesting date Mr. Nathanielsz is employed by the Company and subject to the other provisions of the Employment Agreement. The Initial Nathanielsz RSUs shall vest on the one-year anniversary of the Effective Date, subject to Mr. Nathanielsz's continued employment with the Company through such vesting date. The Additional Nathanielsz RSUs will vest as follows, subject to Mr. Nathanielsz's continued employment with the Company through the applicable vesting date: (i) 7,800 of the Additional Nathanielsz RSUs shall vest upon the Company submitting Clinical Trial Application (the "CTA") for PRP, the Company's lead product candidate ("PRP"), for a First-In-Human study for PRP (the "Study") in an applicable jurisdiction to be selected by the Company, (ii) 7,800 of the Additional Nathanielsz RSUs shall vest upon the CTA being approved in an applicable jurisdiction, (iii) 7,800 of the Additional RSUs shall vest upon the Company completing an equity financing in the amount of at least $4,000,000 in gross proceeds, (iv) 7,800 of the Additional Nathanielsz RSUs shall vest upon the shares of the Company's Common Stock being listed on a senior stock exchange (NYSE, NYSEMKT or NASDAQ), and (v) the remaining 7,800 of the Additional Nathanielsz RSUs shall vest upon the Company enrolling its first patient in the Study. Each vested restricted stock unit shall be settled by delivery to Mr. Nathanielsz of one share of the Company's common stock and/or the fair market value of one share of common stock in cash, at the sole discretion of the Company's board of directors and subject to the 2019 Plan, on the first to occur of: (i) the date of a Change of Control (as defined in the Employment Agreement), (ii) the date that is ten business days following the vesting of such restricted stock unit, (iii) the date of Mr. Nathanielsz's death or Disability (as defined in the Employment Agreement), and (iv) Mr. Nathanielsz's employment being terminated either by the Company without Cause or by Mr. Nathanielsz for Good Reason (each as defined in the Employment Agreement). In the event of a Change of Control, any unvested portion of the Nathanielsz Options and such restricted stock units shall vest immediately prior to such event. | The Nathanielsz Options have a term of 10 years from the date of grant. 1/3rd of the Nathanielsz Options shall vest every successive one-year anniversary following the Effective Date, provided, that on each such vesting date Mr. Nathanielsz is employed by the Company and subject to the other provisions of the Employment Agreement. The Initial Nathanielsz RSUs shall vest on the one-year anniversary of the Effective Date, subject to Mr. Nathanielsz's continued employment with the Company through such vesting date. The Additional Nathanielsz RSUs will vest as follows, subject to Mr. Nathanielsz's continued employment with the Company through the applicable vesting date: (i) 7,800 of the Additional Nathanielsz RSUs shall vest upon the Company submitting Clinical Trial Application (the "CTA") for PRP, the Company's lead product candidate ("PRP"), for a First-In-Human study for PRP (the "Study") in an applicable jurisdiction to be selected by the Company, (ii) 7,800 of the Additional Nathanielsz RSUs shall vest upon the CTA being approved in an applicable jurisdiction, (iii) 7,800 of the Additional RSUs shall vest upon the Company completing an equity financing in the amount of at least $4,000,000 in gross proceeds, (iv) 7,800 of the Additional Nathanielsz RSUs shall vest upon the shares of the Company's Common Stock being listed on a senior stock exchange (NYSE, NYSEMKT or NASDAQ), and (v) the remaining 7,800 of the Additional Nathanielsz RSUs shall vest upon the Company enrolling its first patient in the Study. Each vested restricted stock unit shall be settled by delivery to Mr. Nathanielsz of one share of the Company's common stock and/or the fair market value of one share of common stock in cash, at the sole discretion of the Company's board of directors and subject to the 2019 Plan, on the first to occur of: (i) the date of a Change of Control (as defined in the Employment Agreement), (ii) the date that is ten business days following the vesting of such restricted stock unit, (iii) the date of Mr. Nathanielsz's death or Disability (as defined in the Employment Agreement), and (iv) Mr. Nathanielsz's employment being terminated either by the Company without Cause or by Mr. Nathanielsz for Good Reason (each as defined in the Employment Agreement). In the event of a Change of Control, any unvested portion of the Nathanielsz Options and such restricted stock units shall vest immediately prior to such event. | |||||||||||||||||||
Mr. Nathanielsz [Member] | AUD Currency [Member] | Board of Directors [Member] | |||||||||||||||||||||
Officers' compensation | $ 460,000 | ||||||||||||||||||||
Bonus granted percentage | 60.00% | ||||||||||||||||||||
Mr. Nathanielsz [Member] | AUD Currency [Member] | Employment Agreement [Member] | |||||||||||||||||||||
Annual salary | $ 400,000 | ||||||||||||||||||||
Dr Kenyon [Member] | AUD Currency [Member] | Services Agreement [Member] | |||||||||||||||||||||
Annual salary | $ 54,000 | ||||||||||||||||||||
Dr Kenyon [Member] | Services Agreement [Member] | |||||||||||||||||||||
Agreement term | 3 years | 3 years | |||||||||||||||||||
Agreement renewal term | 1 year | 1 year | |||||||||||||||||||
Option purchase shares | shares | 19,500 | 19,500 | |||||||||||||||||||
Exercise price | $ / shares | $ 4.25 | ||||||||||||||||||||
Market price | 100.00% | 100.00% | |||||||||||||||||||
Granted exercise price | $ / shares | $ 19,500 | ||||||||||||||||||||
Option term | 10 years | 10 years | |||||||||||||||||||
Options vested, description | The Kenyon Options have a term of 10 years from the date of grant. 1/3rd of the Kenyon Options shall vest every successive one-year anniversary following the Effective Date, provided, that on each such vesting date Dr. Kenyon is employed by the Company and subject to the other provisions of the Services Agreement. The Initial Kenyon RSUs shall vest on the one-year anniversary of the Effective Date, subject to Dr. Kenyon's continued employment with the Company through such vesting date. The Additional Kenyon RSUs will vest as follows, subject to Dr. Kenyon's continued employment with the Company through the applicable vesting date: (i) 4,875 of the Additional Kenyon RSUs shall vest upon the Company submitting the CTA for PRP for the Study in an applicable jurisdiction to be selected by the Company, (ii) 4,875 of the Additional Kenyon RSUs shall vest upon the Company completing an equity financing in the amount of at least $4,000,000 in gross proceeds, (iii) 4,875 of the Additional Kenyon RSUs shall vest upon the shares of the Company's Common Stock being listed on a senior stock exchange (NYSE, NYSEMKT or NASDAQ), and (iv) the remaining 4,875 of the Additional Kenyon RSUs shall vest upon the Company enrolling its first patient in the Study. Each vested Kenyon RSU shall be settled by delivery to Mr. Kenyon of one share of the Company's common stock and/or the fair market value of one share of common stock in cash, at the sole discretion of the Company's board of directors and subject to the Plan, on the first to occur of: (i) the date of a Change of Control (as defined in the Services Agreement), (ii) the date that is ten business days following the vesting of such Kenyon RSU, (iii) the date of Dr. Kenyon's death or Disability (as defined in the Services Agreement), and (iv) Dr. Kenyon's employment being terminated either by the Company without Cause or by Dr. Kenyon for Good Reason (as defined in the Services Agreement). In the event of a Change of Control (as defined in the Services Agreement), 50% of any unvested portion of the Kenyon Options and the Kenyon RSUs shall vest immediately prior to such event. | The Kenyon Options have a term of 10 years from the date of grant. 1/3rd of the Kenyon Options shall vest every successive one-year anniversary following the Effective Date, provided, that on each such vesting date Dr. Kenyon is employed by the Company and subject to the other provisions of the Services Agreement. The Initial Kenyon RSUs shall vest on the one-year anniversary of the Effective Date, subject to Dr. Kenyon's continued employment with the Company through such vesting date. The Additional Kenyon RSUs will vest as follows, subject to Dr. Kenyon's continued employment with the Company through the applicable vesting date: (i) 4,875 of the Additional Kenyon RSUs shall vest upon the Company submitting the CTA for PRP for the Study in an applicable jurisdiction to be selected by the Company, (ii) 4,875 of the Additional Kenyon RSUs shall vest upon the Company completing an equity financing in the amount of at least $4,000,000 in gross proceeds, (iii) 4,875 of the Additional Kenyon RSUs shall vest upon the shares of the Company's Common Stock being listed on a senior stock exchange (NYSE, NYSEMKT or NASDAQ), and (iv) the remaining 4,875 of the Additional Kenyon RSUs shall vest upon the Company enrolling its first patient in the Study. Each vested Kenyon RSU shall be settled by delivery to Mr. Kenyon of one share of the Company's common stock and/or the fair market value of one share of common stock in cash, at the sole discretion of the Company's board of directors and subject to the Plan, on the first to occur of: (i) the date of a Change of Control (as defined in the Services Agreement), (ii) the date that is ten business days following the vesting of such Kenyon RSU, (iii) the date of Dr. Kenyon's death or Disability (as defined in the Services Agreement), and (iv) Dr. Kenyon's employment being terminated either by the Company without Cause or by Dr. Kenyon for Good Reason (as defined in the Services Agreement). In the event of a Change of Control (as defined in the Services Agreement), 50% of any unvested portion of the Kenyon Options and the Kenyon RSUs shall vest immediately prior to such event. |
Concentrations and Risks (Detai
Concentrations and Risks (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Proceeds from convertible debt | $ 948,000 | ||
Reimbursement on goods and service tax receivable percentage | 100.00% | 100.00% | |
Lenders [Member] | |||
Proceeds from convertible debt | |||
Lender One [Member] | |||
Proceeds from convertible debt | $ 75,000 | ||
Convertible debt, percentage | 9.00% | ||
Lender Two [Member] | |||
Proceeds from convertible debt | $ 285,000 | ||
Convertible debt, percentage | 33.00% | ||
Lender Three [Member] | |||
Proceeds from convertible debt | $ 505,000 | ||
Convertible debt, percentage | 58.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments and Fair Value Measurements (Details Narrative) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Share price | $ 0.0019 | |
Convertible Debt [Member] | ||
Convertible debt | $ 8,500 | $ 126,500 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Fair Value Measurements - Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques (Details) - Convertible Debt [Member] | 3 Months Ended |
Sep. 30, 2020 | |
Volatility [Member] | |
Debt instrument, measurement input, percentages | 269.61 |
Expected Remaining Term [Member] | |
Debt instrument, measurement input, term | 4 days |
Risk Free Interest Rate [Member] | |
Debt instrument, measurement input, percentages | 0.08 |
Expected Dividend Yield [Member] | |
Debt instrument, measurement input, percentages | 0 |
Initial Valuations [Member] | Volatility [Member] | |
Debt instrument, measurement input, percentages | 0 |
Initial Valuations [Member] | Expected Remaining Term [Member] | |
Debt instrument, measurement input, term | 0 years |
Initial Valuations [Member] | Risk Free Interest Rate [Member] | |
Debt instrument, measurement input, percentages | 0 |
Initial Valuations [Member] | Expected Dividend Yield [Member] | |
Debt instrument, measurement input, percentages | 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Embedded conversion option liabilities | $ 5,916 | $ 177,009 |
Total | 5,916 | 177,009 |
Fair Value, Inputs, Level 1 [Member] | ||
Embedded conversion option liabilities | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Embedded conversion option liabilities | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Embedded conversion option liabilities | 5,916 | 177,009 |
Total | $ 5,916 | $ 177,009 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Fair Value Measurements - Schedule of Derivative Liabilities at Fair Value (Details) | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Balance at Beginning | $ 177,009 |
Initial fair value of embedded conversion option derivative liability recorded as debt discount | |
Initial fair value of embedded conversion option derivative liability recorded as expense | |
Gain on debt extinguishment | (106,141) |
Change in fair value included in statements of operations | (64,952) |
Balance at Ending | $ 5,916 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Oct. 01, 2020USD ($) | Oct. 01, 2020EUR (€) | Sep. 13, 2018 | Sep. 30, 2022USD ($) | Sep. 30, 2022EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Nov. 30, 2020EUR (€) |
Revenue [Member] | ||||||||||
Royalties percentage | 2.00% | |||||||||
Installment 2 [Member] | Forecast [Member] | ||||||||||
Installment payment | $ | $ 5,858 | |||||||||
Installment 2 [Member] | Euros [Member] | Forecast [Member] | ||||||||||
Installment payment | € 5,000 | |||||||||
Installment 3 [Member] | Forecast [Member] | ||||||||||
Installment payment | $ | $ 11,715 | |||||||||
Installment 3 [Member] | Euros [Member] | Forecast [Member] | ||||||||||
Installment payment | € 10,000 | |||||||||
Installment 4 [Member] | Forecast [Member] | ||||||||||
Installment payment | $ | $ 11,715 | |||||||||
Installment 4 [Member] | Euros [Member] | Forecast [Member] | ||||||||||
Installment payment | € 10,000 | |||||||||
Subsequent Event [Member] | University [Member] | ||||||||||
Payments for services | $ | $ 30,268 | |||||||||
Subsequent Event [Member] | University [Member] | Revenue [Member] | ||||||||||
Royalties percentage | 2.00% | 2.00% | ||||||||
Subsequent Event [Member] | Euros [Member] | University [Member] | ||||||||||
Payments for services | € 25,837 | |||||||||
Subsequent Event [Member] | Collaboration Agreement [Member] | ||||||||||
Payments for services | $ | $ 35,145 | |||||||||
Subsequent Event [Member] | Collaboration Agreement [Member] | Euros [Member] | ||||||||||
Payments for services | € 30,000 | |||||||||
Subsequent Event [Member] | Installment 1 [Member] | Euros [Member] | ||||||||||
Installment payment | € 5,000 |