Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2022 | Nov. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 333-197692 | |
Entity Registrant Name | STAR ALLIANCE INTERNATIONAL CORP. | |
Entity Central Index Key | 0001614556 | |
Entity Tax Identification Number | 37-1757067 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 5743 Corsa Avenue | |
Entity Address, Address Line Two | Suite 218 | |
Entity Address, City or Town | Westlake Village | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91362 | |
City Area Code | 833 | |
Local Phone Number | 443-7827 | |
Title of 12(b) Security | Common | |
Trading Symbol | STAL | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 182,838,028 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Current assets: | ||
Cash | $ 6,924 | $ 71,724 |
Prepaids and other assets | 530,638 | 547,350 |
Prepaid stock for services | 732,813 | 1,813,854 |
Total current assets | 1,270,375 | 2,432,928 |
Property and equipment | 450,000 | 450,000 |
Mining claims | 57,532 | 57,532 |
Total other assets | 507,532 | 507,532 |
Total Assets | 1,777,907 | 2,940,460 |
Current liabilities: | ||
Accounts payable | 54,927 | 52,760 |
Accrued expenses | 46,509 | 25,961 |
Accrued expenses–related party | 15,316 | 0 |
Accrued compensation | 245,116 | 212,428 |
Notes payable | 113,335 | 119,215 |
Convertible notes payable, net of discount of $76,666 and $191,248, respectively | 438,334 | 323,752 |
Derivative liability | 927,436 | 689,231 |
Note payable – former related party | 32,000 | 32,000 |
Due to former related party | 42,651 | 42,651 |
Total current liabilities | 1,915,624 | 1,497,998 |
Total Liabilities | 1,915,624 | 1,497,998 |
Stockholders’ Equity (Deficit): | ||
Common stock, $0.001 par value, 500,000,000 shares authorized, 182,838,028 and 162,788,028 shares issued and outstanding, respectively | 182,838 | 162,788 |
Additional paid-in capital | 22,167,636 | 16,384,983 |
Common stock to be issued | 0 | 0 |
Stock subscription receivable | (56,250) | (50,000) |
Accumulated deficit | (22,435,079) | (15,058,400) |
Total stockholders’ equity (deficit) | (137,717) | 1,442,462 |
Total liabilities and stockholders’ deficit | 1,777,907 | 2,940,460 |
Preferred Stock [Member] | ||
Stockholders’ Equity (Deficit): | ||
Preferred stock, $0.001 par value, 25,000,000 authorized, none issued and outstanding | 0 | 0 |
Series A Preferred Stock [Member] | ||
Stockholders’ Equity (Deficit): | ||
Preferred stock, $0.001 par value, 25,000,000 authorized, none issued and outstanding | 1,000 | 1,000 |
Series B Preferred Stock [Member] | ||
Stockholders’ Equity (Deficit): | ||
Preferred stock, $0.001 par value, 25,000,000 authorized, none issued and outstanding | 1,883 | 1,883 |
Series C Preferred Stock [Member] | ||
Stockholders’ Equity (Deficit): | ||
Preferred stock, $0.001 par value, 25,000,000 authorized, none issued and outstanding | $ 255 | $ 208 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Discount | $ 76,666 | $ 191,248 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 182,838,028 | 162,788,028 |
Common stock, shares outstanding | 182,838,028 | 162,788,028 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,900,000 | 1,900,000 |
Preferred stock, shares issued | 1,833,000 | 1,833,000 |
Preferred stock, shares outstanding | 1,833,000 | 1,833,000 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 254,000 | 207,500 |
Preferred stock, shares outstanding | 254,000 | 207,500 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expenses: | ||
General and administrative | $ 568,444 | $ 9,062 |
General and administrative – related party | 0 | 1,500 |
Professional fees | 0 | 2,000 |
Consulting | 579,375 | 0 |
Director compensation | 4,410,000 | 30,000 |
Officer compensation | 1,445,000 | 45,000 |
Total operating expenses | 7,002,819 | 87,562 |
Loss from operations | (7,002,819) | (87,562) |
Other expense: | ||
Interest expense | (135,655) | (882) |
Change in fair value of derivative | (238,205) | 0 |
Total other expense | (373,860) | (882) |
Loss before provision for income taxes | (7,376,679) | (88,444) |
Provision for income taxes | 0 | 0 |
Net loss | $ (7,376,679) | $ (88,444) |
STATEMENTS OF OPERATIONS (Una_2
STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||
Earnings Per Share, Basic | $ (0.04) | $ 0 |
Earnings Per Share, Diluted | $ (0.04) | $ 0 |
Weighted Average Number of Shares Outstanding, Basic | 170,041,289 | 134,134,403 |
Weighted Average Number of Shares Outstanding, Diluted | 170,041,289 | 134,134,403 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDER'S DEFICIT (Unaudited) - USD ($) | Series A Preferred Stocks [Member] | Series B Preferred Stocks [Member] | Series C Preferred Stocks [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock To Be Issued [Member] | Stock Subscription Receivable [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2021 | $ 1,000 | $ 1,883 | $ 124,320 | $ 2,793,609 | $ 41,633 | $ (20,000) | $ (3,172,791) | $ (230,346) | |
Beginning balance, shares at Jun. 30, 2021 | 1,000,000 | 1,833,000 | 124,319,584 | ||||||
Stock issued for services | $ 4 | 19,996 | 20,000 | ||||||
Stock issued for services, Shares | 4,444 | ||||||||
Stock sold for cash | $ 10,790 | 574,210 | (35,000) | (550,000) | |||||
Stock sold for cash, Shares | 10,790,000 | ||||||||
Net loss | (88,444) | (88,444) | |||||||
Ending balance, value at Sep. 30, 2021 | $ 1,000 | 1,883 | $ 135,114 | 3,387,815 | 6,633 | (570,000) | (3,261,235) | (298,790) | |
Ending balance, shares at Sep. 30, 2021 | 1,000,000 | 135,114,028 | |||||||
Beginning balance, value at Jun. 30, 2022 | $ 1,000 | $ 1,883 | $ 208 | $ 162,788 | 16,384,983 | (50,000) | (15,058,400) | 1,442,462 | |
Beginning balance, shares at Jun. 30, 2022 | 1,000,000 | 1,833,000 | 207,500 | 162,788,028 | |||||
Preferred stock sold for cash | $ 47 | 46,453 | 46,500 | ||||||
Preferred stock sold for cash, Shares | 46,500 | ||||||||
Stock sold for cash | $ 50 | 6,200 | (6,250) | ||||||
Stock sold for cash, Shares | 50,000 | ||||||||
Stock issued for services – related party | $ 20,000 | 5,730,000 | 5,750,000 | ||||||
Stock Issued During Period, Shares, Other | 20,000,000 | ||||||||
Net loss | (7,376,679) | (7,376,679) | |||||||
Ending balance, value at Sep. 30, 2022 | $ 1,000 | $ 1,883 | $ 255 | $ 182,838 | $ 22,167,636 | $ (56,250) | $ (22,435,079) | $ (137,717) | |
Ending balance, shares at Sep. 30, 2022 | 1,000,000 | 1,833,000 | 254,000 | 182,838,028 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (7,376,679) | $ (88,444) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Prepaid stock issued for services | 1,081,041 | 3,334 |
Common stock issued for services - related party | 5,750,000 | 0 |
Change in fair value of derivative | 238,205 | 0 |
Debt discount amortization | 114,583 | 0 |
Changes in assets and liabilities: | ||
Prepaids and other assets | 16,712 | 0 |
Accounts payable | 2,167 | 2,308 |
Accrued expenses | 20,548 | 3,882 |
Accrued expenses – related party | 15,316 | 0 |
Accrued compensation | 32,688 | 72,131 |
Net cash used in operating activities | (105,419) | (6,789) |
CASH FLOWS FROM INVESTING ACTIVITIES: | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from the sale of preferred stock | 46,500 | 0 |
Payment on notes payable | (5,881) | 0 |
Net cash provided by financing activities | 40,619 | 0 |
Net change in cash | (64,800) | (6,789) |
Cash at the beginning of period | 71,724 | 6,789 |
Cash at the end of period | 6,924 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
NON-CASH TRANSACTIONS: | ||
Common stock issued for prepaid services | $ 0 | $ 16,666 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE 1 – NATURE OF BUSINESS Star Alliance International Corp. (“the Company”, “we”, “us”) was originally incorporated with the name Asteriko Corp. in the State of Nevada on April 17, 2014 under the laws of the state of Nevada, for the purpose of acquiring and developing gold mining as well as certain other mining properties worldwide. |
SIGNIFICANT AND CRITICAL ACCOUN
SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES | NOTE 2 – SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended June 30, 2022, have been omitted. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximates the fair value of such instruments as the notes bear interest rates that are consistent with current market rates. The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of September 30, 2022: Schedule Of Fair Value, Liabilities Measured on Recurring Basis At September 30, 2022 Description Level 1 Level 2 Level 3 Derivative $ – $ – $ 927,436 Total $ – $ – $ 927,436 At June 30, 2022 Description Level 1 Level 2 Level 3 Derivative $ – $ – $ 689,231 Total $ – $ – $ 689,231 |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As shown in the accompanying unaudited financial statements, the Company has an accumulated deficit of $ 22,435,079 7,376,679 6,132,787 105,419 The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not be sufficient to support its daily operations. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | NOTE 4 – ACQUISITIONS On December 15, 2021, the Company signed a definitive agreement to purchase 51 1,000,000 5,000,000 7,500,000 This project, that runs along a 12.5 mile stretch of the Rio Jalan River, is a peaceful agrarian area, with only farmers and ranchers in the nearby five villages. The environmental licenses have been obtained and exploration is ongoing. The mines will be producing gold early in 2022 and will be expanded early next year. Local small mining operations are producing a minimum of 250 to 300 oz of gold per site per month while losing approximately 50% of the recoverable gold particles. Our expanded operations, using modern equipment and our new Genesis program, should result in up to a 98% rate of recoverable gold, leading to significantly higher quantities of gold per site. As an important part of this transaction, STAR has agreed to continue the distribution of aid to the five local villages with 2% of mining profits per village to be used for expanded school facilities, a medical center, college scholarships and a community center to be used by adults and kids alike. Additional projects, beneficial to the community, may be considered in the future. Gold resources are in excess of 1 million oz. This estimate came from a limited appraisal of the area in which the mines are located. This acquisition become effective in January, 2022. The Company has issued to date 250,000 75,000 On May 9, 2022, a binding letter of intent was signed for the acquisition of 51 100 2 million On May 11, 2022, a binding letter of intent was signed for the acquisition of 51 100 2 million On May 23, 2022, a binding letter of intent was signed for the acquisition of 75 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS On January 1, 2021, the employment agreements for Richard Carey and Anthony Anish were updated to include salaries of $ 180,000 120,000 78,688 106,428 52,600 99,828 60,000 Mr. Carey is using his personal office space at no cost to the Company. On August 15, 2022, the Company issued 5,000,000 0.289 1,445,000 On August 15, 2022, the Company issued 5,000,000 0.289 1,445,000 On August 15, 2022, the Company issued 5,000,000 0.289 1,445,000 On August 15, 2022, the Company issued 5,000,000 0.289 1,445,000 |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 6 – NOTES PAYABLE As of September 30, 2022 and June 30, 2022, the Company owed Kok Chee Lee, the former CEO and Director of the Company, $ 42,651 42,651 On June 1, 2018, the Company executed a promissory note in the amount of $ 32,000 5 December 1, 2018 6,962 6,562 As of September 30, 2022 and June 30, 2022, the Company owes various other individuals and entities $ 113,335 119,215 |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 3 Months Ended |
Sep. 30, 2022 | |
Convertible Notes | |
CONVERTIBLE NOTES | NOTE 7 - CONVERTIBLE NOTES On March 28, 2022, we received short term financing from a private investor under a 10% Fixed Convertible Secured Promissory Note in the principal amount of $ 400,000 On June 8, 2022, the Company executed a 10 price per share equal to the 65 A summary of the activity of the derivative liability for the notes above is as follows: Schedule of derivative liabilities Balance at June 30, 2021 $ – Increase to derivative due to new issuances 552,517 Derivative loss due to mark to market adjustment 136,714 Balance at June 30, 2022 689,231 Increase to derivative due to new issuances – Derivative loss due to mark to market adjustment 238,205 Balance at September 30, 2022 $ 927,436 A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of the fair value hierarchy as of September 30, 2022, is as follows: Schedule of fair value assumptions Inputs September 30, Initial Stock price $ .08 $ .24 .42 Conversion price $ .03 .039 $ .03 .2995 Volatility (annual) 158.56 244.52 256.36 381.28 Risk-free rate 2.79 3.92 0.59 2.29 Dividend rate – – Years to maturity 0 - .69 .34 1 |
PREFERRED STOCK
PREFERRED STOCK | 3 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 8 – PREFERRED STOCK Of the 25,000,000 0.001 1,000,000 1,900,000 1,000,000 Series A Preferred Stock Each Share of Series A preferred stock shall have 500 votes per share and each share can be converted into 500 shares of common stock. The holders of the Series A preferred stock are not entitled to dividends. On July 2, 2020, the Board granted all 1,000,000 68,556 Series B Preferred Stock Only one person or entity, is entitled to be designated as the owner of all of the Series B Preferred Stock (the “Holder”), in whose name the initial certificates representing the Series B Preferred Stock shall be issued. Any transfer of the Series B Preferred Stock to a different Holder must be approved in advance by the Corporation; provided, however, the Holder shall have the right to transfer the Series B Preferred Stock, or any portion thereof, to any affiliate of Holder or nominee of Holder, without the approval of the Corporation. Each share of Preferred Stock shall have one vote per share. Holder is not entitled to dividends or distributions and each share of Series B Preferred Stock shall be convertible at the rate of two Common Shares for each one B Preferred stock. In conjunction with the APA with Troy, the company issued 1,883,000 7,532 3,666,000 On October 9, 2019, the parties have agreed to extend the date for filing the registration statement relating to the preferred shares of the Company to be issued to the Troy shareholders and that would in turn extend the date that the shares would become free trading. This extension will be for 150 days for filing the registration statement and obtaining approval for the shares to become free trading. All the remaining terms included in the contract will remain the same. Series C Preferred Stock On March 30, 2022, the Company created and designated 1,000,000 1.00 8 During the quarter ended June 30, 2022, the Company sold 207,500 207,500 During the quarter ended September 30, 2022, the Company sold 46,500 46,500 |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 9 – COMMON STOCK During the three months ended September 30, 2022, the Company sold 50,000 6,250 Refer to Note 5 for shares issued to related parties. |
SIGNIFICANT TRANSACTIONS
SIGNIFICANT TRANSACTIONS | 3 Months Ended |
Sep. 30, 2022 | |
Significant Transactions | |
SIGNIFICANT TRANSACTIONS | NOTE 10 – SIGNIFICANT TRANSACTIONS On December 15, 2021, the Company signed a definitive agreement to purchase 51% of Compania Minera Metalurgica Centro Americana SA. (“Commsa”) for $ 1,000,000 5,000,000 7,500,000 This project, that runs along a 12.5 mile stretch of the Rio Jalan River, is a peaceful agrarian area, with only farmers and ranchers in the nearby five villages. The environmental licenses have been obtained and exploration is ongoing. The mines will be producing gold early in 2022 and will be expanded early next year. Local small mining operations are producing a minimum of 250 to 300 oz of gold per site per month while losing approximately 50% of the recoverable gold particles. Our expanded operations, using modern equipment and our new Genesis program, should result in up to a 98% rate of recoverable gold, leading to significantly higher quantities of gold per site. As an important part of this transaction, STAR has agreed to continue the distribution of aid to the five local villages with 2% of mining profits per village to be used for expanded school facilities, a medical center, college scholarships and a community center to be used by adults and kids alike. Additional projects, beneficial to the community, may be considered in the future. Gold resources are in excess of 1 million oz. This estimate came from a limited appraisal of the area in which the mines are located. This acquisition become effective in January 2022. The Company has issued to date 250,000 75,000 On May 9, 2022, a binding letter of intent was signed for the acquisition of 51 100 2 million On May 11, 2022, a binding letter of intent was signed for the acquisition of 51 100 2 million On May 23, 2022, a binding letter of intent was signed for the acquisition of 75 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the unaudited financial statements were issued and has determined that no material subsequent events exist other than the following. On November 17, 2022, the Chairman, Richard Carey agreed to give 4 million of his own shares of common stock in exchange for $42,000 which was loaned to the Company. |
SIGNIFICANT AND CRITICAL ACCO_2
SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended June 30, 2022, have been omitted. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximates the fair value of such instruments as the notes bear interest rates that are consistent with current market rates. The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of September 30, 2022: Schedule Of Fair Value, Liabilities Measured on Recurring Basis At September 30, 2022 Description Level 1 Level 2 Level 3 Derivative $ – $ – $ 927,436 Total $ – $ – $ 927,436 At June 30, 2022 Description Level 1 Level 2 Level 3 Derivative $ – $ – $ 689,231 Total $ – $ – $ 689,231 |
SIGNIFICANT AND CRITICAL ACCO_3
SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule Of Fair Value, Liabilities Measured on Recurring Basis | Schedule Of Fair Value, Liabilities Measured on Recurring Basis At September 30, 2022 Description Level 1 Level 2 Level 3 Derivative $ – $ – $ 927,436 Total $ – $ – $ 927,436 At June 30, 2022 Description Level 1 Level 2 Level 3 Derivative $ – $ – $ 689,231 Total $ – $ – $ 689,231 |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Convertible Notes | |
Schedule of derivative liabilities | Schedule of derivative liabilities Balance at June 30, 2021 $ – Increase to derivative due to new issuances 552,517 Derivative loss due to mark to market adjustment 136,714 Balance at June 30, 2022 689,231 Increase to derivative due to new issuances – Derivative loss due to mark to market adjustment 238,205 Balance at September 30, 2022 $ 927,436 |
Schedule of fair value assumptions | Schedule of fair value assumptions Inputs September 30, Initial Stock price $ .08 $ .24 .42 Conversion price $ .03 .039 $ .03 .2995 Volatility (annual) 158.56 244.52 256.36 381.28 Risk-free rate 2.79 3.92 0.59 2.29 Dividend rate – – Years to maturity 0 - .69 .34 1 |
SIGNIFICANT AND CRITICAL ACCO_4
SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES (Details) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative fair value | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | Derivative [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Derivative [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative fair value | 927,436 | 689,231 |
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative fair value | $ 927,436 | $ 689,231 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 22,435,079 | $ 15,058,400 | |
Net loss | 7,376,679 | $ 88,444 | |
Noncash expense | 6,132,787 | ||
Net cash used in operating activities | $ 105,419 | $ 6,789 |
ACQUISITIONS (Details Narrative
ACQUISITIONS (Details Narrative) - USD ($) | 1 Months Ended | |||||||
May 11, 2022 | May 09, 2022 | Dec. 15, 2021 | Dec. 15, 2021 | Jan. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | May 23, 2022 | |
Business Acquisition [Line Items] | ||||||||
Cash | $ 1,000,000 | $ 1,000,000 | $ 6,924 | $ 71,724 | ||||
Restricted shares of common stock | 5,000,000 | 5,000,000 | ||||||
Working capital | $ 7,500,000 | $ 7,500,000 | ||||||
Wyoming Corporation [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 100% | 100% | ||||||
Compania Minera Metalurgica Centro Americana [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition percentage | 51% | 51% | ||||||
Number of shares issued at shares | 250,000 | |||||||
Purchase price | $ 75,000 | |||||||
Nsm [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition percentage | 51% | |||||||
Acquisition cost | $ 2,000,000 | |||||||
Ngm [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition percentage | 51% | |||||||
Acquisition cost | $ 2,000,000 | |||||||
Magma International Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition percentage | 75% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Aug. 15, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | |||
Common stock shares issued | 182,838,028 | 162,788,028 | |
Common stock value per share | $ 0.001 | $ 0.001 | |
Non cash expense | $ 6,132,787 | ||
Fernando Godina [Member] | |||
Related Party Transaction [Line Items] | |||
Common stock shares issued | 5,000,000 | ||
Common stock value per share | $ 0.289 | ||
Non cash expense | $ 1,445,000 | ||
Bryan Cappell [Member] | |||
Related Party Transaction [Line Items] | |||
Common stock shares issued | 5,000,000 | ||
Common stock value per share | $ 0.289 | ||
Non cash expense | $ 1,445,000 | ||
Weverson Correia [Member] | |||
Related Party Transaction [Line Items] | |||
Common stock shares issued | 5,000,000 | ||
Common stock value per share | $ 0.289 | ||
Non cash expense | $ 1,445,000 | ||
Anthony Anish [Member] | |||
Related Party Transaction [Line Items] | |||
Common stock shares issued | 5,000,000 | ||
Common stock value per share | $ 0.289 | ||
Non cash expense | $ 1,445,000 | ||
Anthony Anish [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related party | 180,000 | $ 120,000 | |
Accrued compensation | 106,428 | 99,828 | |
Richard Carey [Member] | |||
Related Party Transaction [Line Items] | |||
Accrued compensation | 78,688 | $ 52,600 | |
John Baird [Member] | |||
Related Party Transaction [Line Items] | |||
Accrued compensation | $ 60,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 11 Months Ended | |||
Jun. 01, 2018 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 28, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt face amount | $ 400,000 | |||
Due to related party | $ 113,335 | $ 119,215 | ||
Kok Chee Lee [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Note payable | 42,651 | 42,651 | ||
Former Secy Of Board [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt face amount | $ 32,000 | |||
Debt stated interest rate | 5% | |||
Debt maturity date | Dec. 01, 2018 | |||
Accrued interest | $ 6,962 | $ 6,562 |
CONVERTIBLE NOTES (Details)
CONVERTIBLE NOTES (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Jun. 30, 2022 | |
Convertible Notes | ||
Derivative Liability, beginning | $ 689,231 | $ 0 |
Increase to derivative due to new issuances | 0 | 552,517 |
Derivative loss due to mark to market adjustment | 238,205 | 136,714 |
Derivative Liability, ending | $ 927,436 | $ 689,231 |
CONVERTIBLE NOTES (Details 1)
CONVERTIBLE NOTES (Details 1) - $ / shares | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Stock price | $ 0.08 | |
Dividend rate | 0% | 0% |
Years to maturity | 8 months 8 days | |
Minimum [Member] | ||
Stock price | $ 0.24 | |
Conversion price | $ 0.03 | $ 0.03 |
Volatility (annual) | 158.56% | 256.36% |
Risk-free rate | 2.79% | 0.59% |
Years to maturity | 4 months 2 days | |
Maximum [Member] | ||
Stock price | $ 0.42 | |
Conversion price | $ 0.039 | $ 0.2995 |
Volatility (annual) | 244.52% | 381.28% |
Risk-free rate | 3.92% | 2.29% |
Years to maturity | 1 year |
CONVERTIBLE NOTES (Details Narr
CONVERTIBLE NOTES (Details Narrative) - USD ($) | Jun. 08, 2022 | Mar. 28, 2022 |
Debt Instrument [Line Items] | ||
Principal amount | $ 400,000 | |
Conversion of debt, percentage | 65% | |
Fast Capital L L C [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 10% |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jul. 02, 2020 | Aug. 13, 2019 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 30, 2022 | |
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||
Series A Preferred Stock [Member] | Richard Carey [Member] | |||||
Class of Stock [Line Items] | |||||
Stock issued for compensation, shares | 1,000,000 | ||||
Stock issued for compensation, value | $ 68,556 | ||||
Series B Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 1,900,000 | 1,900,000 | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||
Common stock to be issued | 3,666,000 | ||||
Series B Preferred Stock [Member] | Asset Purchase Agreement [Member] | |||||
Class of Stock [Line Items] | |||||
Stock issued for acquisition, shares | 1,883,000 | ||||
Stock issued for acquisition, value | $ 7,532 | ||||
Series C Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 1 | ||
Annual cumulative dividend percentage | 8% | ||||
Number of shares sold | 46,500 | 207,500 | |||
Proceeds from the sale of preferred stock | $ 46,500 | $ 207,500 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - Common Stock [Member] - Stock Sale [Member] | 3 Months Ended |
Sep. 30, 2022 USD ($) shares | |
Class of Stock [Line Items] | |
Stock sold for cash, shares | shares | 50,000 |
Proceeds from sale of stock | $ | $ 6,250 |
SIGNIFICANT TRANSACTIONS (Detai
SIGNIFICANT TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | |||||||
May 11, 2022 | May 09, 2022 | Dec. 15, 2021 | Dec. 15, 2021 | Dec. 17, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | May 23, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Cash | $ 1,000,000 | $ 1,000,000 | $ 6,924 | $ 71,724 | ||||
Restricted shares of common stock | 5,000,000 | 5,000,000 | ||||||
Working capital | $ 7,500,000 | $ 7,500,000 | ||||||
Wyoming Corporation [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Ownership percentage | 100% | 100% | ||||||
Compania Minera Metalurgica Centro Americana [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 250,000 | |||||||
Purchase price | $ 75,000 | |||||||
Business acquisition percentage | 51% | 51% | ||||||
Nsm [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Business acquisition percentage | 51% | |||||||
Acquisition cost | $ 2,000,000 | |||||||
Ngm [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Business acquisition percentage | 51% | |||||||
Acquisition cost | $ 2,000,000 | |||||||
Magma International Inc [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Business acquisition percentage | 75% |