Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity File Number | 000-56131 | ||
Entity Registrant Name | FORZA INNOVATIONS, INC. | ||
Entity Central Index Key | 0001683131 | ||
Entity Tax Identification Number | 30-0852686 | ||
Entity Incorporation, State or Country Code | WY | ||
Entity Address, Address Line One | 406 9th Avenue | ||
Entity Address, Address Line Two | Suite 210 | ||
Entity Address, City or Town | San Diego | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92101 | ||
City Area Code | 619 | ||
Local Phone Number | 324-7388 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 317,466 | ||
Entity Common Stock, Shares Outstanding | 394,724,528 | ||
Auditor Name | BF Borgers CPA PC | ||
Auditor Firm ID | 5041 | ||
Auditor Location | Lakewood, CO |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Current assets: | ||
Cash | $ 295,914 | $ 13,677 |
Prepaid | 5,130 | 0 |
Total current assets | 301,044 | 13,677 |
Machinery and equipment, net | 155,599 | 108,954 |
Website, net | 0 | 15,250 |
Other assets | 5,913 | 0 |
Total other assets | 161,512 | 124,204 |
Total Assets | 462,556 | 137,881 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 49,972 | 35,400 |
Accrued interest | 129,564 | 57,649 |
Convertible notes payable, net of discount of $424,889 and $12,500, respectively | 905,111 | 150,000 |
Derivative liability | 662,982 | 0 |
Loan payable | 22,729 | 122,729 |
Due to related party | 19,406 | 54,833 |
Total current liabilities | 1,789,764 | 420,611 |
Total liabilities | 1,789,764 | 420,611 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity (deficit): | ||
Class B Preferred stock, $0.001 par value, 25,000,000 shares authorized, 10,000,000 issued and outstanding | 10,000 | 10,000 |
Common stock, $0.001 par value, 700,000,000 shares authorized; 220,009,575 and 281,000,000 shares issued and outstanding, respectively | 220,009 | 281,000 |
Common stock to be issued | 26,231 | 0 |
Additional paid-in capital | 4,611,790 | 2,921,000 |
Accumulated deficit | (6,195,238) | (3,494,730) |
Total stockholders' deficit | (1,327,208) | (282,730) |
Total Liabilities and Stockholders' Deficit | $ 462,556 | $ 137,881 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Debt discount | $ 424,889 | $ 12,500 |
Common Stock Par Value | $ 0.001 | $ 0.001 |
Common Stock Shares Authorized | 700,000,000 | 700,000,000 |
Common Stock Shares Issued | 220,009,575 | 281,000,000 |
Common Stock Shares Outstanding | 220,009,575 | 281,000,000 |
Series B Preferred Stock [Member] | ||
Preferred Stock Par Value | $ 0.001 | $ 0.001 |
Preferred Stock Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock Shares Issued | 10,000,000 | 10,000,000 |
Preferred Stock Shares Outstanding | 10,000,000 | 10,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 25,871 | $ 0 |
Cost of revenue | 2,792 | 0 |
Gross margin | 23,079 | 0 |
Operating Expenses: | ||
General & administrative expenses | 152,315 | 60,165 |
Advertising and marketing | 111,527 | 0 |
Compensation expense | 319,857 | 0 |
Professional fees | 270,318 | 0 |
Stock based compensation | 1,068,731 | 0 |
Total operating expenses | 1,922,748 | 60,165 |
Loss from operations | (1,899,669) | (60,165) |
Other expense: | ||
Interest expense | (150,351) | (26,033) |
Loss on issuance of convertible debt | (1,165,877) | 0 |
Change in fair value of derivatives | 967,422 | 0 |
Debt discount amortization | (377,426) | (12,500) |
Early payment penalties | (41,057) | 0 |
Loss on asset impairment | (10,750) | 0 |
Impairment expense | (22,800) | 0 |
Loss on asset acquisition – related party | 0 | (2,704,865) |
Loss on disposition of assets and liabilities | 0 | (365,019) |
Total other expense | (800,839) | (3,108,417) |
Loss before income taxes | (2,700,508) | (3,168,582) |
Provision for income taxes | 0 | 0 |
Net loss from continuing operations | (2,700,508) | (3,168,582) |
Net income from discontinued operations | 0 | 25,442 |
Net Loss | $ (2,700,508) | $ (3,143,140) |
Net loss per common share, basic & diluted from continuing operations | $ (0.01) | $ (0.14) |
Net income per common share, basic & diluted from discontinued operations | 0 | 0 |
Net loss per common Share, basic & diluted | $ (0.01) | $ (0.14) |
Weighted common shares outstanding, basic & diluted | 286,360,095 | 23,031,507 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Common Stock To Be Issued [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2020 | $ 181,000 | $ 10,000 | $ 221,000 | $ (351,590) | $ 60,410 | |
Beginning balance, shares at Jun. 30, 2020 | 181,000,000 | 10,000,000 | ||||
Stock issued for asset acquisition | $ 100,000 | 2,690,000 | 2,800,000 | |||
Stock issued for asset acquisition, shares | 100,000,000 | |||||
Net loss | (3,143,140) | (3,143,140) | ||||
Ending balance, value at Jun. 30, 2021 | $ 281,000 | $ 10,000 | 2,921,000 | (3,494,730) | (282,730) | |
Ending balance, shares at Jun. 30, 2021 | 281,000,000 | 10,000,000 | ||||
Shares issued for conversion of debt | $ 26,608 | 332,244 | 358,852 | |||
Shares issued for conversion of debt, shares | 26,608,313 | |||||
Options exercised – related party | $ 500 | 23,543 | 24,043 | |||
Options exercised - related party, shares | 500,000 | |||||
Fair value of options granted | 854,550 | 854,550 | ||||
Shares issued for acquisition | 22,800 | 22,800 | ||||
Shares issued for cash | $ 5,000 | 31,005 | 36,005 | |||
Shares issued for cash, shares | 5,000,000 | |||||
Shares granted for services | $ 1,201 | 34,837 | 36,038 | |||
Shares granted for services, shares | 1,201,262 | |||||
Shares granted for financing costs | $ 5,700 | 205,050 | 3,431 | 214,181 | ||
Shares granted for financing costs, shares | 5,700,000 | |||||
Fair value of warrants granted | 109,561 | 109,561 | ||||
Shares cancelled – related party | $ (100,000) | 100,000 | ||||
Shares cancelled - related party, shares | (100,000,000) | |||||
Net loss | (2,700,508) | (2,700,508) | ||||
Ending balance, value at Jun. 30, 2022 | $ 220,009 | $ 10,000 | $ 4,611,790 | $ 26,231 | $ (6,195,238) | $ (1,327,208) |
Ending balance, shares at Jun. 30, 2022 | 220,009,575 | 10,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net Loss | $ (2,700,508) | $ (3,168,582) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Income from discontinued operations | 0 | 25,422 |
Depreciation and amortization | 36,021 | 10,931 |
Debt discount amortization | 377,426 | 12,500 |
Loss on issuance of convertible debt | 1,165,877 | 0 |
Change in fair value of derivatives | (967,422) | 0 |
Common stock issued for services | 250,219 | 0 |
Other stock-based compensation | 964,911 | 0 |
Loss on asset acquisition – related party | 0 | 2,704,865 |
Loss on asset impairment | 10,750 | 0 |
Loss on disposition of assets and liabilities | 22,800 | 365,019 |
Changes in operating assets and liabilities: | ||
Prepaids | (5,130) | 0 |
Other assets | (5,913) | 0 |
Accounts payable | 11,218 | 35,400 |
Accrued interest | 127,606 | 44,915 |
Operating cash flow from discontinued operations | 0 | 35,827 |
Net cash (used) provided by operating activities | (712,145) | 66,297 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (75,612) | (40,000) |
Investing cash flow from discontinued operations | 0 | (70,117) |
Net cash used in investing activities | (75,612) | (110,117) |
Cash flows from financing activities: | ||
Advances from related party | 27,088 | 54,833 |
Repayment of related party loans | (62,516) | 0 |
Proceeds from convertible debt | 1,410,374 | 0 |
Repayment of convertible debt | (365,000) | 0 |
Proceeds from sale of common stock | 36,005 | 0 |
Proceeds from the exercise of options | 24,043 | 0 |
Financing cash flow from discontinued operations | 0 | 2,664 |
Net cash provided by financing activities | 1,069,994 | 57,497 |
Net change in cash | 282,237 | 13,677 |
Cash, beginning of year | 13,677 | 0 |
Cash, end of year | 295,914 | 13,677 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 22,746 | 0 |
Cash paid for taxes | 0 | 0 |
Supplemental non-cash disclosure: | ||
Common stock issued for conversion of debt | $ 340,691 | $ 0 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NOTE 1 - NATURE OF OPERATIONS Forza Innovations Inc. (the “Company”) was incorporated on December 9, 2014, under the laws of the State of Florida. The Company was a diversified multi-industry manufacturer of complex metal components and products. We serve all general industrial markets such as Aerospace, Automotive, Commercial, Food Processing, Industrial, Maritime, Medical, Railroad, Oil and Gas, Packaging, Telecom, Textiles, Robotics, Space Travel, Transportation and many more. We are a vertically integrated precision CNC manufacturing and fabrication company with core emphasis on product design, engineering and precision manufacturing of complex components and products. On February 5, 2018, the Company formed Genesys Industries, LLC as a wholly owned subsidiary in the state of Missouri. On January 21, 2021, Shefali Vibhakar, President of the Company closed a Share Purchase Agreement (the “Agreement”) that she entered into with Johnny Forzani to sell all of her 170,000,000 10,000,000 177,000 Further, as part of the Agreement, Ms. Vibhakar agrees to spin out all of the Company’s assets (except for certain machinery valued at $ 40,000 On January 21, 2021, a change in control of the Company occurred pursuant to the Agreement. Mr. Forzani now has voting control over 93.9 On January 21, 2021, the Company received the resignation of Shefali Vibhakar as the Company’s President, Chief Executive Officer, Treasurer, Chief Financial Officer, Secretary and Director and appointed Johnny Forzani as its President, Chief Executive Officer, Treasurer, Chief Financial Officer and Secretary. Effective January 21, 2021, the Company’s new address is 30 Forzani Way NW, Calgary, Alberta, Canada T3Z 1L5. On February 17, 2021, the Company filed Articles of Continuance with the Secretary of State for the state of Wyoming. Accordingly, the Company transferred its state of formation from Florida to Wyoming and became a Wyoming entity. On February 18, 2021, the Company filed a Certificate of Dissolution with the Secretary of State for the State of Florida, effectively dissolving the Company's existence in Florida. As of June 30, 2021, Forza Innovations has moved out of the precision CNC manufacturing and fabrication business and has moved into the health-tech wearable performance business. The Company has acquired the ownership and rights to certain late developmental stage products, including the J4 Sport, J4 X and J4 Fitbelt. These products are wearable back compression devices, used to relax, warmup, loosen, or relax stiff & sore muscles. The therapeutic application of heat causes a change in temperature of the soft tissues which decreases joint stiffness and relieves inflammation. On March 1, 2022, the Company entered into a Share Exchange Agreement (the “Agreement”) with Sustainable Origins Inc. (“Sustainable”), whereby the Company acquired 100% of the shares of Sustainable in exchange for 600,000 17,000 0.038 22,800 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash.` Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no Principles of Consolidation The accompanying consolidated financial statements for year ended June 30, 2022, include the accounts of the Company and its wholly owned subsidiary, Sustainable Origins. All material inter-company transactions have been eliminated in consolidation. Property, Plant and Equipment Property and equipment are carried at the lower of cost or net realizable value. Major betterments that extend the useful lives of assets are also capitalized. Normal maintenance and repairs are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in operations. Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the year ended June 30, 2022. Derivative Financial Instruments The Company evaluates its convertible notes to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a weighted-average Black-Scholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. 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 (3) 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 (3) 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 amates 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 asset measured at fair value on a recurring basis into the fair value hierarchy as of June 30, 2022: Schedule of fair value hierarchy Description Level 1 Level 2 Level 3 Derivative $ — $ — $ 662,982 Total $ — $ — $ 662,982 Income Taxes Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of June 30, 2022, and 2021, no Basic and Diluted Loss Per Share Under ASC 260 “Earnings Per Share,” the Company presents basic and diluted earnings (loss) per-share (“EPS”) amounts on the face of the statements of operations. Basic EPS computed by dividing income (loss) available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period that they were outstanding. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. There were no Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Derivatives and Hedging Derivatives and Hedging—Contracts in Entity’s Own Equity The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying consolidated 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 of June 30, 2022, the Company has an accumulated deficit of $ 6,195,238 3,069,884 While the Company is successfully executing its growth strategy, its cash position may not still be sufficient to support the Company’s daily operations without additional financing. While the Company believes in the viability of its strategy to produce sales volume 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 the Company’s ability to further implement its business plan and generate sufficient revenues. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. |
MACHINERY AND EQUIPMENT
MACHINERY AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
MACHINERY AND EQUIPMENT | NOTE 4 – MACHINERY AND EQUIPMENT Long lived assets, including property and equipment and certain intangible assets to be held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment losses are recognized if expected future cash flows of the related assets are less than their carrying values. Measurement of an impairment loss is based on the fair value of the asset. Long-lived assets and certain identifiable intangibles to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. Property and Equipment and intangible assets are first recorded at cost. Depreciation and/or amortization is computed using the straight-line method over the estimated useful lives of the various classes of assets between three and five years. Leasehold improvements are being depreciated over ten years, and the building over twenty years. Maintenance and repair expenses, as incurred, are charged to expense. Betterments and renewals are capitalized in plant and equipment accounts. Cost and accumulated depreciation applicable to items replaced or retired are eliminated from the related accounts with any gain or loss on the disposition included as income. Property and equipment stated at cost, less accumulated depreciation for continuing operations consisted of the following: Property, Plant & Equipment June 30, 2022 June 30, 2021 Machinery and Equipment $ 150,483 $ 117,072 Office Equipment 3,097 — Vehicles 41,720 — Less: accumulated depreciation (39,701 ) (8,118 ) Property and equipment, net $ 155,599 $ 108,954 Depreciation expense Depreciation expense for the years ended June 30, 2022 and 2021 was $ 36,021 10,931 Our capitalized software cost, less accumulated amortization consisted of the following: Software cost June 30, 2022 June 30, 2021 Software $ — $ 18,000 Less: accumulated depreciation — (2,750 ) Software, net $ — $ 15,250 During the fourth quarter the Company determined that the software was no longer being used and chose to write off the asset and the associated accumulated amortization for a loss of $$ 10,750 Amortization expense Amortization expense for the years ended June 30, 2022 and 2021 was $ 4,500 0 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | NOTE 5 – CONVERTIBLE NOTES PAYABLE On January 2, 2020, the Company executed a 10% convertible promissory note in which it agreed to borrow up to $ 300,000 price per share equal to the lower of (a) the Fixed Conversion Price (which is fixed at a price equal to $0.30); or (b) 80% of the lowest trading price of the Company’s common stock during the 5 consecutive trading days prior to the date on which lender elects to convert all or part of the Note. 125,000 25,000 200,000 150,000 75,000 0 150,000 0 40,250 During the year ended June 30, 2022, the Company issued, paid and or converted the following new convertible promissory notes. Schedule of convertible promissory notes Note Holder Date Maturity Date Interest Rate Loan Amount Conversions/Payments Balance Power Up Lending Group Ltd (1) 10/1/2021 10/1/2022 10 % $ 55,000 $ (55,000 ) $ — Fast Capital LLC (2) 10/26/2021 10/26/2022 10 % $ 65,000 $ (35,000 ) $ 30,000 Sixth Street Lending LLC (3) 11/17/2021 11/17/2022 10 % $ 55,000 $ (55,000 ) $ — Coventry Enterprises, LLC (4) 1/5/2022 1/5/2023 10 % $ 180,000 $ (180,000 ) $ — ONE44 Capital LLC (5) 1/13/2022 1/13/2023 10 % $ 160,000 $ — $ 160,000 Mast Hill Fund, L.P. (6) 1/20/2022 1/20/2023 12 % $ 350,000 $ — $ 350,000 Sixth Street Lending LLC (7) 2/1/2022 2/1/2023 10 % $ 80,000 $ — $ 80,000 ONE44 Capital LLC (5) 3/22/2022 3/22/2023 10 % $ 120,000 $ — $ 120,000 Sixth Street Lending LLC (7) 4/13/2022 4/13/2023 10 % $ 55,000 $ — $ 55,000 1800 Diagonal Lending LLC (7) 5/23/2022 5/23/2023 10 % $ 55,000 $ — $ 55,000 Coventry Enterprises, LLC (4) 6/3/2022 6/3/2023 10 % $ 480,000 $ — $ 480,000 Total $ 1,655,000 $ (325,000 ) $ 1,330,000 Less debt discount $ (424,889 ) $ 905,111 Conversion Terms (1) 61% of the average of the three lowest trading price for 15 days prior to conversion date. (2) 61% of the lowest trading price for 15 days, including conversion date. (3) 61% of the lowest trading price for 15 days prior to conversion date. (4) Convertible only upon an event of default. 90% of the lowest trading price for 10 days prior to conversion date. (5) 60% of the lowest trading price for 20 days, including conversion date. (6) Convertible only upon an event of default. Conversion would then be $0.10. (7) 61% of the lowest trading price for 15 days prior to conversion date. Total accrued interest on the above convertible notes as of June 30, 2022, is $ 109,769 A summary of the activity of the derivative liability for the notes above is as follows: Schedule of derivative liability Balance at June 30, 2021 — Increase to derivative due to new issuances 1,648,566 Decrease to derivative due to conversion/payments (18,162 ) Derivative gain due to mark to market adjustment (967,422 ) Balance at June 30, 2022 $ 662,982 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 June 30, 2022, is as follows: Schedule of fair value hierarchy Inputs June 30, 2022 Initial Stock price $ 0.0086 $ 0.018 0.24 Conversion price $ .0049 $ 0.010 0.082 Volatility (annual) 217.25 235.22 311.48 35.86 Risk-free rate 1.72 2.51 0.09 2.09 Dividend rate — — Years to maturity .32 .9 1 |
NOTE PAYABLE
NOTE PAYABLE | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE | NOTE 6 - NOTE PAYABLE On November 5, 2017, to fund its working capital requirements the Company obtained a Special Line of Credit (“LOC”) also recognized as a Blanket Secured Promissory Note for the total draw down amount of up to $ 500,000 C bears interest at 5 100,000 10,000,000 22,729 122,729 19,796 17,399 |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 7 – COMMON STOCK On February 19, 2021, the Company filed a Definitive 14C in order to ratify the written consent received from one shareholder, holding 96.1% of our voting power to: (1) to amend the Company’s Articles of Incorporation, as amended (the “Articles”) to change our corporate name from Genesys Industries, Inc. to Forza Innovations Inc. (the “Name Change”); (2) to amend the Articles to increase the number of authorized shares of Class A Common Stock we may issue from 100,000,000 700,000,000 On October 20, 2021, the Company entered into a $ 3,000,000 7,000,000 Subject to the terms and conditions of the Investment Agreement, from time to time, the Company may, in its sole discretion, deliver a Put Notice to Tangiers which states the number of shares that the Company intends to sell to Tangiers on a closing date. The maximum amount of shares of Common Stock that the Company shall be entitled to put to Tangiers per any applicable Put Notice shall be an amount of shares up to or equal to 100% of the average of the daily trading volume of the Common Stock for the 10 consecutive Trading Days immediately prior to the applicable Put Notice Date (the “Put Amount”). The Put Amount has to be at least $5,000 and cannot exceed $300,000, as calculated by multiplying the Put Amount by the average daily VWAP for the 10 consecutive Trading Days immediately prior to the applicable Put Notice Date. The Purchase Price of the shares of our common stock that we may sell to Tangiers will be 80% of the lowest trading price of the Common Stock during the Pricing Period applicable to the Put Notice. The Company issued Tangiers 25,000 0.1373 3,431 During the year ended June 30, 2022, Tangiers converted $ 205,691 11,608,313 During the year ended June 30, 2022, Front Row Seating Inc. converted $ 100,000 10,000,000 On January 5, 2022, the Company entered into a securities purchase agreement with Coventry Enterprises, LLC (“Coventry”). Pursuant to the terms of the agreement, the Company issued 200,000 0.085 17,000 On January 20, 2022, the Company entered into a securities purchase agreement with Mast Hill Fund, L.P., (“Mast Hill”). Pursuant to the terms of the agreement, the Company issued 2,500,000 0.0589 147,250 During the fourth quarter Mast Hill purchased 5,000,000 36,005 During the fourth quarter Fast Capital. LLC converted $ 35,000 5,000,000 The Company entered into a Marketing Services Agreement dated as of April 14, 2022 (the “Agreement”) with North Equities Corp. (“North Equities”) to provide marketing services to the Company. Pursuant to the terms of the Agreement, the Company issued 1,201,262 0.03 36,038 |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 8 – PREFERRED STOCK Preferred stock includes 25,000,000 0.001 25,000,000 0.001 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 9 - RELATED PARTY TRANSACTIONS On January 21, 2021, the Company entered into an acquisition agreement with Mr. Forzani to acquire all of the ownership and the rights to certain late developmental stage products, including the J4 Sport, J4 X and J4 Fitbelt in exchange for the issuance of 10,000,000 0.28 2,800,000 95,135 2,704,865 During the year ended June 30, 2021, Mr. Forzani advanced the Company $ 54,833 June 30, 2022 , Mr. Forzani advanced the Company an additional $ 27,088 62,516 of $ 19,406 On August 23, 2021, Mr. Forzani exercised 400,000 20,000 On October 26, 2021, Geoff Stanbury exercised 100,000 4,043 On June 8, 2022, Mr 100,000,000 |
STOCK OPTIONS
STOCK OPTIONS | 12 Months Ended |
Jun. 30, 2022 | |
Stock Options | |
STOCK OPTIONS | NOTE 10– STOCK OPTIONS On August 3, 2021, the Company granted 1,000,000 250,000 250,000 0.05 The aggregate fair value of the 1,500,000 854,550 0.05 0.17 704.9 2 A summary of the status of the Company’s outstanding stock options and changes during the year ended June 30, 2022 is presented below: Schedule of Stock Options Outstanding Stock Options Options Weighted Average Aggregate Options outstanding at June 30, 2021 — $ — — Granted 1,500,000 0.05 — Exercised (500,000 $ — Expired — $ — Options outstanding at June 30, 2022 1,000,000 $ 0.05 Options exercisable at June 30, 2022 1,000,000 $ 0.05 $ — |
WARRANTS
WARRANTS | 12 Months Ended |
Jun. 30, 2022 | |
Guarantees and Product Warranties [Abstract] | |
WARRANTS | NOTE 11 – WARRANTS On January 5, 2022, the Company issued warrants to purchase up to 900,000 5 0.175 63,908 On January 20, 2022, the Company issued warrants to purchase up to 700,000 350,000 5 0.50 1.00 45,652 The warrants were evaluated for purposes of classification between liability and equity. The warrants do not contain features that would require a liability classification and are therefore considered equity. The Black Scholes pricing model was used to estimate the fair value of the warrants issued with the following inputs: Fair value assumptions Number of Warrants $ 900,000 $ 700,000 $ 350,000 Share price $ 0.11 $ 0.05 $ 0.05 Exercise Price $ 0.175 $ 0.50 $ 1.00 Term 5 5 5 Volatility 638.91 % 634.09 % 634.09 % Risk Free Interest Rate 1.43 1.62 1.62 Dividend rate — — — Intrinsic value $ — $ — $ — A summary of the status of the Company’s outstanding stock options and changes during the year ended June 30, 2022 is presented below: Schedule of outstanding stock options Warrants Warrants Weighted Average Aggregate Warrants outstanding at June 30, 2021 — $ — Granted 1,950,000 $ 0.44 Exercised — $ — Expired — $ — Warrants outstanding at June 30, 2022 1,950,000 $ 0.44 Warrants exercisable at June 30, 2022 1,950,000 $ 0.44 $ — |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 12 – INCOME TAXES Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has evaluated Staff Accounting Bulletin No. 118 regarding the impact of the decreased tax rates of the Tax Cuts & Jobs Act. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The U.S. federal income tax rate of 21 Net deferred tax assets consist of the following components as of June 30: Schedule of net deferred tax assets 2022 2021 Deferred Tax Assets: NOL Carryover $ 1,301,000 $ 732,000 Deferred tax liabilities: Less valuation allowance (1,301,000 ) $ (732,000 ) Net deferred tax assets $ — $ — The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the period ended June 30, due to the following: Schedule of income tax provision 2022 2021 Federal income tax benefit attributable to: Current operations $ (567,000 ) $ (658,000 ) Less: Valuation allowance 567,000 658,000 Net provision for Federal income taxes $ — $ — At June 30, 2022, the Company had net operating loss carry forwards of approximately $ 1,301,000 Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal Income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 13 – DISCONTINUED OPERATIONS On January 21, 2021, Shefali Vibhakar, President of the Company closed a Share Purchase Agreement (the “Agreement”) that she entered into with Johnny Forzani to sell all of her 17,000,000 10,000,000 177,000 Further, as part of the Agreement, Ms. Vibhakar agrees to spin out all of the Company’s assets (except for certain machinery valued at $ 40,000 In accordance with the provisions of ASC 205-20, Presentation of Financial Statements Disposal Groups, Including Discontinued Operations For the Year Ended June 30, 2021 Revenue $ 381,472 Cost of revenue 269,638 Gross Margin 111,834 Operating Expenses: Payroll expense 32,676 General & administrative expenses 37,882 Total operating expenses 70,558 Income from operations 41,276 Total other expense (15,854 ) Net income from discontinued operations $ 25,442 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it has no material subsequent events to disclose in these consolidated financial statements other than the following. Effective July 25, 2022, the Company reissued the 100,000,000 On September 7, 2022, the Company filed with the Secretary of State of the State of Wyoming, an Articles of Amendment (the “Amendment”) designating the terms, preferences and rights of the 25,000,000 On September 23, 2022, the Company, closed a Securities Purchase Agreement (the “Purchase Agreement”) with Mast Hill Fund, L.P., a Delaware limited partnership (“Mast Hill”), dated as of September 19, 2022, pursuant to which the Company issued Mast Hill a convertible promissory note in the principal amount of $ 290,000 100,000,000 0.003 100,000,000 0.003 September 19, 2023 12 0.0015 29,000 5,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
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. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash.` |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements for year ended June 30, 2022, include the accounts of the Company and its wholly owned subsidiary, Sustainable Origins. All material inter-company transactions have been eliminated in consolidation. |
Property, Plant and Equipment | Property, Plant and Equipment Property and equipment are carried at the lower of cost or net realizable value. Major betterments that extend the useful lives of assets are also capitalized. Normal maintenance and repairs are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in operations. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the year ended June 30, 2022. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its convertible notes to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a weighted-average Black-Scholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. |
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 (3) 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 (3) 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 amates 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 asset measured at fair value on a recurring basis into the fair value hierarchy as of June 30, 2022: Schedule of fair value hierarchy Description Level 1 Level 2 Level 3 Derivative $ — $ — $ 662,982 Total $ — $ — $ 662,982 |
Income Taxes | Income Taxes Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of June 30, 2022, and 2021, no |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share Under ASC 260 “Earnings Per Share,” the Company presents basic and diluted earnings (loss) per-share (“EPS”) amounts on the face of the statements of operations. Basic EPS computed by dividing income (loss) available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period that they were outstanding. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. There were no |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Derivatives and Hedging Derivatives and Hedging—Contracts in Entity’s Own Equity The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of fair value hierarchy | Schedule of fair value hierarchy Description Level 1 Level 2 Level 3 Derivative $ — $ — $ 662,982 Total $ — $ — $ 662,982 |
MACHINERY AND EQUIPMENT (Tables
MACHINERY AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant & Equipment | Property, Plant & Equipment June 30, 2022 June 30, 2021 Machinery and Equipment $ 150,483 $ 117,072 Office Equipment 3,097 — Vehicles 41,720 — Less: accumulated depreciation (39,701 ) (8,118 ) Property and equipment, net $ 155,599 $ 108,954 |
Software cost | Software cost June 30, 2022 June 30, 2021 Software $ — $ 18,000 Less: accumulated depreciation — (2,750 ) Software, net $ — $ 15,250 |
CONVERTIBLE NOTES PAYABLE (Tabl
CONVERTIBLE NOTES PAYABLE (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of convertible promissory notes | Schedule of convertible promissory notes Note Holder Date Maturity Date Interest Rate Loan Amount Conversions/Payments Balance Power Up Lending Group Ltd (1) 10/1/2021 10/1/2022 10 % $ 55,000 $ (55,000 ) $ — Fast Capital LLC (2) 10/26/2021 10/26/2022 10 % $ 65,000 $ (35,000 ) $ 30,000 Sixth Street Lending LLC (3) 11/17/2021 11/17/2022 10 % $ 55,000 $ (55,000 ) $ — Coventry Enterprises, LLC (4) 1/5/2022 1/5/2023 10 % $ 180,000 $ (180,000 ) $ — ONE44 Capital LLC (5) 1/13/2022 1/13/2023 10 % $ 160,000 $ — $ 160,000 Mast Hill Fund, L.P. (6) 1/20/2022 1/20/2023 12 % $ 350,000 $ — $ 350,000 Sixth Street Lending LLC (7) 2/1/2022 2/1/2023 10 % $ 80,000 $ — $ 80,000 ONE44 Capital LLC (5) 3/22/2022 3/22/2023 10 % $ 120,000 $ — $ 120,000 Sixth Street Lending LLC (7) 4/13/2022 4/13/2023 10 % $ 55,000 $ — $ 55,000 1800 Diagonal Lending LLC (7) 5/23/2022 5/23/2023 10 % $ 55,000 $ — $ 55,000 Coventry Enterprises, LLC (4) 6/3/2022 6/3/2023 10 % $ 480,000 $ — $ 480,000 Total $ 1,655,000 $ (325,000 ) $ 1,330,000 Less debt discount $ (424,889 ) $ 905,111 |
Schedule of derivative liability | Schedule of derivative liability Balance at June 30, 2021 — Increase to derivative due to new issuances 1,648,566 Decrease to derivative due to conversion/payments (18,162 ) Derivative gain due to mark to market adjustment (967,422 ) Balance at June 30, 2022 $ 662,982 |
Schedule of fair value hierarchy | Schedule of fair value hierarchy Inputs June 30, 2022 Initial Stock price $ 0.0086 $ 0.018 0.24 Conversion price $ .0049 $ 0.010 0.082 Volatility (annual) 217.25 235.22 311.48 35.86 Risk-free rate 1.72 2.51 0.09 2.09 Dividend rate — — Years to maturity .32 .9 1 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Stock Options | |
Schedule of Stock Options Outstanding | Schedule of Stock Options Outstanding Stock Options Options Weighted Average Aggregate Options outstanding at June 30, 2021 — $ — — Granted 1,500,000 0.05 — Exercised (500,000 $ — Expired — $ — Options outstanding at June 30, 2022 1,000,000 $ 0.05 Options exercisable at June 30, 2022 1,000,000 $ 0.05 $ — |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Guarantees and Product Warranties [Abstract] | |
Fair value assumptions | Fair value assumptions Number of Warrants $ 900,000 $ 700,000 $ 350,000 Share price $ 0.11 $ 0.05 $ 0.05 Exercise Price $ 0.175 $ 0.50 $ 1.00 Term 5 5 5 Volatility 638.91 % 634.09 % 634.09 % Risk Free Interest Rate 1.43 1.62 1.62 Dividend rate — — — Intrinsic value $ — $ — $ — |
Schedule of outstanding stock options | Schedule of outstanding stock options Warrants Warrants Weighted Average Aggregate Warrants outstanding at June 30, 2021 — $ — Granted 1,950,000 $ 0.44 Exercised — $ — Expired — $ — Warrants outstanding at June 30, 2022 1,950,000 $ 0.44 Warrants exercisable at June 30, 2022 1,950,000 $ 0.44 $ — |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of net deferred tax assets | Schedule of net deferred tax assets 2022 2021 Deferred Tax Assets: NOL Carryover $ 1,301,000 $ 732,000 Deferred tax liabilities: Less valuation allowance (1,301,000 ) $ (732,000 ) Net deferred tax assets $ — $ — |
Schedule of income tax provision | Schedule of income tax provision 2022 2021 Federal income tax benefit attributable to: Current operations $ (567,000 ) $ (658,000 ) Less: Valuation allowance 567,000 658,000 Net provision for Federal income taxes $ — $ — |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Disposal Groups, Including Discontinued Operations For the Year Ended June 30, 2021 Revenue $ 381,472 Cost of revenue 269,638 Gross Margin 111,834 Operating Expenses: Payroll expense 32,676 General & administrative expenses 37,882 Total operating expenses 70,558 Income from operations 41,276 Total other expense (15,854 ) Net income from discontinued operations $ 25,442 |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 02, 2022 | Jan. 21, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Number of shares issued value | $ 36,005 | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Common Stock, Value, Issued | $ 220,009 | $ 281,000 | ||
Oil Industires Inc [Member] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.038 | |||
Oil Industries Inc [Member] | ||||
Common Stock, Value, Issued | $ 22,800 | |||
Common Stock [Member] | ||||
Number of shares issued | 5,000,000 | |||
Number of shares issued value | $ 5,000 | |||
Preferred Stock [Member] | ||||
Number of shares issued value | ||||
Share Purchase Agreement [Member] | Shefali Vibhakar [Member] | ||||
Cash consideration | $ 177,000 | |||
Share Purchase Agreement [Member] | Shefali Vibhakar [Member] | Common Stock [Member] | ||||
Number of stock sold | 170,000,000 | |||
Share Purchase Agreement [Member] | Shefali Vibhakar [Member] | Preferred Stock [Member] | ||||
Number of stock sold | 10,000,000 | |||
Seperate Purchase Agreement [Member] | Shefali Vibhakar [Member] | ||||
Machinery valued | $ 40,000 | |||
Acquisition Agreement [Member] | Forzani [Member] | ||||
Common Stock, Voting Rights | 93.90% | |||
Share Exchange Agrrement [Member] | ||||
Number of shares issued | 600,000 | |||
Number of shares issued value | $ 17,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total derivative | $ 662,982 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total derivative | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total derivative | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total derivative | $ 662,982 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
Liability for unrecognized tax benefits | $ 0 | $ 0 |
Antidilutive shares | 0 | 0 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated Deficit | $ 3,494,730 | $ 6,195,238 |
Gain loss on Disposition of Assets | $ 3,069,884 |
MACHINERY AND EQUIPMENT (Detail
MACHINERY AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (39,701) | $ (8,118) |
Property and equipment, net | 155,599 | 108,954 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 150,483 | 117,072 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 3,097 | 0 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 41,720 | $ 0 |
MACHINERY AND EQUIPMENT (Deta_2
MACHINERY AND EQUIPMENT (Details 1) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Property, Plant and Equipment [Abstract] | ||
Software | $ 0 | $ 18,000 |
Less: accumulated depreciation | 0 | (2,750) |
Software, net | $ 0 | $ 15,250 |
MACHINERY AND EQUIPMENT (Deta_3
MACHINERY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation Expense | $ 36,021 | $ 10,931 |
Accumulated amortization | 10,750 | |
Amortization expense | $ 4,500 | $ 0 |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Loan Amount | $ 1,655,000 | ||
Conversions Payments | (325,000) | ||
Convertible notes payable | 1,330,000 | ||
Conversions Payments | 325,000 | ||
Convertible debt discount | (424,889) | ||
Convertible notes payable | $ 905,111 | $ 150,000 | |
Power Up Lending Group Ltd [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [1] | Oct. 01, 2021 | |
Maturity date | [1] | Oct. 01, 2022 | |
Interest rate | [1] | 10% | |
Loan Amount | [1] | $ 55,000 | |
Conversions Payments | [1] | (55,000) | |
Convertible notes payable | [1] | 0 | |
Conversions Payments | [1] | $ 55,000 | |
Fast Capital L L C [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [2] | Oct. 26, 2021 | |
Maturity date | [2] | Oct. 26, 2022 | |
Interest rate | [2] | 10% | |
Loan Amount | [2] | $ 65,000 | |
Conversions Payments | [2] | (35,000) | |
Convertible notes payable | [2] | 30,000 | |
Conversions Payments | [2] | $ 35,000 | |
Sixth Street Lending L L C [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [3] | Nov. 17, 2021 | |
Maturity date | [3] | Nov. 17, 2022 | |
Interest rate | [3] | 10% | |
Loan Amount | [3] | $ 55,000 | |
Conversions Payments | [3] | (55,000) | |
Convertible notes payable | [3] | 0 | |
Conversions Payments | [3] | $ 55,000 | |
Coventry Enterprises L L C [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [4] | Jan. 05, 2022 | |
Maturity date | [4] | Jan. 05, 2023 | |
Interest rate | [4] | 10% | |
Loan Amount | [4] | $ 180,000 | |
Conversions Payments | [4] | (180,000) | |
Convertible notes payable | [4] | 0 | |
Conversions Payments | [4] | $ 180,000 | |
O N E 44 Capital L L C [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [5] | Jan. 13, 2022 | |
Maturity date | [5] | Jan. 13, 2023 | |
Interest rate | [5] | 10% | |
Loan Amount | [5] | $ 160,000 | |
Conversions Payments | [5] | 0 | |
Convertible notes payable | [5] | 160,000 | |
Conversions Payments | [5] | $ 0 | |
Mast Hill Fund L. P [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [6] | Jan. 20, 2022 | |
Maturity date | [6] | Jan. 20, 2023 | |
Interest rate | [6] | 12% | |
Loan Amount | [6] | $ 350,000 | |
Conversions Payments | [6] | 0 | |
Convertible notes payable | [6] | 350,000 | |
Conversions Payments | [6] | $ 0 | |
Sixth Street Lending L L C 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [7] | Feb. 01, 2022 | |
Maturity date | [7] | Feb. 01, 2023 | |
Interest rate | [7] | 10% | |
Loan Amount | [7] | $ 80,000 | |
Conversions Payments | [7] | 0 | |
Convertible notes payable | [7] | 80,000 | |
Conversions Payments | [7] | $ 0 | |
O N E 44 Capital L L C 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [5] | Mar. 22, 2022 | |
Maturity date | [5] | Mar. 22, 2023 | |
Interest rate | [5] | 10% | |
Loan Amount | [5] | $ 120,000 | |
Conversions Payments | [5] | 0 | |
Convertible notes payable | [5] | 120,000 | |
Conversions Payments | [5] | $ 0 | |
Sixth Street Lending L L C 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [7] | Apr. 13, 2022 | |
Maturity date | [7] | Apr. 13, 2023 | |
Interest rate | [7] | 10% | |
Loan Amount | [7] | $ 55,000 | |
Conversions Payments | [7] | 0 | |
Convertible notes payable | [7] | 55,000 | |
Conversions Payments | [7] | $ 0 | |
N 1800 Diagonal Lending L L C [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [7] | May 23, 2022 | |
Maturity date | [7] | May 23, 2023 | |
Interest rate | [7] | 10% | |
Loan Amount | [7] | $ 55,000 | |
Conversions Payments | [7] | 0 | |
Convertible notes payable | [7] | 55,000 | |
Conversions Payments | [7] | $ 0 | |
Coventry Enterprises L L C 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Convertible issuance of date | [4] | Jun. 03, 2022 | |
Maturity date | [4] | Jun. 03, 2023 | |
Interest rate | [4] | 10% | |
Loan Amount | [4] | $ 480,000 | |
Conversions Payments | [4] | 0 | |
Convertible notes payable | [4] | 480,000 | |
Conversions Payments | [4] | $ 0 | |
[1]61% of the average of the three lowest trading price for 15 days prior to conversion date.[2] 61% of the lowest trading price for 15 days, including conversion date. 61% of the lowest trading price for 15 days prior to conversion date. Convertible only upon an event of default. 90% of the lowest trading price for 10 days prior to conversion date. 60% of the lowest trading price for 20 days, including conversion date. Convertible only upon an event of default. Conversion would then be $0.10. 61% of the lowest trading price for 15 days prior to conversion date. |
CONVERTIBLE NOTES PAYABLE (De_2
CONVERTIBLE NOTES PAYABLE (Details 1) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Debt Disclosure [Abstract] | |
Derivative liability | $ 0 |
Increase to derivative due to new issuances | 1,648,566 |
Decrease to derivative due to conversion/payments | (18,162) |
Derivative gain due to mark to market adjustment | (967,422) |
Derivative liability | $ 662,982 |
CONVERTIBLE NOTES PAYABLE (De_3
CONVERTIBLE NOTES PAYABLE (Details 2) | 12 Months Ended |
Jun. 30, 2022 $ / shares | |
Debt Instrument [Line Items] | |
Stock price | $ 0.0086 |
Conversion price | $ 0.0049 |
Volatility Percentage | 217.25% |
Volatility Percentage | 235.22% |
Risk-free rate | 1.72% |
Risk-free rate | 2.51% |
Dividend rate | 0% |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Years to maturity | 3 months 25 days |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Years to maturity | 10 months 24 days |
Initial Valuation [Member] | |
Debt Instrument [Line Items] | |
Volatility Percentage | 311.48% |
Volatility Percentage | 35.86% |
Risk-free rate | 0.09% |
Risk-free rate | 2.09% |
Dividend rate | 0% |
Years to maturity | 1 year |
Initial Valuation [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Stock price | $ 0.018 |
Conversion price | 0.010 |
Initial Valuation [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Stock price | 0.24 |
Conversion price | $ 0.082 |
CONVERTIBLE NOTES PAYABLE (De_4
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||
Principal amount | $ 300,000 | |
Initial deposit | 125,000 | |
Original debt discount | 25,000 | |
Beneficial conversion feature | 200,000 | |
Debt discount | 150,000 | |
Loss on issuance of convertible debt | 75,000 | |
Principal due | 0 | $ 0 |
Interest due | 150,000 | $ 40,250 |
Accrued interest | $ 109,769 |
NOTE PAYABLE (Details Narrative
NOTE PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 05, 2017 | Sep. 28, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Line of Credit Facility [Line Items] | ||||
Debt conversion amount converted | $ 100,000 | $ 358,852 | ||
Debt Conversion, Converted Instrument, Shares Issued | 10,000,000 | |||
Loan Payable | 22,729 | $ 122,729 | ||
Accrued Interest | 129,564 | 57,649 | ||
Line of Credit [Member] | Twiga Capital Partners [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit maximum limit | $ 500,000 | |||
Interest rate | 5% | |||
Loan Payable | 22,729 | 122,729 | ||
Accrued Interest | $ 19,796 | $ 17,399 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Apr. 14, 2022 | Jan. 05, 2022 | Jan. 20, 2022 | Jun. 30, 2022 | Oct. 20, 2021 | Jun. 30, 2021 | Feb. 19, 2021 | |
Class of Stock [Line Items] | |||||||
Common Stock Shares Authorized | 700,000,000 | 700,000,000 | 700,000,000 | ||||
Line of credit equity | $ 3,000,000 | ||||||
Common units issued | 7,000,000 | ||||||
Commitment fee | $ 25,000 | ||||||
Shares valued at closing price | $ 0.1373 | ||||||
Non-cash expense | $ 3,431 | ||||||
Shares issued for conversion of debt | $ 205,691 | ||||||
Shares Issued | 11,608,313 | ||||||
Stock price | $ 0.0086 | ||||||
Number of shares issued, value | $ 36,005 | ||||||
Mast Hill Fund L P [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares purchased | 5,000,000 | ||||||
Number of shares purchased, value | $ 36,005 | ||||||
Fast Capital L L C [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares converted, value | $ 35,000 | ||||||
Number of shares converted | 5,000,000 | ||||||
Securities Purchase Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued | 200,000 | ||||||
Stock price | $ 0.085 | ||||||
Number of shares issued, value | $ 17,000 | ||||||
Securities Purchase Agreement [Member] | Mast Hill Fund L P [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued | 2,500,000 | ||||||
Stock price | $ 0.0589 | ||||||
Number of shares issued, value | $ 147,250 | ||||||
Front Row Seating Inc [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares issued for conversion of debt | $ 100,000 | ||||||
Shares Issued | 10,000,000 | ||||||
North Equities Corp [Member] | |||||||
Class of Stock [Line Items] | |||||||
Non-cash expense | $ 36,038 | ||||||
Number of shares issued | 1,201,262 | ||||||
Stock price | $ 0.03 | ||||||
Common Class A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common Stock Shares Authorized | 100,000,000 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - Series B Preferred Stock [Member] - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 |
Class of Stock [Line Items] | ||
Preferred Stock Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock Par Value | $ 0.001 | $ 0.001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jun. 08, 2022 | Oct. 26, 2021 | Aug. 23, 2021 | Jan. 21, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | ||||||
Share Price | $ 0.0086 | |||||
Stock issued for asset acquisitions, Value | $ 2,800,000 | |||||
Common stock issued for assets | $ 95,135 | |||||
Loss on asset acquisition related party | $ 2,704,865 | |||||
Advances from related party | $ 27,088 | 54,833 | ||||
Repaid amount | 5,130 | 0 | ||||
Due to related party | $ 19,406 | |||||
Option Exercised, Shares | 400,000 | |||||
Option Exercised | $ 4,043 | $ 20,000 | ||||
Option Exercised, Shares | 100,000 | 500,000 | ||||
Mr Forzani [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advances from related party | $ 54,833 | |||||
Additional Paid | $ 27,088 | |||||
Repaid amount | $ 62,516 | |||||
Number of shares issued | 100,000,000 | |||||
Acquisition Agreement [Member] | Forzani [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock issued for asset acquisitions, Shares | 10,000,000 | |||||
Share Price | $ 0.28 | |||||
Stock issued for asset acquisitions, Value | $ 2,800,000 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |
Oct. 26, 2021 | Aug. 03, 2021 | Jun. 30, 2022 | |
Stock Options | |||
Outstanding options, at beginning | 0 | 0 | |
Weighted average exercise price outstanding, beginning | $ 0 | $ 0 | |
Option granted | 1,500,000 | ||
Granted | $ 0.05 | ||
Option exercised | (100,000) | (500,000) | |
Exercised | $ 0 | ||
Option expired | 0 | ||
Expired | $ 0 | ||
Outstanding options at ending | 1,000,000 | ||
Weighted average exercise price outstanding, ending | $ 0.05 | ||
Option exercisable | 1,000,000 | ||
Exercisable at end of period | $ 0.05 | $ 0.05 |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - $ / shares | 1 Months Ended | 12 Months Ended |
Aug. 03, 2021 | Jun. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Option Granted | 1,500,000 | |
Exercisable | $ 0.05 | $ 0.05 |
Aggregate fair value | 854,550 | |
Risk Free Rate | 0.17% | |
Volatility | 704.90% | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | |
Johnny Forzani [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Option Granted | 1,000,000 | |
Geoff Stanbury [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Option Granted | 250,000 | |
Tom Forzani [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Option Granted | 250,000 |
WARRANTS (Details)
WARRANTS (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 05, 2022 | Jan. 20, 2022 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of warrants | 900,000 | 700,000 | |
Shares Issued, Price Per Share | $ 0.175 | $ 0.50 | |
Term | 5 years | 5 years | |
Volatility | 704.90% | ||
Risk Free Interest Rate | 0.17% | ||
Dividend rate | 0% | ||
Warrant [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of warrants | 900,000 | ||
Share price | $ 0.11 | ||
Shares Issued, Price Per Share | $ 0.175 | ||
Term | 5 years | ||
Volatility | 638.91% | ||
Risk Free Interest Rate | 1.43% | ||
Dividend rate | 0% | ||
Intrinsic value | $ 0 | ||
Warrant 1 [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of warrants | 700,000 | ||
Share price | $ 0.05 | ||
Shares Issued, Price Per Share | $ 0.50 | ||
Term | 5 years | ||
Volatility | 634.09% | ||
Risk Free Interest Rate | 1.62% | ||
Dividend rate | 0% | ||
Intrinsic value | $ 0 | ||
Warrant 2 [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of warrants | 350,000 | ||
Share price | $ 0.05 | ||
Shares Issued, Price Per Share | $ 1 | ||
Term | 5 years | ||
Volatility | 634.09% | ||
Risk Free Interest Rate | 1.62% | ||
Dividend rate | 0% | ||
Intrinsic value | $ 0 |
WARRANTS (Details 1)
WARRANTS (Details 1) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Aug. 03, 2021 | |
Weighted average exercise price granted | $ 0.05 | |
Weighted average exercise price exercised | 0 | |
Weighted average exercise price expired | $ 0 | |
Warrants exercisable | 1,000,000 | |
Weighted average exercise price exercisable at end of period | $ 0.05 | $ 0.05 |
Warrant [Member] | ||
Number of shares outstanding, beginning | 0 | |
Weighted average exercise price outstanding, beginning | $ 0 | |
Granted | 1,950,000 | |
Weighted average exercise price granted | $ 0.44 | |
Exercised | 0 | |
Weighted average exercise price exercised | $ 0 | |
Expired | 0 | |
Weighted average exercise price expired | $ 0 | |
Number of shares outstanding, ending | 1,950,000 | |
Weighted average exercise price outstanding, ending | $ 0.44 | |
Warrants exercisable | 1,950,000 | |
Weighted average exercise price exercisable at end of period | $ 0.44 | |
Aggregate Intrinsic Value | $ 0 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - USD ($) | 1 Months Ended | |
Jan. 05, 2022 | Jan. 20, 2022 | |
Number of shares issued warrants purchase | 900,000 | 700,000 |
Warrants Term | 5 years | 5 years |
Share price | $ 0.175 | $ 0.50 |
Fair value of debt and warrants | $ 63,908 | $ 45,652 |
Mast Hill Fund L P [Member] | ||
Number of shares issued warrants purchase | 350,000 | |
Share price | $ 1 |
INCOME TAXES- Net deferred tax
INCOME TAXES- Net deferred tax assets (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Deferred Tax Assets: | ||
NOL Carryover | $ 1,301,000 | $ 732,000 |
Deferred tax liabilities: | ||
Less valuation allowance | (1,301,000) | (732,000) |
Net deferred tax assets | $ 0 | $ 0 |
INCOME TAXES - Income tax provi
INCOME TAXES - Income tax provision (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Federal income tax benefit attributable to: | ||
Current operations | $ (567,000) | $ (658,000) |
Less: Valuation allowance | 567,000 | 658,000 |
Net provision for Federal income taxes | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal income tax rate | 21% | 21% |
Net operating loss carry forwards | $ 1,301,000 | $ 732,000 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) | 12 Months Ended |
Jun. 30, 2021 USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Revenue | $ 381,472 |
Cost of revenue | 269,638 |
Gross Margin | 111,834 |
Operating Expenses: | |
Payroll expense | 32,676 |
General & administrative expenses | 37,882 |
Total operating expenses | 70,558 |
Income from operations | 41,276 |
Total other expense | (15,854) |
Net income from discontinued operations | $ 25,442 |
DISCONTINUED OPERATIONS (Deta_2
DISCONTINUED OPERATIONS (Details Narrative) | 1 Months Ended |
Jan. 21, 2021 USD ($) shares | |
Share Purchase Agreement [Member] | Johnny Forzani [Member] | Common Stock [Member] | |
Offsetting Assets [Line Items] | |
Number of stock sold | shares | 17,000,000 |
Share Purchase Agreement [Member] | Shefali Vibhakar [Member] | |
Offsetting Assets [Line Items] | |
Cash consideration | $ | $ 177,000 |
Share Purchase Agreement [Member] | Shefali Vibhakar [Member] | Common Stock [Member] | |
Offsetting Assets [Line Items] | |
Number of stock sold | shares | 170,000,000 |
Share Purchase Agreement [Member] | Shefali Vibhakar [Member] | Preferred Stock [Member] | |
Offsetting Assets [Line Items] | |
Number of stock sold | shares | 10,000,000 |
Seperate Purchase Agreement [Member] | Shefali Vibhakar [Member] | |
Offsetting Assets [Line Items] | |
Machinery valued | $ | $ 40,000 |
Seperate Purchase Agreement [Member] | Ms Vibhakar [Member] | |
Offsetting Assets [Line Items] | |
Machinery valued | $ | $ 40,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | |||||
Jun. 08, 2022 | Sep. 19, 2022 | Jul. 25, 2022 | Sep. 07, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Subsequent Event [Line Items] | ||||||
Stock price | $ 0.0086 | |||||
Conversion price | $ 0.0049 | |||||
Original issue discount amount | $ 424,889 | $ 12,500 | ||||
Series B Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred Stock Shares Authorized | 25,000,000 | 25,000,000 | ||||
Mr Forzani [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Numberof shares issued | 100,000,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Principal amount | $ 290,000 | |||||
Maturity date | Sep. 19, 2023 | |||||
Interest rate | 12% | |||||
Conversion price | $ 0.0015 | |||||
Original issue discount amount | $ 29,000 | |||||
Subsequent Event [Member] | Mast Hill [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Legal fees payable | $ 5,000 | |||||
Subsequent Event [Member] | First Warrant [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of shares purchase | 100,000,000 | |||||
Stock price | $ 0.003 | |||||
Subsequent Event [Member] | Second Warrant [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of shares purchase | 100,000,000 | |||||
Stock price | $ 0.003 | |||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred Stock Shares Authorized | 25,000,000 | |||||
Subsequent Event [Member] | Mr Forzani [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Numberof shares issued | 100,000,000 |