Derivative Financial Instruments and Fair Value Measurements (Tables)
|
9 Months Ended |
12 Months Ended |
Mar. 31, 2019 |
Jun. 30, 2018 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
Convertible Debt
|
|
Initial Valuations
(on new derivative
instruments
entered into during
the nine months
ended
March 31, 2019)
|
|
|
March 31, 2019 |
|
Volatility |
|
|
294.92 |
% |
|
|
348.33% – 409.24 |
% |
Expected Remaining Term (in years) |
|
|
1 |
|
|
|
.36 - .66 |
|
Risk Free Interest Rate |
|
|
2.47 |
% |
|
|
2.44% –2.56 |
% |
Expected dividend yield |
|
|
None |
|
|
|
None |
|
|
|
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following
tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31,
2019:
|
|
Balance at
March 31, 2019
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets
|
|
|
Significant
Other
Observable Inputs
|
|
|
Significant
Unobservable Inputs
|
|
|
|
|
|
|
|
|
(Level 1) |
|
|
|
(Level 2) |
|
|
|
(Level 3) |
|
Embedded conversion option liabilities |
|
$ |
11,097 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,097 |
|
Total |
|
$ |
11,097 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,097 |
|
|
The following
tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30,
2018:
|
|
Balance at
June 30, 2018
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets
|
|
|
Significant
Other
Observable
Inputs
|
|
|
Significant
Unobservable
Inputs
|
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Embedded conversion option liabilities |
|
$ |
371,532 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
371,532 |
|
Total |
|
$ |
371,532 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
371,532 |
|
The following
tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30,
2017:
|
|
Balance at
June 30, 2017
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets
|
|
|
Significant
Other
Observable
Inputs
|
|
|
Significant
Unobservable
Inputs
|
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Embedded conversion option liabilities |
|
$ |
877,403 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
877,403 |
|
Fair value of liability for warrant derivative instruments |
|
$ |
3,769 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,769 |
|
Total |
|
$ |
881,172 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
881,172 |
|
|
Schedule of Derivative Liabilities at Fair Value |
The following
is a roll forward for the nine months ended March 31, 2019 of the fair value liability of price adjustable derivative instruments:
|
|
Fair Value of |
|
|
|
Liability for |
|
|
|
Derivative |
|
|
|
Instruments |
|
Balance at June 30, 2018 |
|
$ |
371,532 |
|
Reductions due to conversions |
|
|
(1,388,764 |
) |
Reductions due to repayment of debt |
|
|
(936,650 |
) |
Initial fair value of embedded conversion option derivative liability recorded as debt discount |
|
|
50,000 |
|
Initial fair value of embedded conversion option derivative liability recorded as expense |
|
|
346,380 |
|
Change in fair value included in statements of operations |
|
|
1,568,599 |
|
Balance at March 31, 2019 |
|
$ |
11,097 |
|
|
The following
is a roll forward for the years ended June 30, 2018 and 2017 of the fair value liability of price adjustable derivative instruments:
|
|
Fair Value of |
|
|
|
Liability for |
|
|
|
Derivative |
|
|
|
Instruments |
|
Balance at June 30, 2016 |
|
$ |
1,050,182 |
|
Effects of foreign currency exchange rate changes |
|
|
1,143 |
|
Initial fair value of embedded conversion option derivative liability recorded as debt discount |
|
|
650,000 |
|
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option |
|
|
214,758 |
|
Change in fair value included in statements of operations |
|
|
(1,034,911 |
) |
Balance at June 30, 2017 |
|
|
881,172 |
|
Effects of foreign currency exchange rate changes |
|
|
38 |
|
Reductions due to conversions |
|
|
(861,695 |
) |
Reductions due to repayment of debt |
|
|
(199,339 |
) |
Initial fair value of embedded conversion option derivative liability recorded as debt discount |
|
|
543,744 |
|
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option |
|
|
313,694 |
|
Change in fair value included in statements of operations |
|
|
(306,082 |
) |
Balance at June 30, 2018 |
|
$ |
371,532 |
|
|
Warrants [Member] |
|
|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
|
Warrants
|
|
June 30, 2017 |
|
|
June 30, 2018 |
|
Volatility |
|
|
137 |
% |
|
|
110 |
% |
Expected remaining term |
|
|
1.25 |
|
|
|
.25 |
|
Risk-free interest rate |
|
|
1.24 |
% |
|
|
1.93 |
% |
Expected dividend yield |
|
|
None |
|
|
|
None |
|
|
Convertible Debt [Member] |
|
|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
|
Convertible Debt
|
|
Initial
Valuations
|
|
|
June 30, 2017 |
|
|
June 30, 2018 |
|
Volatility |
|
139 - 198 |
% |
|
|
66-175 |
% |
|
|
191 - 221 |
% |
Expected remaining term |
|
1.00 – 2.00 |
|
|
|
.21 - 1.63 |
|
|
|
.56 - 1.1 |
|
Risk-free interest rate |
|
1.33 – 2.31 |
% |
|
|
1.03 - 1.24 |
% |
|
|
2.11 - 2.33 |
% |
Expected dividend yield |
|
None |
|
|
|
None |
|
|
|
None |
|
|