Derivative Financial Instruments and Fair Value Measurements (Tables)
|
3 Months Ended |
12 Months Ended |
Sep. 30, 2019 |
Jun. 30, 2019 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
Convertible Debt
|
|
Initial Valuations
(on new derivative instruments entered into during the three months ended September 30, 2019) |
|
|
September 30, 2019 |
|
Volatility |
|
|
279.44 |
% |
|
|
225.70 |
% |
Expected Remaining Term (in years) |
|
|
1 |
|
|
|
0.16 - 0.76 |
|
Risk Free Interest Rate |
|
|
1.98 |
% |
|
|
1.75% –1.91 |
% |
Expected dividend yield |
|
|
None |
|
|
|
None |
|
|
|
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
. The following tables
summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30,
2019:
|
|
Balance at
September 30, 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 |
|
$ |
254,308 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
254,308 |
|
Total |
|
$ |
254,308 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
254,308 |
|
|
The following tables
summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2019:
|
|
Balance at
June 30, 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 |
|
$ |
698,264 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
698,264 |
|
Total |
|
$ |
698,264 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
698,264 |
|
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 |
|
|
Schedule of Derivative Liabilities at Fair Value |
The following is a
roll forward for the three months ended September 30, 2019 of the fair value liability of price adjustable derivative instruments:
|
|
Fair Value of |
|
|
|
Liability for |
|
|
|
Derivative |
|
|
|
Instruments |
|
Balance at June 30, 2019 |
|
$ |
698,264 |
|
Initial fair value of embedded conversion option derivative liability recorded as debt discount |
|
|
75,000 |
|
Initial fair value of embedded conversion option derivative liability recorded as expense |
|
|
80,904 |
|
Change in fair value included in statements of operations |
|
|
(599,860 |
) |
Balance at September 30, 2019 |
|
$ |
254,308 |
|
|
The following is a
roll forward for the years ended June 30, 2019 and 2018 of the fair value liability of price adjustable derivative instruments:
|
|
Fair Value of |
|
|
|
Liability for |
|
|
|
Derivative |
|
|
|
Instruments |
|
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 |
|
Reductions due to repayment of debt |
|
|
(936,650 |
) |
Reduction due to conversions |
|
|
(1,388,764 |
) |
Initial fair value of embedded conversion option derivative liability recorded as debt discount |
|
|
180,000 |
|
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option |
|
|
382,944 |
|
Change in fair value included in statements of operations |
|
|
2,089,202 |
|
Balance at June 30, 2019 |
|
$ |
698,264 |
|
|
Warrant [Member] |
|
|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
|
Warrants
|
|
June 30, 2018 |
|
|
June 30, 2019 |
|
Volatility |
|
|
110 |
% |
|
|
N/A |
|
Expected remaining term |
|
|
.25 |
|
|
|
N/A |
|
Risk-free interest rate |
|
|
1.93 |
% |
|
|
N/A |
|
Expected dividend yield |
|
|
None |
|
|
|
N/A |
|
|
Convertible Debt [Member] |
|
|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
|
Convertible Debt
|
|
Initial
Valuations |
|
|
June 30, 2018 |
|
|
June 30, 2019 |
|
Volatility |
|
320 |
% |
|
|
191 - 221 |
% |
|
|
355 |
% |
Expected remaining term |
|
1.00 |
|
|
|
0.56 - 1.1 |
|
|
|
0.11 - 0.90 |
|
Risk-free interest rate |
|
2.32 |
% |
|
|
2.11 - 2.33 |
% |
|
|
1.92 - 2.15 |
% |
Expected dividend yield |
|
None |
|
|
|
None |
|
|
|
None |
|
|