Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments and Fair Value Measurements (Tables)

Derivative Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The expected term is equal to the remaining term of the warrants or convertible instruments and the risk-free rate is based upon rates for treasury securities with the same term.

Convertible Debt

	Initial Valuations (on new derivative instruments entered into during the three months ended December 31, 2020)		December 31, 2020
Volatility		-		279.38	%
Expected Remaining Term (in years)		-		0.01
Risk Free Interest Rate		-		0.08	%
Expected dividend yield		None		None

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and June 30, 2020:

	Balance at December 31, 2020		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
				(Level 1)		(Level 2)		(Level 3)
Embedded conversion option liabilities	$	22,867	$	—	$	—	$	22,867
Total	$	22,867	$	—	$	—	$	22,867

	Balance at June 30, 2020		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
				(Level 1)		(Level 2)		(Level 3)
Embedded conversion option liabilities	$	177,009	$	—	$	—	$	177,009
Total	$	177,009	$	—	$	—	$	177,009

Schedule of Derivative Liabilities at Fair Value

The following is a roll forward for the six months ended December 31, 2020 of the fair value liability of price adjustable derivative instruments:

	Fair Value of
	Liability for
	Derivative
	Instruments
Balance at June 30, 2020	$	177,009
Initial fair value of embedded conversion option derivative liability recorded as debt discount		-
Initial fair value of embedded conversion option derivative liability recorded as expense		-
Gain on debt extinguishment		(106,140	)
Change in fair value included in statements of operations		(48,002	)
Balance at December 31, 2020	$	22,867