DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 2021

Convertible Debt

	Initial Valuations during the year ended June 30, 2021	Initial Valuations during the year ended June 30, 2020		June 30, 2021			June 30, 2020
Volatility	N/A	227-279	%		222	%		264	%
Expected remaining term	N/A	1.00			0.01			0.01 – 0.70
Risk-free interest rate	N/A	1.53 – 1.59	%		0.05	%		0.13 – 0.18	%
Expected dividend yield	N/A	None			None			None

	Balance at June 30, 2021		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	$	54,220	$	—	$	—	$	54,220
Total	$	54,220	$	—	$	—	$	54,220

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

	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

The following is a roll forward for the years ended June 30, 2021 and 2020 of the fair value liability of price adjustable derivative instruments:

	Fair Value of
	Liability for
	Derivative
	Instruments
Balance at June 30, 2019	$	698,264
Reductions due to conversions		(362,962	)
Initial fair value of embedded conversion option derivative liability recorded as debt discount		227,000
Initial fair value of embedded conversion option derivative liability recorded as expense		351,461
Change in fair value included in statements of operations		(736,754	)
Balance at June 30, 2020		177,009
Gain on debt extinguishment		(130,975	)
Change in fair value included in statements of operations		8,186
Balance at June 30, 2021	$	54,220