Post-effective amendment to a registration statement that is not immediately effective upon filing

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

v3.21.4
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended 12 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES

 

 

   

Initial Valuations
(on new derivative
instruments entered

into during the three
months ended
September 30, 2021)

    September 30, 2021  
Volatility     -       206.00 %
Expected Remaining Term (in years)     -       0.01  
Risk Free Interest Rate     -       0.07 %
Expected dividend yield     None       None  

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       0.010.70  
Risk-free interest rate   N/A   1.531.59 %     0.05 %     0.130.18 %
Expected dividend yield   N/A   None       None       None  
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS

The Company measures and reports at fair value the liability for derivative instruments. The fair value liabilities for price adjustable warrants and embedded conversion options have been recorded as determined utilizing the Binomial Trees model. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and June 30, 2021:

 

 

    Balance at
September 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   $ 58,124     $     $     $ 58,124  
Total   $ 58,124     $     $     $ 58,124  

 

    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  

 

    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  
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE

The following is a roll forward for the three months ended September 30, 2021 of the fair value liability of price adjustable derivative instruments:

 

    Fair Value of  
    Liability for  
    Derivative  
    Instruments  
Balance at June 30, 2021   $ 54,220  
Change in fair value included in statements of operations     3,904  
Balance at September 30, 2021   $ 58,124  

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