Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

v3.22.1
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON RECURRING BASIS VALUATION TECHNIQUES

   

Initial Valuations
(on new derivative
instruments entered

into during the three
months ended
March 31, 2022)

    March 31, 2022  
Volatility           226.01 %
Expected Remaining Term (in years)           0.016  
Risk Free Interest Rate           0.17 %
Expected dividend yield     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 March 31, 2022 and June 30, 2021:

 

    Balance at
March 31, 2022
   

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   $ 56,612     $     $     $ 56,612  
Total   $ 56,612     $     $     $ 56,612  

 

    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  
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE

The following is a roll forward for the nine months ended March 31, 2022 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     2,392  
Balance at March 31, 2022   $ 56,612