Quarterly report pursuant to Section 13 or 15(d)

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables)

v3.22.4
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables)
6 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
SCHEDULE OF TRANSLATION EXCHANGE RATES

As of December 31, 2022 and June 30, 2022, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were as follows:

 

 

    December 31, 2022     June 30, 2022  
Exchange rate on balance sheet dates                
USD : AUD exchange rate     0.6805       0.6915  
                 
Average exchange rate for the period                
USD : AUD exchange rate     0.6705       0.7253  
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS

The change in Accumulated Other Comprehensive Income by component during the six months ended December 31, 2022 was as follows:

 

    Foreign
Currency Items:
 
Balance, June 30, 2022   $ 1,234,549  
Unrealized foreign currency translation gain     18,584  
Ending balance, December 31, 2022   $ 1,253,133  
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVE

The estimated useful lives are as follows:

 

Machinery and equipment - 5 years
Furniture - 7 years
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE

    December 31, 2022     December 31, 2021  
    (Unaudited)     (Unaudited)  
Stock Options     59       59  
Stock Warrants with no designations     3,305,975       111,910  
Series A Warrants as if converted at alternate cashless exercise prices     1,997,190,014       -  
Series B Warrants     23,750       -  
Series C Warrants as if converted at alternate cashless exercise prices *     7,999,960,000       -  
Unvested restricted stock     59       59  
Convertible Debt     930,128,205       28,520,974  
Total     10,930,608,062       28,633,002  

 

* Only convertible ratably upon exercise of Series B Warrants