NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables)
|
6 Months Ended |
12 Months Ended |
Dec. 31, 2022 |
Jun. 30, 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:
SCHEDULE OF TRANSLATION EXCHANGE RATES
| |
|
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 |
|
|
As
of June 30, 2022 and 2021, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing
the consolidated financial statements were as follows:
SCHEDULE OF TRANSLATION EXCHANGE RATES
| |
|
|
|
|
|
|
|
|
| |
|
June 30, 2022 |
|
|
June 30, 2021 |
|
| Exchange rate on balance sheet dates |
|
|
|
|
|
|
|
|
| USD : AUD exchange rate |
|
|
0.6915 |
|
|
|
0.7500 |
|
| |
|
|
|
|
|
|
|
|
| Average exchange rate for the period |
|
|
|
|
|
|
|
|
| USD : AUD exchange rate |
|
|
0.7253 |
|
|
|
0.7473 |
|
|
| 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:
SCHEDULE
OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
| |
|
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 |
|
|
Change
in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2022 and 2021 were as follows:
SCHEDULE
OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
| |
|
Foreign
Currency Items: |
|
| Beginning balance, June 30, 2020 |
|
$ |
1,267,671 |
|
| Foreign currency translation gain |
|
|
182,467 |
|
| Balance, June 30, 2021 |
|
|
1,085,204 |
|
| Foreign currency translation gain |
|
|
149,345 |
|
| Ending balance, June 30, 2022 |
|
$ |
1,234,549 |
|
|
| SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVE |
The
estimated useful lives are as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVE
| Machinery
and equipment |
-
5 years |
| Furniture |
-
7 years |
|
The
estimated useful lives are as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVE
| Machinery and equipment |
- 5 years |
| Furniture |
- 7 years |
|
| SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE |
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 |
|
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
| |
|
|
|
|
|
|
|
|
| |
|
June 30, 2022 |
|
|
June 30, 2021 |
|
| |
|
|
|
|
|
|
| Stock Options |
|
|
59 |
|
|
|
59 |
|
| Stock Warrants |
|
|
105,420 |
|
|
|
121,329 |
|
| Unvested restricted stock |
|
|
59 |
|
|
|
59 |
|
| Convertible Debt |
|
|
127,062,326 |
|
|
|
12,416,972 |
|
| Total |
|
|
127,167,864 |
|
|
|
12,538,419 |
|
|