General form of registration statement for all companies including face-amount certificate companies

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

v3.23.3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables)
12 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
SCHEDULE OF TRANSACTION EXCHANGE RATES

As of June 30, 2023 and 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:

 

    June 30, 2023     June 30, 2022  
Exchange rate on balance sheet dates                
USD : AUD exchange rate     0.6664       0.6915  
                 
Average exchange rate for the period                
USD : AUD exchange rate     0.6732       0.7253  
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS

Change in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2023 and 2022 were as follows:

 

    Foreign
Currency Items:
 
Beginning balance, June 30, 2021   $ 1,085,204  
Foreign currency translation gain     149,345  
Balance, June 30, 2022     1,234,549  
Foreign currency translation gain     60,327  
Ending balance, June 30, 2023   $ 1,294,876  

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

    June 30, 2023     June 30, 2022  
             
Stock Options     0.06       0.06  
Warrants with no designations     90       105  
Series A Warrants as if converted at alternate cashless exercise prices     1,996,625,990       -  
Series B Warrants     16       -  
Series C Warrants as if converted at alternate cashless exercise prices *     9,473,999,953       -  
Unvested restricted stock units     0.06       0.06  
Convertible Debt     5,991,195       127,062  
Total     11,476,617,244.12       127,167.12  

 

* Only convertible ratably upon exercise of Series B Warrants