Quarterly report pursuant to Section 13 or 15(d)

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

v3.24.0.1
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables)
6 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
SCHEDULE OF TRANSACTION EXCHANGE RATES

As of December 31, 2023 and June 30, 2023, 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, 2023     June 30, 2023  
Exchange rate on balance sheet dates                
USD : AUD exchange rate     0.6531       0.6664  
                 
Average exchange rate for the period                
USD : AUD exchange rate     0.6813       0.6732  
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS

The change in Accumulated Other Comprehensive Income by component during the six months ended December 31, 2023 was as follows:

 

    Foreign
Currency Items:
 
Balance, June 30, 2023   $ 1,294,876  
Unrealized foreign currency translation loss     (60,806 )
Ending balance, December 31, 2023   $ 1,234,070  
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

 

    December 31, 2023     December 31, 2022  
    (Unaudited)     (Unaudited)  
Stock Options     0.06       0.06  
Stock Warrants with no designations     15,003,396       3,306  
Series A Warrants as if converted at alternate cashless exercise price     1,991,703,990       1,997,190  
Series B Warrants     16       24  
Series C Warrants as if converted at alternate cashless exercise price *     9,175,999,954       7,999,960  
Unvested restricted stock     0.06       0.06  
Convertible Debt     53,628,205       930,128  
Total     11,236,335,561.12       10,930,608.12  

 

* Only convertible ratably upon exercise of Series B Warrants