Annual report pursuant to Section 13 and 15(d)

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

v3.22.2.2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables)
12 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
SCHEDULE OF TRANSLATION EXCHANGE RATES

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:

  

                 
    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

Change in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2022 and 2021 were as follows:

    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:

  

Machinery and equipment - 5 years
Furniture - 7 years
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