v3.22.2.2
WARRANTS
 12 Months Ended
Jun. 30, 2022
WARRANTS  
12. WARRANTS

12.  WARRANTS

 

As discussed in Note 10, the Company issued warrants in February 2021 to purchase 11,000,000 shares of its common stock in connection with the sale of Series D preferred stock.  The Company issued warrants to purchase 30,000,000 warrants in April 2021 in connection with the sale of common stock.

 

A summary of the Company’s warrants as of June 30, 2022, and changes during the year then ended is as follows:

 

 

 

Shares

 

 

Weighted

Average

Exercise Price

 

 

Weighted Average Remaining

Contract Term

(Years)

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2021

 

 

41,000,000

 

 

$0.30

 

 

 

 

 

 

 

Granted

 

 

-

 

 

$-

 

 

 

 

 

 

 

Exercised

 

 

-

 

 

$-

 

 

 

 

 

 

 

Forfeited or expired

 

 

-

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding and exercisable at June 30, 2022

 

 

41,000,000

 

 

$0.30

 

 

 

3.72

 

 

$-

 

 

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the closing price of our common stock of $0.0362 as of June 30, 2022, which would have been received by the holders of in-the-money warrants had the holders exercised their warrants as of that date.