v3.22.2.2
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES

 

    June 30, 2022     June 30, 2021  
Volatility     228 %     222 %
Expected remaining term     0.01       0.01  
Risk-free interest rate     1.28 %     0.05 %
Expected dividend yield     None       None  
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS

 

   Balance at
June 30, 2022		  

Quoted

Prices

in Active

Markets for

Identical Assets

  

Significant

Other

Observable Inputs

  

Significant

Unobservable Inputs

 
       (Level 1)   (Level 2)   (Level 3) 
Embedded conversion option liabilities  $151,262   $—   $—   $151,262 
Total  $151,262   $—   $—   $151,262 

 

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021:

 

   Balance at
June 30, 2021		  

Quoted

Prices

in Active

Markets for

Identical Assets

  

Significant

Other

Observable Inputs

  

Significant

Unobservable Inputs

 
       (Level 1)   (Level 2)   (Level 3) 
Embedded conversion option liabilities  $54,220   $—   $—   $54,220 
Total  $54,220   $—   $—   $54,220 
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE

The following is a roll forward for the years ended June 30, 2022 and 2021 of the fair value liability of price adjustable derivative instruments:

 

   Fair Value of 
   Liability for 
   Derivative 
   Instruments 
Balance at June 30, 2020  $177,009 
Gain on debt extinguishment   (130,975)
Change in fair value included in statements of operations   8,186 
Balance at June 30, 2021   54,220 
Gain on debt extinguishment   (2,069)
Change in fair value included in statements of operations   99,111 
Balance at June 30, 2022  $151,262