v3.26.3
GAIN ON EXTINGUISHMENT OF DEBT (Tables)
12 Months Ended
Jun. 30, 2026
GAIN ON EXTINGUISHMENT OF DEBT  
Schedule of gain recognized from extinguishment of aged notes payable and accrued interest

Component

 

Reference

 

 

Amount

 

 

 

 

 

 

 

 

Gain on equitization of accrued salaries and consulting fees — 40,000,000 shares of common stock issued at $0.0033 per share to settle $2,834,819 of accrued liabilities

 

Note 13

 

 

$1,248,079

 

Gain on extinguishment — promissory-note principal (Series D exchange, fair value basis)

 

Note 7

 

 

$955,188

 

Gain on extinguishment — convertible-note principal (Series D exchange, fair value basis)

 

Note 7

 

 

$63,585

 

Gain on extinguishment — advances from former directors (Series D exchange, fair value basis)

 

Note 7

 

 

$338,328

 

Gain on separately forgiven accrued interest payable (Series D transactions)

 

Note 6

 

 

$279,230

 

Loss on write-off of unamortized debt discount (Series D exchange)

 

Note 6

 

 

$(10,013)

Gain on extinguishment of note payable

 

Note 5

 

 

$26,584

 

 

 

 

 

 

 

 

 

Gain on settlement of vendor payables

 

 

—

 

 

$22,023

 

Total gain on extinguishment of debt

 

 

 

 

 

$2,923,004

 

Schedule of gain on extinguishment of debt based on legal opinion

Accrued interest expense

 

$361,559

 

Convertible notes payable

 

 

208,500

 

Promissory notes payable

 

 

155,000

 

Gain on extinguishment of debt for the year ended June 30, 2025

 

$725,059