DUE TO RELATED PARTIES |
12 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| DUE TO RELATED PARTIES | 16. DUE TO RELATED PARTIES
As of June 30, 2026, and 2025, the balance due to related parties was $847,341 and $1,855,948, respectively. The balances relate to costs paid on behalf of the Company and funding provided to the Company by Harthorne Capital, Inc. (“Harthorne”), an affiliate of the Company, and other related parties. The balances also include all salary and payroll accruals for the Company’s development and administrative teams.
On December 31, 2025, the Company executed a compensation stock exchange agreement pursuant to which certain officers converted accrued and unpaid compensation into equity compensation. The Company converted accrued salaries totaling $2,660,115 into an aggregate of 22,167,628 shares of common stock at a conversion price of $ per share, based on the market price of the Company’s common stock on the date of conversion. Certain officers assigned their rights to receive shares issued upon conversion of accrued compensation to immediate family members. These assignments did not modify the amount of compensation recognized or the terms of the conversion. The Board of Directors approved the conversion and related share issuances of accrued liabilities and accrued salaries on June 30, 2024.
See details of other transactions and balances with related parties in the following notes to the consolidated financial statements below:
Note 17 – Notes Payable – Related Parties,
Note 18 – Convertible Notes Payable – Related Parties,
Note 19 – Line of Credit Payable – Related Parties
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