STOCKHOLDERS’ EQUITY (DEFICIT) |
12 Months Ended | |||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||
| STOCKHOLDERS’ EQUITY (DEFICIT) | 25. STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred Stock
As of June 30, 2026, we were authorized to issue shares of preferred stock with a par value of $.
shares of preferred stock were issued and outstanding during the fiscal years ended June 30, 2026 or 2025.
Common Stock
As of June 30, 2026, we were authorized to issue shares of common stock with a par value of $, of which shares of common stock were issued and outstanding and shares of common stock were subscribed, contractually obligated and committed to be issued but not yet issued.
During the fiscal year ended June 30, 2026, the Company issued common shares in the amount of $2,986,244, and had common shares subscribed of in the amount of $. The company cancelled a common stock subscription for the purchase of shares in the amount of $ as it was determined to be uncollectible. The cancellation was recorded as direct reduction to subscribed common stock, APIC, and subscription receivable.
Of the shares issued during the fiscal year ended June 30, 2026, the Company issued 22,167,628 common shares for equity compensation of officer salaries in the amount of $2,660,115, issued common shares for payment of professional services in the amount of $146,126, and issued restricted stock shares in the amount of $180,003. Included in the restricted shares issued is shares issued in the amount of $159,678 related to note interest converted to shares.
The Company reported shares subscribed for professional services in the amount of $ as compensation for professional services.
During the fiscal year ended June 30, 2025, the Company issued common shares in the amount of $410,769, From this amount, the Company issued shares for payment of professional services in the amount of $, and issued restricted stock shares in the amount of $162,251.
Stock-based compensation of $ was issued for services during the fiscal year ended June 30, 2025, and is included in the General and Administrative expenses in the Consolidated Statements of Operations.
As of June 30, 2025, the Company has entered into subscription agreements with investors in a private offering, for shares, at a price per share of $ for $, and has a subscription receivable in the Consolidated Balance Sheet. As of June 30, 2026, the company cancelled a common stock subscription for the purchase of shares in the amount of $ as it was determined to be uncollectible. The cancellation was recorded as direct reduction to subscribed common stock, APIC, and subscription receivable
The Company has the following potentially dilutive debt or equity instruments which were issued or outstanding as of the year ended June 30, 2026, or for the year ended June 30, 2025:
The Company has not declared or paid any dividends or returned any capital to common stock shareholders as of June 30, 2026, and 2025.
In periods where the Company reports a net loss, all potentially dilutive securities – including stock options and convertible notes – are anti-dilutive and therefore excluded from the calculation of diluted loss per share.
Warrants
warrants were issued or outstanding during the twelve months ended June 30, 2026, or 2025.
Stock Options
On February 13, 2023, certain executive employment agreements contemplated the issuance of options to purchase an aggregate of shares of the Company's common stock at an exercise price equal to the fair market value of the common stock on the applicable grant date.
The employment agreements expressly provide that the granting of stock options or other equity compensation is conditional upon written approval by the Company's Board of Directors together with any required stockholder approval.
The Company has determined that the required Board or committee approval was never given. Accordingly, the contemplated stock option awards were not formally granted or issued pursuant to the employment agreements, and the contractual provisions specifying immediate vesting upon grant were not triggered.
Management has therefore concluded that no grant date was established for these contemplated awards under ASC 718. In addition, there is no intensive value to the shares based on the date 02/13/2023 the options were authorized but not granted as the shares were the same price at as the exercise price.
Subject to confirmation that no separate pre-grant share-based payment or other compensation obligation arose, the Company has determined that no stock option compensation expense is required in connection with these contemplated awards, and no retrospective adjustment to previously issued financial statements is necessary.
No stock options were granted or outstanding pursuant to these arrangements as of June 30, 2026 or June 30, 2025.
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