v3.26.3
Stockholders’ Deficit
 3 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Stockholders’ Deficit

Note 7 – Stockholders’ Deficit

 

Common stock

 

During August and September 2026, the Company entered into agreements with five accredited investors whereby the investors subscribed for 4,666,665 shares of common stock at a price of $0.03 per share for aggregate proceeds of $140,000. As part of the agreements, certain investors agreed to forfeit an aggregate of 2,499,999 equity classified warrants granted to them in May 2026, which had an exercise price of $0.045 per share. Pursuant to ASC 505, Equity, and other applicable accounting guidance, the cancellation of these equity-classified warrants in connection with the issuance of common stock for cash was accounted for as a single equity transaction. The cancellation resulted in an offsetting adjustment to additional paid-in capital (“APIC”) and did not affect the Company’s consolidated net loss.

 

In September 2026, the Company issued an aggregate of 500,000 shares of common stock to a consultant for services rendered. The common stock issued was valued at fair market value on the grant date at $22,000.

 

On September 10, 2026, a warrant holder exercised warrants for an aggregate of 3,000,000 shares of common stock on a cashless basis in accordance with the terms of the warrant agreements. As a result, the Company issued 1,933,055 shares of common stock.

 

Warrants

 

A summary of the Company’s warrant activity as of September 30, 2026 is as follows:

               
   Warrants  

Weighted-

Average

Exercise

Price

   Weighted-Average
Remaining
Contractual Life
(Years)		 
             
Outstanding at June 30, 2026   31,571,784   $0.056    2.47 
- Granted   –    –    – 
- Exercised   (3,000,000)   0.017    – 
- Forfeited   (2,499,999)   0.045    – 
- Expired/retired   (11,802,385)   0.090    – 
Outstanding at September 30, 2026   14,269,400   $0.038    3.57 

 

As of September 30, 2026, the intrinsic value of these stock purchase warrants amounted to $139,200.

 

The following table summarizes additional information concerning warrants outstanding and exercisable at September 30, 2026:

                         
   Warrants Outstanding   Warrants Exercisable 
       Weighted   Weighted       Weighted 
       Average   Average       Average 
Exercise  Number   Remaining   Exercise   Number   Remaining 
Price  of Shares   Life (Years)   Price   of Shares   Life (Years) 
                     
$0.013   2,000,000    3.14   $0.013    2,000,000    3.14 
$0.017   1,500,000    3.41    0.017    1,500,000    3.41 
$0.030   5,000,000    3.26    0.030    5,000,000    3.26 
$0.060   5,769,400    4.02    0.060    5,769,400    4.02 
    14,269,400    3.57   $0.038    14,269,400    3.57