Equity |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | Note 8 – Equity
All share amounts have been adjusted to reflect a 1:200 reverse split effective March 7, 2022.
For the year ended June 30, 2022:
During the year ended June 30, 2022, the Company issued 73,517 shares of common stock for services.
During the year ended June 30, 2022, the Company issued 500,000 shares of common stock under a Purchase Agreement.
During the year ended June 30, 2022, the Company issued 1,125,000 shares of common stock in exchange for proceeds under the Equity Purchase Agreement.
During the year ended June 30, 2022, the Company issued 1,812,500 shares of common stock as commitment shares in a structured loan.
During the year ended June 30, 2022, the Company cancelled 241,303 shares of common stock representing fractional shares resulting from the 200:1 reverse split.
During the year ended June 30, 2022, the Company entered into exchange agreements to issue 11,414 shares of Preferred Series F stock.
During the year ended June 30, 2022, the Company cancelled 500,000 shares of Preferred Series E stock.
During the year ended June 30, 2022, the Company issued 51 shares of Preferred Series G stock under terms of employment agreements.
During the year ended June 30, 2022, the Company issued 600,000 warrants to an investor.
For the year ended June 30, 2021:
During the year ended June 30, 2021, the Company issued 529,000 shares of common stock for professional consulting services. These shares were valued at $2,778,550 upon issuance during the year ended June 30, 2021.
During the year ended June 30, 2021, the Company issued 6,914,064 shares of common stock for debt reduction. These shares were valued at $13,031,235 upon issuance during the year ended June 30, 2021.
During the year ended June 30, 2021, the Company issued 1,248,961 shares of common stock to warrant holders in six cashless transactions.
During the year ended June, 2021, the Company issued 3,279,693 shares of common stock under the Equity Purchase Agreement. These shares were valued at $13,601,329 upon issuance during the year ended June 30, 2021.
During the year ended June 30, 2021, the Company issued 250,000 shares of common stock as collateral for the line of credit. The shares were held in the Company's name and serve as collateral for a line of credit with a bank.
During the year ended June 30, 2021, the Company issued 50,000 shares of common stock for the acquisition of Classroom Technology Solutions, Inc. These shares were valued at $151,000 upon issuance during the year ended June 30, 2021.
See the capital structure section in Note 1 for disclosure of the equity components included in the Company's consolidated financial statements.
Warrants
Warrants are granted with an exercise price no less than the fair market value of the warrant on the date of the grant and vest immediately. A warrant is entitled to convert into one common share at an exercise price of $0.50. There are 600,000 warrants granted on June 21, 2022. The fair value of each equity-based award is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table for the year ended June 30, 2022:
A summary of the warrant status at June 30, 2022 and changes during the year ended is presented below. There were no warrants outstanding during the year ended June 30, 2021.
A further summary of warrants outstanding at June 30, 2022 is as follows:
There are no unvested warrants. |