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Derivative Liabilities (Tables) | 6 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of assumptions used in valuation model |
|  | June 30, |
|  | 2018 |
Market value of common stock on measurement date |  | $ | 1.01 |
Exercise price |  | $ | 7.50 and $11.25 |
Risk free interest rate (1) |  |  | 2.33 | %
Expected life in years |  |  | 0.95 |
Expected volatility (2) |  |  | 102 | %
Expected dividend yields (3) |  |  | None |
(1) | The risk-free interest rate was determined by management using the applicable Treasury Bill as of the measurement date.
(2) | The historical trading volatility was determined by calculating the volatility of the Company’s common stock.
(3) | The Company does not expect to pay a dividend in the foreseeable future.
Schedule of fair value of derivative liabilities |
|  | Markets for Identical Assets |  |  | Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Carrying Value as of June 30, |
Description |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | 2018 |
Derivative liability – warrant instruments |  | $ | - |  |  | $ | - |  |  | $ | 30,526 |  |  | $ | 30,526 |
Derivative liabilities – embedded redemption feature of promissory notes |  |  | - |  |  |  | - |  |  |  | 4,164,108 |  |  |  | 4,164,108 |
|  | $ | - |  |  | $ | - |  |  | $ | 4,194,634 |  |  | $ | 4,194,634 |
Schedule of reconciliation of changes in the fair value of financial liabilities |
|  | Year ended |
|  | June 30, |  |  | June 30, |
|  | 2019 |  |  | 2018 |
Beginning balance |  | $ | 4,194,634 |  |  | $ | 175,853 |
Adoption of ASU 2017-11 – warrants |  |  | (59,397 | ) |  |  | - |
Fair value of derivative liabilities for redemption feature of promissory notes payable |  |  | - |  |  |  | 3,309,880 |
Change in fair value of derivative liabilities |  |  | 54,634 |  |  |  | 708,901 |
Extinguishment of derivative liabilities on conversion of promissory notes. |  |  | (4,189,871 | ) |  |  | - |
Ending balance |  | $ | - |  |  | $ | 4,194,634 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
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