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Convertible Note Receivable - Related Party | 6 Months Ended
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Dec. 31, 2019
Receivables [Abstract] |
Convertible Note Receivable - Related Party | NOTE 8 – CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY The Company entered into an agreement with WRLD3D, whereby the Company was issued a Convertible Promissory Note (the “August 2019 Note”) which was fully executed on August 19, 2019. The maximum principal amount of $400,000 was paid on September 9, 2019. The August 2019 Note bears interest at 10% per annum and all unpaid interest and principal is due and payable upon request on or after March 31, 2020. The Company has a security interest in all of WRLD3D’s personal property, inventory, equipment, general intangibles, financial assets, investment property, securities, deposit accounts, and the proceeds thereof. The August 2019 Note is convertible upon the occurrence of the following events:
| 1. | Conversion upon a qualified financing which is an equity financing of at least $1,000,000.
| 2. | Optional conversion upon an equity financing less than $1,000,000.
| 3. | Optional conversion after the maturity date.
| 4. | Change of control.
If the Company converts the August 2019 Note upon the occurrence of a financing, then the conversion price will be equal to the product of: (A) the price paid per share for the equity securities by the investors multiplied by (B) a calculated conversion rate which is determined based on the amount of the principal and interest outstanding and the Company’s ownership percentage. If the Company converts the August 2019 Note either as an optional conversion after the maturity date or due to a change of control, then the conversion price is equal to $0.6788 per share (adjusted for any stock dividends, combinations, splits, recapitalizations or the like with respect to WRLD3D’s Series BB Preferred Stock after the date of the August 2019 Note). The following table summarizes the convertible notes receivable from WRLD3D.
|  |  |  |  |  |  |  | Convertible |  |  |  |
Agreement |  |  | Interest |  |  | Maturity |  | Note |  |  | Amount |
Date |  |  | Rate |  |  | Date |  | Amount |  |  | Disbursed |
May 25, 2017 |  |  |  | 5% |  |  | On Demand |  | $ | 750,000 |  |  | $ | 750,000 |
February 9, 2018 |  |  |  | 10% |  |  | On Demand |  |  | 2,500,000 |  |  |  | 2,500,000 |
April 1, 2019 |  |  |  | 10% |  |  | March 31, 2020 |  |  | 600,000 |  |  |  | 535,000 |
August 19, 2019 |  |  |  | 10% |  |  | March 31, 2020 |  |  | 400,000 |  |  |  | 400,000 |
|  |  |  |  |  |  |  |  | $ | 4,250,000 |  |  | $ | 4,185,000 |
The Company has accrued interest of $508,235 and $328,748 at December 31, 2019 and June 30, 2019, respectively, which is included in “Other current assets.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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