RESTRUCTURED AUGUST NOTE PAYABLE (Details Narrative) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Aug. 17, 2022 |
Aug. 17, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Jan. 20, 2023 |
Nov. 04, 2022 |
Dec. 15, 2021 |
Jan. 01, 2016 |
|
Short-Term Debt [Line Items] | |||||||||
Debt instrument interest rate percentage | 12.00% | 2.00% | |||||||
Proceeds from debt | $ 140,000 | ||||||||
Exit fee percent | 15.00% | ||||||||
Description for uplisted term and trigger Events | In conjunction with the Merger Agreement, entered into on October 24, 2022, with Yotta Acquisition Corporation (Note 11), on November 4, 2022, the Company entered into a Restructuring Agreement for an Amended and Restated Secured Promissory Note (the “August Note”), through which the August Note was amended and restated in its entirety. The Restructured August Note decreased the principal to $1,748,667, less an OID of $138,667, and the amount in escrow was returned to the investor, The Restructuring Agreement included key modifications, in which i) the Uplist terms were removed, ii) in the event that the closing of the Merger does not occur on or before December 31, 2022, the then-current Outstanding Balance will be increased by 2% and shall increase by 2% every 30 days thereafter until the closing or termination of the Merger Agreement, and iii) the outstanding balance of the Convertible Note may be increased by 5% to 15% upon the occurrence of an event of default or failure to obtain the Lender’s consent or notify the Lender for certain major equity related transactions (“Trigger Events”) | ||||||||
Revalued debt amount | $ 2,590,000 | $ 2,400,000 | |||||||
Change in fair value of restructed debt | 137,634 | ||||||||
Maximum [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debt instrument face amount | 272,000 | ||||||||
Restructured August Note [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debt discount and accrued interest | 1,933,000 | ||||||||
Loss in extinguishment | 157,000 | ||||||||
Revalued debt amount | 2,590,000 | 2,400,000 | |||||||
Change in fair value of restructed debt | 190,000 | $ 467,000 | |||||||
Revalued debt amount | $ 203,000 | ||||||||
Securities Purchase Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debt instrument face amount | $ 631,968 | ||||||||
Debt instrument interest rate percentage | 10.00% | ||||||||
Debt instrument unamortized discount | $ 56,868 | ||||||||
Proceeds from debt | $ 1,100,000 | ||||||||
Escrow deposit | $ 3,900,000 | 3,900,000 | |||||||
Debt instrument, fair value | $ 3,400,000 | $ 3,400,000 | |||||||
Exit fee percent | 15.00% | 15.00% | 15.00% | ||||||
Debt instrument, redemption, percentage | 15.00% | ||||||||
Debt instrument outstanding face amount | $ 816,500 | $ 816,500 | |||||||
Increase in outstanding balance, percentage | 10.00% | 10.00% | |||||||
Debt instrument, payment terms | Following the Uplist, while the Note is still outstanding, ten days after the Company may have a sale of any of its shares of common stock or preferred stock, there shall be a Mandatory Prepayment equal to the greater of $3,000,000 or thirty-three percent of the gross proceeds of the equity sale | ||||||||
Payments for debt | $ 3,000,000 | ||||||||
Securities Purchase Agreement [Member] | December 15, 2021 Debenture [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debt instrument interest rate percentage | 12.00% | 12.00% | 12.00% | ||||||
Securities Purchase Agreement [Member] | December 15, 2021 Debenture [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debt instrument face amount | $ 5,433,333 | $ 5,433,333 | $ 16,320,000 | ||||||
Debt instrument unamortized discount | 433,333 | $ 433,333 | |||||||
Debt instrument transaction expense | $ 10,000 |