RESTRUCTURED SENIOR NOTE PAYABLE (Details Narrative) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Nov. 04, 2022
USD ($)
|
Aug. 17, 2022
USD ($)
|
Dec. 15, 2021
USD ($)
$ / shares
|
Mar. 31, 2024
USD ($)
$ / shares
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
$ / shares
|
Jan. 01, 2016 |
|
Short-Term Debt [Line Items] | |||||||
Debt instrument interest rate percentage | 12.00% | 2.00% | |||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Revalued debt amount | $ 21,290,000 | ||||||
December 15, 2021 Debenture [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Debt instrument event of default description | Upon such an Event of Default, the interest rate increases to 18% per annum and the outstanding balance of the Note increases from 5% to 15%, depending upon the specific Event of Default. As of March 31, 2024, the Company is in full compliance with the covenants and Events of Default. | ||||||
Restructured Senior Note [Member]. | |||||||
Short-Term Debt [Line Items] | |||||||
Debt instrument, fair value | $ 18,914,000 | ||||||
Gain (loss) on extinguishment of debt | 2,540,000 | ||||||
Derivative fair value | 12,290,000 | ||||||
Fair value option, changes | 17,738,000 | ||||||
Fair value option, changes | $ 30,028,000 | ||||||
Share price | $ / shares | $ 0.16 | ||||||
Fair value derivative | $ 27,120,000 | ||||||
Change in fair value | 5,830,000 | ||||||
Revalued debt amount | 21,290,000 | ||||||
Revalued debt amount | $ 5,688,000 | $ 2,376,000 | |||||
Restructured Senior Note [Member]. | Measurement Input, Risk Free Interest Rate [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Debt instrument, measurement input | 3.73 | ||||||
Restructured Senior Note [Member]. | Measurement Input, Price Volatility [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Debt instrument, measurement input | 117.77 | ||||||
Restructured Senior Note [Member]. | Measurement Input, Share Price [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Debt instrument, measurement input | 0.1017 | ||||||
Securities Purchase Agreement [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Outstanding balance | $ 5,433,333 | ||||||
Debt instrument interest rate percentage | 12.00% | ||||||
Repayments of debt | $ 3,000,000 | ||||||
Debt instrument, fair value | $ 3,400,000 | ||||||
Securities Purchase Agreement [Member] | December 15, 2021 Debenture [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Debt instrument interest rate percentage | 12.00% | ||||||
Securities Purchase Agreement [Member] | December 15, 2021 Debenture [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Outstanding balance | $ 16,320,000 | ||||||
Debt iInstrument, redemption, description | The “Redemption Repayment Price” equaled 90% multiplied by the average of the two lowest volume weighted average price per share of the Common Stock during the ten (10) trading days immediately preceding the date that the Investor delivers notice electing to redeem a portion of the Note. The redemption amount shall include an Exit Fee, consisting of a premium of 15% of the portion of the outstanding balance being paid. As the Exit Fee is to be included in every settlement of the Note, an additional 15% of the principal balance, which totals $2,448,000, was recognized along with the principal balance, and offset by a contra account in a manner similar to a debt discount. In addition to the Investor’s right of redemption, the Company has the option to prepay the Notes at any time prior to the Maturity Date by paying a premium of 15% plus the principal, interest, and fees owed as of the prepayment date. | ||||||
Securities Purchase Agreement [Member] | December 15, 2021 Debenture [Member] | Debentures Subject to Mandatory Redemption [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Outstanding investor redeem | $ 1,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.0001 | ||||||
Amended and Restated Secured Promissory Note [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Outstanding balance | $ 2,675,000 | ||||||
Repayments of debt | $ 10,000,000 | ||||||
Percentage of exit fee | 15.00% | ||||||
Debt instrument convertible terms of conversion feature description | Additional key modifications include i) uplist terms in which the Company was to cause the common stock to be listed for trading on either of (a) NYSE, or (b) NASDAQ, were removed, ii) Maturity date was modified from December 15, 2023 to 12 months from the Closing or termination of the Merger Agreement, provided not to be later than September 30, 2024, and iii) the outstanding balance of the Senior 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”). |