|9 Months Ended|
Mar. 31, 2017
|Convertible Debt/Notes Payable [Abstract]|
Convertible debt consists of the following:
During the nine month period ended March 31, 2017 the few holders of the Notes converted $1,555,581 including accrued interest value into 15,124,939 shares of the Company's common stock. The determined fair value of the debt derivatives of $125,710 was reclassified into equity during the period ended March 31, 2017.
For the three and nine months ended March 31, 2017 and 2016, $70,970 and $69,701 and $212,910 and $133,128 were expensed in the statement of operation as amortization of warrant discount and shown as interest expenses, respectively. For the three and nine months ended March 31, 2017 and 2016, $284,799 and $9,982 and $648,199 and $68,658 was amortized of debt discount and shown as interest expenses, respectively.
The aggregate amortization of prepaid financing cost charged to operations was $209,959 and $169,417 and $622,329 and $344,750 for three and nine month period ended March 31, 2017 and 2016, respectively.
Accrued and unpaid interest for convertible notes payable at March 31, 2017 and June 30, 2016 was $1,678,212 and $1,678,138, respectively.
For the three and nine months ended March 31, 2017 and 2016, $235,263 and $94,744 and $685,759 and $350,530, was charged as interest on debt and shown as interest expenses, respectively.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://www.xbrl.org/2003/role/presentationRef