Quarterly report pursuant to Section 13 or 15(d)

Promissory Notes Payable

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Promissory Notes Payable
9 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
PROMISSORY NOTES PAYABLE

NOTE 8 – PROMISSORY NOTES PAYABLE

 

Between September 2017 and January 2018, the Company issued two-year Convertible Promissory Notes (the "Notes") and warrants, for aggregate gross proceeds of $7,205,000, $6,534,400 net of direct debt issuance costs. The notes had an interest rate of 7% per annum.

 

As a result of financings in October 2018, the principal and accumulated interest on the Convertible Promissory Notes was automatically converted into 10,731,669 shares of its common stock in accordance with the terms of the Notes. This resulted in a loss on extinguishment of debt, a non cash item, of approximately $3,774,500 in the quarter ended December 31, 2018.