Form 10-Q - Quarterly report [Sections 13 or 15(d)]

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2023

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM __________ TO __________

 

COMMISSION FILE NUMBER: 000-54437

  

SUNHYDROGEN, INC.

(Name of registrant in its charter)

 

Nevada		26-4298300
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

	BioVentures Center, 2500 Crosspark Road, Coralville, IA 52241
	(Address of principal executive offices) (Zip Code)

 

Issuer’s telephone Number: [phone]

 

Former address, if changed since last report

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Ticker symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

 

Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

	Large accelerated filer	☐	Accelerated filer	☐
	Non-accelerated filer	☒	Smaller reporting company	☒
			Emerging growth company	☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

The number of shares of registrant’s common stock outstanding, as of February 12, 2024 was 5,128,745,974.

 

 

 

 

 

 

SUNHYDROGEN, INC.

 

INDEX

 

		Page
PART I: FINANCIAL INFORMATION		1
Item 1:	Financial Statements	1
	Condensed Balance Sheets	1
	Condensed Statements of Operations	2
	Condensed Statements of Shareholders’ Equity	3
	Condensed Statements of Cash Flows	4
	Notes to the Condensed Financial Statements	5
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4:	Controls and Procedures	20
PART II: OTHER INFORMATION		21
Item 1	Legal Proceedings	21
Item 1A:	Risk Factors	21
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3:	Defaults Upon Senior Securities	21
Item 4:	Mine Safety Disclosures	21
Item 5:	Other Information	21
Item 6:	Exhibits	21
Signatures		22

 

i

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

SUNHYDROGEN, INC.

CONDENSED BALANCE SHEETS

 

		December 31, 2023				June 30, 2023
		(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalent		$	34,721,654			$	37,185,989
Certificate of deposit			5,061,200			$	-
Marketable securities at cost			-				3,188,040
Short term investment at fair value, related party			5,716,766				7,655,601
TOTAL CURRENT ASSETS			45,499,620				48,029,630
OTHER ASSETS
INVESTMENT
Convertible notes receivable, related party			3,000,000				3,000,000
TOTAL INVESTMENTS			3,000,000				3,000,000
PROPERTY & EQUIPMENT
Machinery and equipment			33,814				33,814
Computers and peripherals			11,529				11,529
Vehicle			155,000				155,000
			200,343				200,343
Less: accumulated depreciation			(101,879	)			(83,468	)
NET PROPERTY AND EQUIPMENT			98,464				116,875
INTANGIBLE ASSETS
Domain, net of amortization of $0 and $5,315, respectively			-				29
Trademark, net of amortization of $772 and $714, respectively			371				428
Patents, net of amortization of $39,627  and $36,344, respectively			61,516				64,799
TOTAL INTANGIBLE ASSETS			61,887				65,256
TOTAL OTHER ASSETS			3,160,351				3,182,131
TOTAL ASSETS		$	48,659,971			$	51,211,761
LIABILITIES, PREFERRED STOCK SUBJECT TO REDEMPTION AND SHAREHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable and other payables		$	469,285			$	232,893
Accrued expenses			59,685				628
Loan payable, related party			81,920				106,728
TOTAL CURRENT LIABILITIES			610,890				340,249
LONG TERM LIABILITIES
Loan payable, related party			9,206				36,731
TOTAL LONG TERM LIABILITIES			9,206				36,731
TOTAL LIABILITIES			620,096				376,980
COMMIMENTS AND CONTINGENCIES (SEE NOTE 9)
Series C 10% Preferred Stock, 8,851 and 10,951 shares issued and outstanding, redeemable value of $885,100 and $1,095,100, respectively			885,100				1,095,100
SHAREHOLDERS’ EQUITY
Preferred Stock, $0.001 par value; 5,000,000 authorized preferred shares outstanding			-				-
Common Stock, $0.001 par value; 10,000,000,000 authorized common shares 5,092,814,633 and 4,821,298,283 shares issued and outstanding, respectively			5,092,815				4,821,298
Additional Paid in Capital			127,509,819				126,889,423
Accumulated deficit			(85,447,859	)			(81,971,040	)
TOTAL SHAREHOLDERS’ EQUITY			47,154,775				49,739,681
TOTAL LIABILITIES, PREFERRED STOCK SUBJECT TO REDEEMPTION AND SHAREHOLDERS’ EQUITY		$	48,659,971			$	51,211,761

 

The accompanying notes are an integral part of these condensed unaudited financial statements

 

1

 

 

SUNHYDROGEN, INC.

CONDENSED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2023 AND 2022

(Unaudited)

 

		THREE MONTHS ENDED								SIX MONTHS ENDED
		December 31, 2023				December 31, 2022				December 31, 2023				December 31, 2022
REVENUE		$	-			$	-			$	-			$	-
OPERATING EXPENSES
Selling and Marketing			-				-				44,000				87,745
General and administrative expenses			497,844				3,276,042				1,002,505				3,511,149
Research and development cost			756,263				1,774,790				1,195,327				2,080,320
Depreciation and amortization			10,775				11,119				21,780				21,440
TOTAL OPERATING EXPENSES			1,264,882				5,061,951				2,263,612				5,700,654
LOSS FROM OPERATIONS BEFORE  OTHER INCOME (EXPENSES)			(1,264,882	)			(5,061,951	)			(2,263,612	)			(5,700,654	)
OTHER INCOME/(EXPENSES)
Investment  income			484,984				161,834				960,593				397,727
Dividend expense			(22,591	)			(6,750	)			(43,520	)			(13,500	)
Unrealized Gain(loss) on investments, related party			(2,224,504	)			8,120,635				(1,938,835	)			8,120,635
Realized Gain(Loss) on redemption of marketable securities			-				-				(188,040	)			-
Gain (Loss) on change in derivative liability			-				1,405,874								941,837
Interest expense			(1,714	)			(21,696	)			(3,405	)			(45,050	)
TOTAL OTHER INCOME (EXPENSES)			(1,763,825	)			9,659,897				(1,213,207	)			9,401,649
NET INCOME (LOSS)		$	(3,028,707	)		$	4,597,946			$	(3,476,819	)		$	3,700,995
BASIC EARNINGS (LOSS) PER SHARE		$	(0.00	)		$	0.00			$	(0.00	)		$	0.00
DILUTED EARINGINS (LOSS) PER SHARE		$	(0.00	)		$	0.00			$	(0.00	)		$	0.00
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
BASIC			5,069,670,749				4,382,210,756				4,965,620,378				4,327,586,883
DILUTED			5,069,670,749				5,385,011,715				4,965,620,378				5,330,387,842

 

The accompanying notes are an integral part of these condensed unaudited financial statements

 

2

 

 

SUNHYDROGEN, INC.

CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY/(DEFICIT)

FOR THE SIX MONTHS ENDED DECEMBER 31, 2023

 

		SIX MONTHS ENDED DECEMBER 31, 2022
																						Additional
		Preferred stock												Common stock								Paid-in				Accumulated
		Shares				Amount				Mezzanine				Shares				Amount				Capital				Deficit				Total
Balance at June 30, 2022			-			$	-			$	270,000				4,271,749,146			$	4,271,749			$	103,311,733			$	(83,842,968	)		$	23,740,514
Net Loss			-				-				-				-				-				-				(896,949	)			(896,949	)
Balance at September 30, 2022 (unaudited)			-				-				270,000				4,271,749,146				4,271,749				103,311,733				(84,739,917	)			22,843,565
Issuance of common stock upon partial conversion of purchase agreement for cash			-				-				-				56,314,806				56,315				1,361,785				-				1,418,100
Issuance of common stock for conversion of debt and accrued interest			-				-				-				120,000,000				120,000				(6,000	)			-				114,000
Issuance of common stock for the conversion of stock options			-				-				-				1,933,852				1,934				30,941				-				32,875
Stock compensation for conversion of restricted stock awards			-				-				-				-				-				2,365,200				-				2,365,200
																							.
Net Loss			-				-				-				-				-				-				4,597,946				4,597,946
Balance at December 31, 2022 (unaudited)			-				-				270,000				4,449,997,804				4,449,998				107,063,659				(80,141,973	)			31,371,684

 

		SIX MONTHS ENDED DECEMBER 31, 2023
																						Additional
		Preferred stock												Common stock								Paid-in				Accumulated
		Shares				Amount				Mezzanine				Shares				Amount				Capital				Deficit				Total
Balance at June 30, 2023			-			$	-			$	1,095,100				4,821,298,283			$	4,821,298			$	126,889,423			$	(81,971,040	)		$	49,739,681
Issuance of common stock upon partial conversion of purchase agreement for cash			-				-				-				18,684,057				18,684				225,291				-				243,975
Issuance of common stock upon conversion of Series C Preferred stock			-				-				(210,000	)			221,052,632				221,053				(11,053	)			-				210,000
Stock compensation expense			-				-				-				-				-				72,481				-				72,481
Net Loss			-				-				-				-				-				-				(448,112	)			(448,112	)
Balance at September 30, 2023 (unaudited)			-				-				885,100				5,061,034,972				5,061,035				127,176,142				(82,419,152	)			49,818,025
Issuance of common stock upon partial conversion of purchase agreement for cash			-				-				-				31,779,661				31,780				261,195				-				292,975
Stock compensation expense			-				-				-				-				-				72,482				-				72,482
Net Loss			-				-				-				-				-				-				(3,028,707	)			(3,028,707	)
Balance at December 31, 2023 (unaudited)			-			$	-				885,100				5,092,814,633				5,092,815				127,509,819				(85,447,859	)			47,154,775

 

The accompanying notes are an integral part of these condensed unaudited financial statements

 

3

 

 

SUNHYDROGEN, INC.

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2023

(Unaudited)

 

		Six Months Ended
		December 31, 2023				December 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss			(3,476,819	)			3,700,995
Adjustment to reconcile net income (loss) to net cash (used in) provided by operating activities
Depreciation & amortization expense			21,780				21,440
Conversion of stock options for services			-				32,875
Stock based compensation expense for services			144,963				2,365,200
Loss on redemption of marketable securities			188,040				-
Net (Gain) Loss on change in derivative liability			-				(941,837	)
Unrealized gain on change in fair value of investment, related party			1,938,835				(8,120,635	)
Change in assets and liabilities :
Prepaid expense			-				2,525
Interest receivable on certificate of deposit			(61,200	)			-
Accounts payable			236,392				191,420
Accrued expenses			59,057				(2,273	)
Accrued interest on convertible notes			-				43,361
NET CASH USED IN OPERATING ACTIVITIES			(948,952	)			(2,706,929	)
CASH FLOWS FROM INVESTING ACTIVITIES
Marketable securities purchased			(168,733,113	)			(1,771,617	)
Marketable securities redeemed			164,145,423				5,250,317
Purchase of certificate of deposit			(5,000,000	)			-
Purchase of marketable securities unsettled			4,587,690				-
Purchase of investment, related party			-				(7,000,000	)
Purchase of long term convertible note, related party			-				(3,000,000	)
Redemption of short term investments in corporate securities			3,000,000				-
Purchase of tangible assets			-				(33,814	)
NET USED IN INVESTING ACTIVITIES:			(2,000,000	)			(6,555,114	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of related party note payable			(52,333	)			(16,891	)
Net proceeds from  purchase agreements			536,950				1,418,100
NET CASH PROVIDED BY FINANCING ACTIVITIES			484,617				1,401,209
NET INCREASE (DECREASE)  IN CASH			(2,464,335	)			(7,860,834	)
CASH, BEGINNING OF PERIOD			37,185,989				27,681,485
CASH, END OF PERIOD			34,721,654				19,820,651
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid		$	3,406			$	1,688
Taxes paid						$	-
SUPPLEMENTAL DISCLOSURES OF NON CASH TRANSACTIONS
Conversion of Series C preferred shares to common shares		$	210,000			$	-
Fair value of common stock upon conversion of convertible notes, and accrued interest		$	-			$	114,000
Fair value of stock options issued through a cashless exercise		$	-			$	32,875
Reclassification of related party accrued salary to loan payable		$	-			$	211,750

 

The accompanying notes are an integral part of these condensed unaudited financial statements

 

4

 

 

SUNHYDROGEN, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS –UNAUDITED

DECEMBER 31, 2023 AND 2022

 

1.

Basis of Presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the six months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the year ended June 30, 2024. For further information refer to the financial statements and footnotes thereto included in the Company’s Form 10-K for the year ended June 30, 2023.

 

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

This summary of significant accounting policies of SunHydrogen, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

 

Cash and Cash Equivalent

 

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

 

Concentration risk

 

Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Company (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of the FDIC limits. As of December 31, 2023, the cash balance in excess of the FDIC limits was $28,039,776. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts.

 

Marketable Securities

 

Corporate bonds and U.S. Treasuries are considered current, based on their liquidity. The investments are generally valued using quoted prices and are classified in Level 2 of the fair value hierarchy as prices are not always from active markets. We consider our investments held to maturity and we believe there are no other than temporary declines in fair value. Our investments are recorded at historical cost.

 

Use of Estimates

 

In accordance with accounting principles generally accepted in the United States, management utilizes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates and assumptions relate to useful lives and impairment of tangible and intangible assets, accruals, income taxes, stock-based compensation expense, Binomial lattice valuation model inputs, derivative liabilities and other factors. Management believes it has exercised reasonable judgment in deriving these estimates. Consequently, a change in conditions could affect these estimates.

 

5

 

 

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Property and Equipment

 

Property and equipment are stated at cost and are depreciated using straight line over its estimated useful lives.

 

Computers and peripheral equipment			5 Years
Vehicle			5 Years

 

The Company recognized depreciation expense of $18,411 and $17,923 for the six months ended December 31, 2023 and 2022, respectively. 

 

Intangible Assets

 

The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives.

 

		Useful Lives		12/31/2023				6/30/2023
Domain-gross		15 years		$	5,315			$	5,315
Less accumulated amortization					(5,315	)			(5,286	)
Domain-net				$	-			$	29
Trademark-gross		10 years		$	1,143			$	1,143
Less accumulated amortization					(772	)			(714	)
Domain-net				$	371			$	428
Patents-gross		15 years		$	101,143			$	101,143
Less accumulated amortization					(39,627	)			(36,344	)
Patents-net				$	61,516			$	64,799

 

The Company recognized amortization expense of $3,369 and $3,517 for the six months ended December 31, 2023 and the year ended June 30, 2023, respectively.

 

Net Earnings (Loss) per Share Calculations

 

Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the six months ended December 31, 2023. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock-based awards (Note 4). 

 

Six months ended December 31, 2023

 

The Company calculated the dilutive impact of 218,394,499 outstanding stock options, 86,495,239 common stock purchase warrant, and 8,851 shares of Series C Preferred shares, which are convertible into shares of common stock. Stock options, common stock purchase warrants, Series C Preferred shares were not included, in the calculation of net earnings per share, because their impact on income per share is antidilutive.

 

6

 

 

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Six months ended December 31, 2022

 

The Company calculated the dilutive impact of 157,965,711 outstanding stock options, 94,895,239 common stock purchase warrants, and the convertible debt and accrued interest of $948,623, which is convertible into shares of common stock. The common stock purchase warrants, stock options, and convertible debt and accrued interest, were not included in the calculation of net earnings per share, because their impact on income per share is antidilutive.

 

		Six Months Ended
		December 31,
		2023				2022
Income (Loss) to common shareholders (Numerator)		$	(3,471,000	)		$	(3,700,995	)
Basic weighted average number of common shares outstanding (Denominator)			4,965,620,378				4,327,586,883
Diluted weighted average number of common shares outstanding (Denominator)			4,965,620,378				5,330,387,842

 

Equity Incentive Plan and Stock Options

 

On January 27, 2022, the Company adopted the 2022 Equity Incentive Plan, to enable the Company to attract and retain the types of employees, consultants, and directors who will contribute to the Company’s long-range success. The maximum number of shares of common stock that may be issued under the 2022 Plan is initially 400,000,000. The number of shares will automatically be increased on the first day of the Company’s fiscal year beginning in 2023 so that the total number of shares issuable will at all times equal fifteen percent (15%) of the Company’s fully diluted capitalization on the first day of the Company’s fiscal year, unless the Board adopts a resolution providing that the number of shares issuable under the 2022 Plan shall not be so increased. During the year ended June 30, 2023, the Company granted restricted stock in the amount of 120,600,000 shares of which 110,600,000 vested in the period. Ten Million shares will vest on January 1, 2024. As of December 31, 2023, there were 279,400,000 in the reserve. As of July 1, 2023, the plan increased to 723,194,742 shares.

 

Equity Incentive Plan

 

On December 17, 2018, the Board of Directors approved and adopted the 2019 Equity Incentive Plan (“the Plan”), with 300,000,000 shares reserved for issuance pursuant to the Plan. The purpose of the Plan is to promote the success of the Company and to increase stockholder value by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons. The awards are performance-based compensation that are granted under the Plan as incentive stock options (ISO) or nonqualified stock options. The per share exercise price for each option shall not be less than 100% of the fair market value of a share of common stock on the date of grant of the option. The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing cost. The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date. As of September 2020, the Company issued 124,304,650 shares of common stock for consulting services. The Company granted options to purchase 170,000,000 shares of common stock options on January 23, 2019. On July 29, 2022, the Company granted restricted stock awards of 21,500,000 shares to an employee for services, which vested on March 30, 2023. On June 1, 2023, the Company granted 9,000,000 non-statutory stock options to employees for services, which one-third (1/3) vested immediately, and the remainder shall vest one-twenty fourth (1/24) per month from months thirteen (13) through thirty-six (36) after the date of this option. As of June 30, 2023, the Company had redemptions of 38,034,089 shares of stock, which were added back to the total reserve.

 

As of December 31, 2023, under the 2019 Equity Incentive Plan, there were 286,770,561 stock options and shares issued, and a reserve of 13,229,439.

 

7

 

 

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Stock Based Compensation

 

The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date.

 

Warrant Accounting 

 

The Company accounts for the warrants to purchase shares of common stock using the estimated fair value on the date of issuance as calculated using the Black-Scholes valuation model.

 

Fair Value of Financial Instruments

 

Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized on the balance sheet, where it is practicable to estimate that value. As of December 31, 2023, the amounts reported for cash, accrued interest and other expenses, notes payables, convertible notes, and derivative liability approximate the fair value because of their short maturities.

 

We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

  

●

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets.

 

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active.

 

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

8

 

 

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows (See Note 6):

 

		Total				(Level 1)				(Level 2)				(Level 3)
Assets:
Cash and cash equivalents at December 31, 2023		$	34,721,654			$	34,721,654			$	-			$	-
Certificate of Deposits			5,061,200								5,061,200
Marketable securities measured at fair value December 31, 2023		$	5,716,766			$	-			$	5,716,766			$	-
		$	45,499,620			$	34,721,654			$	10,777,966			$	-
Cash and cash equivalents at December 31, 2022		$	22,130,447			$	1,580,712			$	20,549,735			$	-
Marketable securities measured at fair value December 31, 2022		$	15,120,635			$	-			$	15,120,635			$	-
		$	37,251,082			$	1,580,712			$	35,670,370			$	-
Liabilities:
Derivative liabilities measured at fair value December 31, 2023		$	-			$	-			$	-			$	-
Derivative liabilities measured at fair value September 30, 2022		$	25,073,232			$	-			$	-			$	25,073,232

 

As of December 31, 2023, the Company had no derivative liabilities for which Level 3 inputs were reported.

 

The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value for the period ended September 30, 2022:

 

Balance as of June 30, 2022		$	26,015,069
Loss on change in derivative liability			(941,837	)
Balance as of December 31, 2022		$	25,073,232

 

As of December 31, 2023, the derivative liability balance was $0.

 

Research and Development

 

Research and development costs are expensed as incurred.  Total research and development costs were $1,195,327 and $2,080,320 for the six months ended December 31, 2023 and 2022, respectively.

 

Accounting for Derivatives

 

The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average series Binomial lattice formula pricing models to value the derivative instruments at inception and on subsequent valuation dates.

 

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.

 

Recently Issued Accounting Pronouncements

 

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited financial statements as of December 31, 2023.

 

9

 

 

3.

CAPITAL STOCK

 

Series C Preferred Stock

 

On December 15, 2021, the Company filed a certificate of designation of Series C Preferred Stock with the Secretary of State of Nevada, designating 17,000 shares of preferred stock as Series C Preferred Stock. Each share of Series C Preferred Stock has a stated value of $100 and is convertible into shares of common stock of the Company at a conversion price equal to $0.00095. The Series C Preferred Stockholders are entitled to receive out of any funds and assets of the Company legally available prior and in preference to any declaration or payment of any dividend on the common stock of the Company, cumulative dividends, at an annual rate of 10% of the stated value, payable in cash or shares of common stock. In the event the Company declares or pays a dividend on its shares of common stock (other than dividend payable in shares of common stock), the holders of Series C Preferred Stock will also be entitled to receive payment of such dividend on an as-if-converted basis. The Series C Preferred Stock confers no voting rights on holders, except with respect to matters that materially and adversely affect the voting powers, rights or preferences of the Series C Preferred Stock or as otherwise required by applicable law.

 

On December 15, 2021, the Company entered into a securities purchase agreement with an accredited investor for an exchange of convertible debt to equity. Under the purchase agreement, the Company and investor acknowledged there was $187,800 of principal remaining under the note issued to the investor by the Company on February 3, 2017, plus $80,365 of accrued interest, representing a total aggregate note balance of $268,165. Pursuant to the purchase agreement, the Company sold to the investor 2,700 shares of the Company’s newly designated Series C Preferred Stock for a total purchase price of $268,165, and a loss on settlement of debt of $1,835. On April 15, 2023, the Company entered into another securities purchase agreement with the investor to exchange the remaining notes with principal $550,000, plus accrued interest of $126,455, representing a total aggregate note balance of $676,455, and a loss on settlement of debt of $45. Pursuant to the purchase agreement, the Company sold 6,765 shares of the Company’s designated Series C Preferred Stock to the investor, for a total purchase price of $676,455. The investor tendered the Note to the Company for cancellation and agreed to forgo all future accrued interest under the Note, as the total purchase price for the shares. As of December 31, 2023, the Company had a total of 9,465 shares of Series C Preferred Stock outstanding with a fair value of $946,500, and a stated face value of one hundred dollars ($100) (“share value’) per share, convertible into shares of common stock of the Company. The stock was presented as mezzanine equity because it is redeemable at a fixed or determinable amount upon an event that is outside of the issuer’s control. Upon liquidation, dissolution and winding up of the Company, the holder of each outstanding share of Series C Preferred Stock shall be entitled to receive, out of the assets of the Company available for distribution to its shareholders upon such liquidation, before any payments shall be made or any assets distributed to the holders of the common stock, the stated value of the Series C Preferred Shares plus any declared but unpaid dividends. No other current or future equity holders of the Company shall have higher priority of liquidation preference than holders of Series C Preferred Stock. The holder has the right, at any time, at its election, to convert shares of Series C Preferred Stock into common stock at a conversion price of $0.00095 per share. During the six months ended December 31, 2023, the investor converted 2,100 preferred shares with a face value of 210,000, at a conversion price of $0.00095. The preferred shares were converted into 221,052,632. As of December 31, 2023, 7,365 shares remain outstanding.

 

10

 

 

3.

CAPITAL STOCK (Continued)

 

On June 19, 2023, the Company entered into a securities purchase agreement with an accredited investor for an exchange of convertible debt to equity. Under the purchase agreement, the Company and investor acknowledged there was an aggregate of $100,000 of principal outstanding under the Note issued to the investor by the Company on August 10, 2018, plus $48,603 of accrued interest, representing a total aggregate note balance of $148,603. Pursuant to the Purchase Agreement, the Company issued and sold to the investor 1,486 shares of the Company’s Series C Preferred Stock for a total purchase price of $148,603, and a gain on settlement of debt of $3. The investor tendered the Note to the Company for cancellation and agreed to forego all future accrued interest under the Note, as the total purchase price for the shares.

 

As of December 31, 2023, the Company had a total of 8,841 shares of Series C Preferred Stock outstanding with a fair value of $885,100, and a stated face value of one hundred dollars ($100) (“share value’) per share, convertible into shares of common stock of the Company. Upon liquidation, dissolution and winding up of the Company, the holder of each outstanding share of Series C Preferred Stock shall be entitled to receive, out of the assets of the Company available for distribution to its shareholders upon such liquidation, before any payments shall be made or any assets distributed to the holders of the common stock, the stated value of the Series C

 

Preferred Shares plus any declared but unpaid dividends. No other current or future equity holders of the Company shall have higher priority of liquidation preference than holders of Series C Preferred Stock. The holder has the right, at any time, at its election, to convert shares of Series C Preferred Stock into common stock at a conversion price of $0.00095 per share.

 

During the fiscal year ended June 30, 2023, the Company entered into a purchase agreement with investors for an exchange of convertible debt into equity. The investors exchanged convertible notes in the amount of $837,800, plus interest in the amount of $255,423, and an aggregate loss of $1,877 for an aggregate total of $1,095,100 in exchange for 10,951 shares of the Company’s Series C Preferred Stock. The extinguishment of the convertible debt and derivative was recognized in the Company’s financial statement as a loss on settlement of convertible notes and derivative liability in the amount of $664,627. A valuation was prepared based on a stock price of $0.020 as of April 15, 2023 and $0.0185 as of June 19, 2023, with a volatility of 96.6%, as of April 15, 2023 and 82.9% as of June 19, 2023 based on an estimated term of 5 years.

 

The stock was presented as mezzanine equity because it is redeemable at a fixed or determinable amount upon an event that is outside of the issuer’s control.

 

Common Stock

 

On January 27, 2022, the holder of the majority of the voting power of the shareholders of the Company, and the Company’s chief executive officer, approved by written consent (i) an amendment to the Company’s articles of incorporation to increase the Company’s authorized shares of common stock from 5,000,000,000 to 10,000,000,000, (ii) an amendment to the Company’s articles of incorporation to effect a reverse stock split of the Company’s common stock by a ratio of not less than 1-for-100 and not more than 1-for-500 at any time prior to the one year anniversary of filing the definitive information statement with respect to the reverse split, with the board of directors having the discretion as to whether or not the reverse split is to be effected, and with the exact ratio of any reverse split to be set at a whole number within the above range as determined by the board in its discretion, and (iii) the adoption of the Company’s 2022 Equity Incentive Plan. Shareholder approval for such actions became effective 20 days after the definitive information statement relating to such actions was mailed to shareholders.

 

Six months ended December 31, 2023

 

On November 11, 2022, the Company entered into a Purchase Agreement with an investor for a total of $45,000,000 to purchase shares of common stock. During the six months ended December 31, 2023, the Company issued 191,813,350 shares of common stock for $3,298,514 under a purchase agreement at prices of $0.00944 - $0.02608, pursuant to the purchase notices received from the investor. The finance cost of $79,100 was deducted from the gross proceeds converted.

 

11

 

 

3.

CAPITAL STOCK (Continued)

 

Six months ended December 31, 2022

 

During the period ended December 31, 2022, the Company issued 120,000,000 shares of common stock upon conversion of convertible notes in the amount of $78,153 of principal, plus accrued interest of $35,847 based upon a conversion price of $0.00095 per share. The notes were converted per the terms of their respective agreements and therefore no gain or loss on the conversion was recorded.

 

On November 11, 2022, the Company entered into a Purchase Agreement with an investor for a total of $45,000,000 to purchase shares of common stock. During the period ended December 31, 2022, the Company issued 56,314,806 shares of common stock for $1,450,000 under a purchase agreement at prices of $0.02504 - $0.02608, pursuant to the purchase notices received from the investor. The finance cost of $31,900 was deducted from the gross proceeds converted.

 

During the period ended December 31, 2022, a consultant exercised 3,071,412 shares of nonqualified stock options with an exercise price of $0.01 and a market price of $0.027 per share. Upon exercise of the stock options, the Company issued 1,933,852 shares of common stock through a cashless exercise at the price of $0.017 per share for compensation expense of $32,875.

 

4.

OPTIONS AND WARRANTS

 

RESTRICED STOCK AWARDS

 

On July 29, 2022, the Board of Directors determined that in the best interest of the Company and the Shareholders to grant an employee a restricted stock award in consideration of services to be rendered to the Company. The Board granted 21,500,000 shares of restricted stock awards, which vested on March 30, 2023. Under the 2019 Equity Incentive Plan, an employee was granted 21,500,000 restricted stock awards at a price of $0.025 per share for services, which vested on March 30, 2023.

 

On November 8, 2022 and December 20, 2022, the Board of Directors determined that in the best interest of the Company and the Shareholders, to grant certain employees, a director and a consultant restricted stock awards in consideration of services to be rendered to the Company. The Board granted 33,000,000 shares of restricted stock awards, whereby, 23,000,000 shares vested on January 1, 2023 and 10,000,000 shares will vest on January 1, 2024. Under the 2022 Equity Incentive Plan, an employee, a director and consultant were granted 33,000,000 restricted stock awards at a price of $0.025 per share for services, whereby 23,000,000 shares vested on January 1, 2023 and 10,000,000 will vest on January 1, 2024.

 

OPTIONS

 

On October 2, 2017, the Company granted non-qualified options to purchase 10,000,000 shares of common stock. Each option expires on the date specified in the option agreement, which date is not later than the fifth (5^th) anniversary from the grant date of the options. Of the 10,000,000 non-qualified options, one-third vest immediately, and one-third vest the second and third year, such that the options are fully vested with a maturity date of October 2, 2022 and are exercisable at an exercise price of $0.01 per share. As of June 30, 2023, the 10,000,000 options were fully exercised.

 

A summary of the Company’s stock option activity and related information follows:

 

		12/31/2023								12/31/2022
						Weighted								Weighted
		Number				average				Number				average
		Of				exercise				Of				exercise
		Options				price				Options				price
Outstanding, beginning of period			163,894,499			$	0.0095				157,965,711			$	0.0089
Granted			-								-				-
Exercised			-								3,071,212				-
Redemption of options			-				-				-				-
Outstanding, end of period			163,894,499			$	0.096				154,894,499			$	0.0096
Exercisable at the end of period			159,394,499			$	0.096				154,894,499			$	0.0096

 

12

 

 

4.

OPTIONS AND WARRANTS (Continued)

 

Six months ended December 31, 2023

 

During the six months ended December 31, 2023, there were no stock options granted.

 

Under the 2019 Equity Incentive Plan, employees were granted 9,000,000 shares of options at a price per share of $0.016, which vest on June 1, 2026. The Company recorded stock compensation expense of $19,963, which was reported in the financial statements.

 

Six months ended December 31, 2022

 

During the period ended December 31, 2022, a consultant exercised 3,071,412 shares of nonqualified stock options with an exercise price of $0.01 and a market price of $0.027 per share. Upon exercise of the stock options, the Company issued 1,933,852 shares of common stock through a cashless exercise at the price of $0.017 per share for compensation expense of $32,875.

 

Under the 2022 Equity Incentive Plan, one employee and one consultant were granted 40,000,000 restricted stock awards for services, of which 20,000,000 shares vested on January 1, 2023 and 20,000,000 shares will vest January 1, 2024.

 

The weighted average remaining contractual life of options outstanding as of December 31, 2023 and 2022 was as follows: 

 

12/31/2023																12/31/2022
Exercise Price				Stock Options Outstanding				Stock Options Exercisable				Weighted Average Remaining Contractual Life (years)				Exercise Price				Stock Options Outstanding				Stock Options Exercisable				Weighted Average Remaining Contractual Life (years)
$	0.016				9,000,000				4,500,000				2.42			$	-				-				-				-
$	0.0097				6,000,000				6,000,000				2.09			$	0.0097				6,000,000				6,000,000				3.09
$	0.0099				138,894,499				138,894,499				2.07			$	0.0099				138,894,499				138,894,499				3.07
$	0.0060				10,000,000				10,000,000				2.56			$	0.0060				10,000,000				10,000,000				3.56
					163,894,499				159,394,499												154,894,499				154,894,499

 

WARRANTS

 

During the six months ended December 31, 2023, 8,400,000 common stock purchase warrants expired leaving an aggregate of 78,095,239 common stock purchase warrants outstanding, with exercise prices ranging from $0.0938 - $0.13125 per share. The warrants were estimated at fair value on the date of issuance as calculated using the Black-Scholes valuation model. The derivative liability calculated on all warrants outstanding as of the six months ended December 31, 2023, was removed with the exchange of the convertible notes and accrued interest for preferred shares. (See Note 6). The warrants can be exercised over a period of three (3) years.

 

A summary of the Company’s warrant activity and related information follows for the six months ended December 31, 2023

 

		12/31/2023
						Weighted
						average
		Number				exercise
		of Warrants				price
Outstanding, beginning of period			86,495,239			$	0.12
Granted			-				-
Exercised			-				-
Forfeited/Expired			8,400,000			$	0.0938
Outstanding, end of period			78,095,239			$	0.12
Exercisable at the end of period			78,095,239			$	0.12

 

13

 

 

4.

OPTIONS AND WARRANTS (Continued)

 

12/31/23												Weighted Average
Exercise Price				Warrants Outstanding				Warrants Exercisable				Remaining Contractual Life (years)
$	0.13125				6,666,667				6,666,667				2.15
$	0.12				71,428,572				71,428,572				2.17
					78,095,239				78,095,239

 

At December 31, 2023, the aggregate intrinsic value of the warrants outstanding was $0.

 

5.

CASH, CASH EQUIVALENTS, MARKETABLE SECURITIES, AND EQUITY INVESTMENT, RELATED PARTY

 

As of December 31, 2023, the Company invested in marketable securities, which have been recognized in the financial statements at cost. The related party, short-term investment is recognized in the financial statements at fair value.

   

As of December 31, 2023, the components of the Company’s cash, cash equivalents, and short -term investments are summarized as follows:

 

		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Short-Term Marketable Securities
Cash		$	6,907,993			$	-			$	-			$	-			$	6,907,993				-
Subtotal			6,907,993				-				-				-				6,907,993				-
Level 1
U.S. Treasury bills and Obligations			27,813,661				-				-				-				27,813,661				-
Subtotal			27,813,661				-				-				-				27,813,661				-
Level 2
Certificate of Deposits			5,061,200				-				-				-				-				5,061,200
Teco Investment, related party			7,000,000								(1,283,234	)			5,716,766				-				5,716,766
Subtotal			12,061,200				-				(1,283,234	)			5,716,766				-				10,777,966
Total		$	46,782,854			$	-			$	(1,283,234	)		$	5,716,766			$	34,721,654			$	10,777,966

 

The Company has invested in marketable securities, which mature within ninety days from date of purchase, and are held to maturity. The current trading prices or fair market value of the securities vary, and we believe any decline in fair value is temporary. All securities are current and not in default.

 

During the six months ended December 31, 2023, the Company recognized interest income pertaining to the investments of $723,796 in the financial statements, which is recorded as part of investment income in the statement of operations.

 

14

 

 

5.

CASH, CASH EQUIVALENTS, MARKETABLE SECURITIES, AND EQUITY INVESTMENT, RELATED PARTY  (Continued)

 

The Company over the past year has considered many companies in the hydrogen space for strategic investments, and believed that TECO 2030 ASA (TECO)’s fuel cell technology, designed with their development partner AVL, has shown incredible potential to become a key player in the fuel cell market. On November 11, 2022, the Company entered into a subscription agreement with TECO a public limited company incorporated in Norway. Pursuant to the subscription agreement, the Company purchased 13,443,875 shares of TECO stock for an aggregate consideration of $7 million in USD, at an exchange rate of NOK 10.4094. The stocks purchased are adjusted to fair value based on unrealized gain or loss at the end of each period. The Company has reported TECO as a related party, due to having an 8.3% interest as a shareholder.

 

6.

EQUITY INVESTMENT IN SECURITIES -RELATED PARTY AND BOND RECEIVABLE -RELATED PARTY

 

The Company purchased a bond receivable of TECO for a subscription amount of $3 million in USD. The issuance of the bond receivable is through a Tap Issue Addendum to TECO’s secured convertible notes agreement dated June 1, 2022, pursuant to which Nordic Trustee AS is acting as the security agent on behalf of the note holders. The bond receivable matures on June 1, 2025, and bears interest at the rate of 8% per annum paid quarterly in arrears and are convertible into shares of TECO at a rate of NOK 5.0868 per share. For the six months ended December 31, 2023, the Company recognized interest income of $114,652 in the financial statements. All interest income has been paid timely each quarter.

 

The CEO of the Company is a director of TECO, however it is the percentage of ownership of TECO’s common stock that makes this a related party relationship.

 

		Cost Basis				Unrealized Gain 6/30/2023				Unrealized Loss 12/31/2023				Fair Value 12/31/2023
Short term equity investments at fair value, related party		$	7,000,000			$	655,601			$	(1,938,835	)		$	5,716,766

 

During the six months ended December 31, 2023, the Company recognized an unrealized loss of $(1,938,835) in the financial statements.

 

7.

SHORT TERM INVESTMENTS

 

On September 12, 2023, the Company invested in a $5,000,0000 certificate of deposit (CD), which matures on March 12, 2024. CDs should be reported as part of cash and cash equivalents at cost plus accrued interest if less than 90 days from the purchase date, and on its own line in the financial statements if the purchase is greater than 90 days. The CD has been classified as a short term investment due to the length of time to maturity at acquisition and is measured using Level 2. The Company recognized interest income of $61,200 in the financial statements as of December 31, 2023.

 

15

 

 

8.

COMMITMENTS AND CONTINGENCIES

 

Effective October 1, 2022, the Company extended its research agreement with the University of Iowa through December 31, 2023. As consideration under the research agreement, the University of Iowa will receive a maximum of $343,984 from the Company in four equal installments of $85,996. The agreement can be terminated by either party upon sixty (60) days prior written notice to the other. As of December 31, 2023, there remains a balance of $85,996 per the agreement.

 

Effective October 1, 2022, the Company extended its research agreement with the University of Michigan through December 31, 2023. As consideration under the research agreement, the University of Michigan will receive a maximum of $298,194, from the Company in four equal installments of $74,549. In the event of early termination by the Sponsor, the Sponsor will pay all costs accrued by the University as of the date of termination, including non-cancellable obligations. As of December 31, 2023, there remains a balance of $149,098 per the agreement.

 

The Company rented lab space with the University of Iowa as of February 2022. The monthly rent was $1,468, plus an additional $500 for the rental of a lab on a month-to-month basis and is cancellable with a thirty (30) day notice. On July 1, 2022, the Company increased the space needed for its’ lab work for a monthly rental of $5,468 per month. Due to the rental being month-to-month, ASC 842 lease accounting is not applicable.

 

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position or results of operation.

 

9.

RELATED PARTY

 

As of December 31, 2023, the Company reported an accrual associated with the CEO’s prior years’ salary in the amount of $211,750 for the current year, which is recorded in related party accrued expenses. The Company began accruing the salary in 2011 and used the funds for operating expenses. During the period ended December 31, 2022, the accrued salary was reclassified as a loan from the CEO, with an interest rate of five percent (5%). The loan will be repaid with monthly payments of $9,290, including interest and principal over a two-year period. As of December 31, 2023, the principal balance remaining on the loan was $91,126, and interest paid during the six months ended December 31, 2023 was $3,406.

 

Under the 2022 Equity Incentive Plan, an employee, a director and consultant were granted 33,000,000 restricted stock awards at a price of $0.025 per share for services, whereby 23,000,000 shares vested on January 1, 2023 and the remaining 10,000,000 will vest on January 1, 2024. During the six months ended December 31, 2023, the Company recorded stock compensation expense of $125,000, as reported in the financial statements.

 

On November 11, 2022, the Company entered into a subscription agreement with TECO a public limited company incorporated in Norway. Pursuant to the subscription agreement, the Company purchased 13,443,875 shares of TECO stock for an aggregate consideration of $7 million in USD, at an exchange rate of NOK 10.4094.

 

The stocks purchased are adjusted to fair value at the end of each period.

 

The Company purchased a convertible note of TECO for a subscription amount of $3 million in USD. The issuance of the convertible note receivable is through a Tap Issue Addendum to TECO’s secured convertible notes agreement dated June 1, 2022, pursuant to which Nordic Trustee AS is acting as the security agent on behalf of the note holders. The convertible note matures on June 1, 2025, and bears interest at the rate of 8% per annum  paid quarterly in arrears and are convertible into shares of TECO at a rate of NOK 5.0868 per share.  During the six months ended December 31, 2023, the Company recognized interest income of $114,652 in the financial statements.

 

The Company has reported TECO as a related party, due to having an 8.3% interest as a shareholder.

 

10.	SUBSEQUENT EVENTS

 

Management evaluated subsequent events as of the date of the financial statements pursuant to ASC TOPIC 855 and had no subsequent events to report.

 

On January 17, 2024, the Company issued 35,931,341 shares of common stock for $350,000 under a purchase agreement at a purchase price of $0.0097408.

 

On January 30, 2024, the Company’s Board of Directors authorized, and the Company entered into rescission agreements with certain individuals for the cancellation of an aggregate of 51,500,000 restricted stock awards including, an aggregate of 41,500,000 shares of common stock that had vested and were issued pursuant to the restricted stock awards. Also, on January 30, 2024, the Company’s board of directors issued an aggregate of 103,000,000 options to purchase shares of common stock of the Company at an exercise price of $0.012 which options vested immediately upon grant and have a term of six years from the date of grant.

 

16

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Cautionary Statement Regarding Forward-Looking Statements

 

The information in this report may contain forward-looking statements. These forward-looking statements involve risks and uncertainties, including statements regarding our capital needs, business strategy and expectations. Any statements that are not of historical fact may be deemed to be forward-looking statements. These forward-looking statements involve substantial risks and uncertainties. In some cases you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue”, the negative of the terms or other comparable terminology. Actual events or results may differ materially from the anticipated results or other expectations expressed in the forward-looking statements. In evaluating these statements, you should consider various factors, including the risks included from time to time in our reports filed with the Securities and Exchange Commission, or the SEC. These factors may cause our actual results to differ materially from any forward-looking statements. We disclaim any obligation to publicly update these statements, or disclose any difference between actual results and those reflected in these statements, except as may be required under applicable law.

 

Unless the context otherwise requires, references in this Form 10-Q to “we,” “us,” “our,” or the “Company” refer to SunHydrogen, Inc.

 

Overview

 

At SunHydrogen, our goal is to replace fossil fuels with clean, renewable hydrogen.

 

Hydrogen is the most abundant chemical element in the universe. When hydrogen fuel is used to power transportation and industry, the only byproduct left behind is pure water, unlike hydrocarbon fuels such as oil, coal and natural gas that emit carbon dioxide and other harmful pollutants into the atmosphere. However, naturally occurring elemental hydrogen is rare – so rare, in fact, that today about 95% of hydrogen is produced from steam reforming of natural gas (Source: US Department of Energy, Hydrogen Fuel Basics). This process is both economically and environmentally unsound.

 

The SunHydrogen solution offers an efficient and cost-effective way to produce truly green hydrogen using sunlight and any source of water. Our core technology is a self-contained, nanoparticle-based hydrogen generator that mimics photosynthesis to split water molecules, resulting in hydrogen. By optimizing the science of water electrolysis at the nano-level, we believe we have developed a low-cost method to potentially produce environmentally friendly renewable hydrogen.

 

We believe renewable hydrogen has already proven itself to be a key solution in helping the world meet climate targets, and we believe our technology potentially offers solutions to the challenges that the hydrogen future presents, including cost of production and transportation.

 

Because our process only requires sunlight and water, our technology can be installed near the point of hydrogen use. This eliminates the need for pipelines and trucks that result in high carbon emissions and high capital investment. Additionally, because our process directly uses the electrical charges created by sunlight to generate hydrogen, our nanoparticle technology does not rely on grid power or require the costly power electronics that conventional electrolyzers do. Lastly, our planned scalable system configuration of many individual hydrogen-generating panels ensures redundancy, security and stability.

  

With a target cost of $2.50/kg., we aspire for our technology to be cost-competitive with brown hydrogen and below the cost of clean hydrogen competitors. We believe our solution has the potential to clear a path for green hydrogen to compete with natural gas hydrogen and gain mass market acceptance as a true replacement for fossil fuels.

 

Our technology is primarily developed at three laboratories – our independent laboratory in Coralville, Iowa, the SunHydrogen laboratory at the University of Iowa, and the Singh laboratory at University of Michigan. 

  

Additionally, in parallel to the ongoing development of our own technology, we are well-capitalized to begin pursuing synergistic strategic investments in the hydrogen space. SunHydrogen is committed to furthering renewable hydrogen technology to grow the hydrogen ecosystem, and we are actively pursuing opportunities for investment and acquisition of complimentary hydrogen technologies. We are fortunate to have the resources to maximize our impact in this fast-growing industry.

 

17

 

 

Critical Accounting Policies

 

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to impairment of property, plant and equipment, intangible assets, deferred tax assets and fair value computation using the Binomial valuation option pricing model. We base our estimates on historical experience and on various other assumptions, such as the trading value of our common stock and estimated future undiscounted cash flows, that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions; however, we believe that our estimates, including those for the above-described items, are reasonable.

 

Use of Estimates

 

In accordance with accounting principles generally accepted in the United States, management utilizes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates and assumptions relate to useful lives and impairment of tangible and intangible assets, accruals, income taxes, stock-based compensation expense, Binomial lattice valuation model inputs, derivative liabilities and other factors. Management believes it has exercised reasonable judgment in deriving these estimates. Consequently, a change in conditions could affect these estimates.

 

Fair Value of Financial Instruments

 

Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of December 31, 2023, the amounts reported for cash, investment in affiliate, accrued interest and other expenses, notes payables, and derivative liability approximate the fair value because of their short maturities.

 

We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

 

Recently Issued Accounting Pronouncements

 

Management reviewed currently issued pronouncements during the three months ended December 31, 2023, and does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements. Pronouncements are disclosed in notes to the financial statements. 

 

Results of Operations for the Three Months Ended December 31, 2023 compared to Three Months Ended December 31, 2022

 

Operating Expenses

 

Operating expenses for the three months ended December 31, 2023 were $1,264,882, compared to $5,061,951 for the three months ended December 31, 2022. The net change of $3,797,069 in operating expenses consisted primarily of a decrease in salary expense. 

 

Other Income/(Expenses)

 

Other income and (expenses) for the three months ended December 31, 2023 were $(1,763,825), compared to $9,659,897 for the three months ended December 31, 2022. The decrease in other income of $11,423,722 was the result of a decrease in unrealized gain in related party investments.

 

Net Income/(Loss)

 

For the three months ended December 31, 2023, our net loss was $(3,028,707), compared to net income of $4,597,946 for the three months ended December 31, 2022. The majority of the decrease in net income of $7,626,653, was related primarily to the decrease in unrealized gain in related party investments and net change of derivative instruments estimated each period. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price, volatility, variable conversion prices based on market prices defined in the respective agreements and probabilities of certain outcomes based on managements’ estimates. These inputs are subject to significant changes from period to period, therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material. The Company has not generated any revenues.

 

18

 

 

Results of Operations for the Six months ended December 31, 2023 compared to Six Months Ended December 31, 2022

 

Operating Expenses

 

Operating expenses for the six months ended December 31, 2023 were $2,263,612, compared to $5,700,654 for the six months ended December 31, 2022. The net decrease of $3,437,042 in operating expenses consisted primarily of a decrease in salary expense.

 

Other Income/(Expenses)

 

Other income and (expenses) for the six months ended December 31, 2023 were $(1,213,207), compared to $9,401,649, for the six months ended December 31, 2022. The net increase in other expenses of $10,614,856 was the result of a decrease in unrealized gain in related party investments.

 

Net Income/(Loss)

 

For the six months ended December 31, 2023, our net loss was $(3,476,819), compared to net income of $3,700,995, for the six months ended December 31, 2022. The majority of the decrease in net income of $7,177,814 was related primarily to the decrease in unrealized gain in related party investments. The Company has not generated any revenues.

 

Liquidity and Capital Resources

 

Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. Significant factors in the management of liquidity are funds generated by operations, levels of accounts receivable and accounts payable and capital expenditures. 

 

As of December 31, 2023, we had working capital of $44,888,730, compared to $47,689,381 as of June 30, 2023. This decrease in working capital of $2,800,651 was primarily due to a decrease in cash and cash equivalents.

 

Cash used in operating activities was $948,952 for the six months ended December 31, 2023, compared to $2,706,929 for the six months ended December 31, 2022. The net decrease of $1,757,977 in cash used in operating activities was due to decrease in salary expense. The Company has had no revenues.

 

Cash used in investing activities during the six months ended December 31, 2023 and December 31, 2022 was $2,000,000 and $6,555,114, respectively. The net decrease of $4,555,114 in cash used in investing activities was due to a decrease in the purchase of marketable securities.

 

Cash provided by financing activities during the three months ended December 31, 2023 and December 31, 2022 was $484,617 and $1,401,209, respectively. The net decrease of $916,592 in cash provided by financing activities was due to a decrease in net proceeds from cash purchase agreements. 

 

Our ability to continue as a going concern is dependent upon raising capital through financing transactions and future revenue. Our capital needs have primarily been met from the proceeds of private placements and registered offerings of our securities, as we have not generated any revenues to date.

 

We have historically obtained funding from investors, through private placements and registered offerings of equity and debt securities. Management believes that the Company will be able to continue to raise funds through the sale of its securities to its existing shareholders and prospective new investors, which will provide the additional cash needed to meet the Company’s obligations as they become due and will allow the Company to continue to develop its core business. There can be no assurance that we will be able to continue raising the required capital for our operations on terms and conditions that are acceptable to us, or at all. If we are unable to obtain sufficient funds, we may be forced to curtail and/or cease our operation.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, result of operations, liquidity or capital expenditures.

 

19

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not required for smaller reporting companies.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based upon this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and (ii) accumulated and communicated to our management, including our chief executive officer and chief financial officer, or person performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

Changes in Internal Control Over Financial Reporting

 

There was no change to our internal control over financial reporting that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

20

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We are not currently a party to, nor is any of our property currently the subject of, any material legal proceeding.

 

Item 1A. Risk Factors.

 

There are no material changes from the risk factors previously disclosed in our annual report on Form 10-K filed with the SEC on September 29, 2023.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

  

Item 6. Exhibits.

 

Exhibit No.		Description
31.1*		Certification by Chief Executive Officer and Acting Chief Financial Officer pursuant to Sarbanes-Oxley Section 302*
32.1**		Certification by Chief Executive Officer and Acting Chief Financial Officer pursuant to 18 U.S.C. Section 1350**
101*		Inline XBRL Document Set for the financial statements and accompanying notes in Part I, Item 1, of this Quarterly Report on Form 10-Q.
104*		Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.

 

*	Filed herewith

 

**	Furnished herewith

 

21

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

February 13, 2024	SUNHYDROGEN, INC.
	By:	/s/ Timothy Young
		Timothy Young Chief Executive Officer and Acting Chief Financial Officer (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

 

 

22

 

 

Exhibit 31.1

 

CERTIFICATION

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, Timothy Young, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of SunHydrogen, Inc. for the fiscal quarter ended December 31, 2023;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d – 15(f)) for the registrant and have:

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: February 13, 2024

 

/s/ Timothy Young
Timothy Young
Chief Executive Officer & Acting Chief Financial Officer (Principal Executive and Financial Officer)

 

 Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 USC, SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SunHydrogen, Inc. (the “Company”) on Form 10-Q for the fiscal quarter ended December 31, 2023 as filed with the Securities and Exchange Commission the date hereof (the “Report”), I, Timothy Young, Chief Executive Officer & Acting Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: February 13, 2024	/s/ Timothy Young
	Timothy Young
	Chief Executive Officer & Acting Chief Financial Officer
	(Principal Executive and Financial Officer)

 

 

 

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2023	Feb. 12, 2024
Document Information Line Items
Entity Registrant Name	SUNHYDROGEN, INC.
Document Type	10-Q
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		5,128,745,974
Amendment Flag	false
Entity Central Index Key	0001481028
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-54437
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	26-4298300
Entity Address, Address Line One	BioVentures Center
Entity Address, Address Line Two	2500 Crosspark Road
Entity Address, City or Town	Coralville
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52241
City Area Code	(805)
Local Phone Number	966-6566
Entity Interactive Data Current	Yes

Condensed Balance Sheets - USD ($)	Dec. 31, 2023	Jun. 30, 2023
CURRENT ASSETS
Cash and cash equivalent	$ 34,721,654	$ 37,185,989
Certificate of deposit	5,061,200
Marketable securities at cost		3,188,040
TOTAL CURRENT ASSETS	45,499,620	48,029,630
INVESTMENT
TOTAL INVESTMENTS	3,000,000	3,000,000
PROPERTY & EQUIPMENT
Machinery and equipment	33,814	33,814
Computers and peripherals	11,529	11,529
Vehicle	155,000	155,000
Gross property and equipment	200,343	200,343
Less: accumulated depreciation	(101,879)	(83,468)
NET PROPERTY AND EQUIPMENT	98,464	116,875
INTANGIBLE ASSETS
TOTAL INTANGIBLE ASSETS	61,887	65,256
TOTAL OTHER ASSETS	3,160,351	3,182,131
TOTAL ASSETS	48,659,971	51,211,761
CURRENT LIABILITIES
Accounts payable and other payables	469,285	232,893
Accrued expenses	59,685	628
TOTAL CURRENT LIABILITIES	610,890	340,249
LONG TERM LIABILITIES
TOTAL LONG TERM LIABILITIES	9,206	36,731
TOTAL LIABILITIES	620,096	376,980
COMMIMENTS AND CONTINGENCIES (SEE NOTE 9)
Series C 10% Preferred Stock, 8,851 and 10,951 shares issued and outstanding, redeemable value of $885,100 and $1,095,100, respectively	885,100	1,095,100
SHAREHOLDERS’ EQUITY
Preferred Stock, $0.001 par value; 5,000,000 authorized preferred shares outstanding
Common Stock, $0.001 par value; 10,000,000,000 authorized common shares 5,092,814,633 and 4,821,298,283 shares issued and outstanding, respectively	5,092,815	4,821,298
Additional Paid in Capital	127,509,819	126,889,423
Accumulated deficit	(85,447,859)	(81,971,040)
TOTAL SHAREHOLDERS’ EQUITY	47,154,775	49,739,681
TOTAL LIABILITIES, PREFERRED STOCK SUBJECT TO REDEEMPTION AND SHAREHOLDERS’ EQUITY	48,659,971	51,211,761
Domain
INTANGIBLE ASSETS
Intangible assets, gross		29
Trademark
INTANGIBLE ASSETS
Intangible assets, gross	371	428
Patents
INTANGIBLE ASSETS
Intangible assets, gross	61,516	64,799
Related Party
CURRENT ASSETS
Short term investment at fair value, related party	5,716,766	7,655,601
INVESTMENT
Convertible notes receivable, related party	3,000,000	3,000,000
CURRENT LIABILITIES
Loan payable, related party	81,920	106,728
LONG TERM LIABILITIES
Loan payable, related party	$ 9,206	$ 36,731

Condensed Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common Stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common Stock, share authorized	10,000,000,000	10,000,000,000
Common Stock, shares issued	5,092,814,633	4,821,298,283
Common Stock, shares outstanding	5,092,814,633	4,821,298,283
Series C Preferred Stock
Preferred stock, percentage	10.00%	10.00%
Preferred stock, shares issued	8,851	10,951
Preferred stock, shares outstanding	8,851	10,951
Preferred stock, redeemable value (in Dollars)	$ 885,100	$ 1,095,100
Domain
Net of amortization (in Dollars)	0	5,315
Trademark
Net of amortization (in Dollars)	772	714
Patents
Net of amortization (in Dollars)	$ 39,627	$ 36,344

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
REVENUE
OPERATING EXPENSES
Selling and Marketing			44,000	87,745
General and administrative expenses	497,844	3,276,042	1,002,505	3,511,149
Research and development cost	756,263	1,774,790	1,195,327	2,080,320
Depreciation and amortization	10,775	11,119	21,780	21,440
TOTAL OPERATING EXPENSES	1,264,882	5,061,951	2,263,612	5,700,654
LOSS FROM OPERATIONS BEFORE OTHER INCOME (EXPENSES)	(1,264,882)	(5,061,951)	(2,263,612)	(5,700,654)
OTHER INCOME/(EXPENSES)
Investment income	484,984	161,834	960,593	397,727
Dividend expense	(22,591)	(6,750)	(43,520)	(13,500)
Unrealized Gain(loss) on investments, related party	(2,224,504)	8,120,635	(1,938,835)	8,120,635
Realized Gain(Loss) on redemption of marketable securities			(188,040)
Gain (Loss) on change in derivative liability		1,405,874		941,837
Interest expense	(1,714)	(21,696)	(3,405)	(45,050)
TOTAL OTHER INCOME (EXPENSES)	(1,763,825)	9,659,897	(1,213,207)	9,401,649
NET INCOME (LOSS)	$ (3,028,707)	$ 4,597,946	$ (3,476,819)	$ 3,700,995
BASIC EARNINGS (LOSS) PER SHARE (in Dollars per share)	$ 0	$ 0	$ 0	$ 0
DILUTED EARINGINS (LOSS) PER SHARE (in Dollars per share)	$ 0	$ 0	$ 0	$ 0
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
BASIC (in Shares)	5,069,670,749	4,382,210,756	4,965,620,378	4,327,586,883
DILUTED (in Shares)	5,069,670,749	5,385,011,715	4,965,620,378	5,330,387,842

Condensed Statements of Shareholders’ Equity/(Deficit) - USD ($)	Preferred Stock	Mezzanine	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Jun. 30, 2022		$ 270,000	$ 4,271,749	$ 103,311,733	$ (83,842,968)	$ 23,740,514
Balance (in Shares) at Jun. 30, 2022			4,271,749,146
Net Loss					(896,949)	(896,949)
Balance at Sep. 30, 2022		270,000	$ 4,271,749	103,311,733	(84,739,917)	22,843,565
Balance (in Shares) at Sep. 30, 2022			4,271,749,146
Balance at Jun. 30, 2022		270,000	$ 4,271,749	103,311,733	(83,842,968)	23,740,514
Balance (in Shares) at Jun. 30, 2022			4,271,749,146
Net Loss						3,700,995
Balance at Dec. 31, 2022		270,000	$ 4,449,998	107,063,659	(80,141,973)	31,371,684
Balance (in Shares) at Dec. 31, 2022			4,449,997,804
Balance at Sep. 30, 2022		270,000	$ 4,271,749	103,311,733	(84,739,917)	22,843,565
Balance (in Shares) at Sep. 30, 2022			4,271,749,146
Issuance of common stock upon partial conversion of purchase agreement for cash			$ 56,315	1,361,785		1,418,100
Issuance of common stock upon partial conversion of purchase agreement for cash (in Shares)			56,314,806
Issuance of common stock for conversion of debt and accrued interest			$ 120,000	(6,000)		114,000
Issuance of common stock for conversion of debt and accrued interest (in Shares)			120,000,000
Issuance of common stock for the conversion of stock options			$ 1,934	30,941		32,875
Issuance of common stock for the conversion of stock options (in Shares)			1,933,852
Stock compensation for conversion of restricted stock awards				2,365,200		2,365,200
Net Loss					4,597,946	4,597,946
Balance at Dec. 31, 2022		270,000	$ 4,449,998	107,063,659	(80,141,973)	31,371,684
Balance (in Shares) at Dec. 31, 2022			4,449,997,804
Balance at Jun. 30, 2023		1,095,100	$ 4,821,298	126,889,423	(81,971,040)	49,739,681
Balance (in Shares) at Jun. 30, 2023			4,821,298,283
Issuance of common stock upon partial conversion of purchase agreement for cash			$ 18,684	225,291		243,975
Issuance of common stock upon partial conversion of purchase agreement for cash (in Shares)			18,684,057
Issuance of common stock upon conversion of Series C Preferred stock		(210,000)	$ 221,053	(11,053)		210,000
Issuance of common stock upon conversion of Series C Preferred stock (in Shares)			221,052,632
Stock compensation expense				72,481		72,481
Net Loss					(448,112)	(448,112)
Balance at Sep. 30, 2023		885,100	$ 5,061,035	127,176,142	(82,419,152)	49,818,025
Balance (in Shares) at Sep. 30, 2023			5,061,034,972
Balance at Jun. 30, 2023		1,095,100	$ 4,821,298	126,889,423	(81,971,040)	49,739,681
Balance (in Shares) at Jun. 30, 2023			4,821,298,283
Issuance of common stock for the conversion of stock options						100
Net Loss						(3,476,819)
Balance at Dec. 31, 2023		885,100	$ 5,092,815	127,509,819	(85,447,859)	47,154,775
Balance (in Shares) at Dec. 31, 2023			5,092,814,633
Balance at Sep. 30, 2023		885,100	$ 5,061,035	127,176,142	(82,419,152)	49,818,025
Balance (in Shares) at Sep. 30, 2023			5,061,034,972
Issuance of common stock upon partial conversion of purchase agreement for cash			$ 31,780	261,195		292,975
Issuance of common stock upon partial conversion of purchase agreement for cash (in Shares)			31,779,661
Stock compensation expense				72,482		72,482
Net Loss					(3,028,707)	(3,028,707)
Balance at Dec. 31, 2023		$ 885,100	$ 5,092,815	$ 127,509,819	$ (85,447,859)	$ 47,154,775
Balance (in Shares) at Dec. 31, 2023			5,092,814,633

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (3,476,819)	$ 3,700,995
Adjustment to reconcile net income (loss) to net cash (used in) provided by operating activities
Depreciation & amortization expense	21,780	21,440
Conversion of stock options for services		32,875
Stock based compensation expense for services	144,963	2,365,200
Loss on redemption of marketable securities	188,040
Net (Gain) Loss on change in derivative liability		(941,837)
Unrealized gain on change in fair value of investment, related party	1,938,835	(8,120,635)
Change in assets and liabilities :
Prepaid expense		2,525
Interest receivable on certificate of deposit	(61,200)
Accounts payable	236,392	191,420
Accrued expenses	59,057	(2,273)
Accrued interest on convertible notes		43,361
NET CASH USED IN OPERATING ACTIVITIES	(948,952)	(2,706,929)
CASH FLOWS FROM INVESTING ACTIVITIES
Marketable securities purchased	(168,733,113)	(1,771,617)
Marketable securities redeemed	164,145,423	5,250,317
Purchase of certificate of deposit	(5,000,000)
Purchase of marketable securities unsettled	4,587,690
Purchase of investment, related party		(7,000,000)
Purchase of long term convertible note, related party		(3,000,000)
Redemption of short term investments in corporate securities	3,000,000
Purchase of tangible assets		(33,814)
NET USED IN INVESTING ACTIVITIES:	(2,000,000)	(6,555,114)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of related party note payable	(52,333)	(16,891)
Net proceeds from purchase agreements	536,950	1,418,100
NET CASH PROVIDED BY FINANCING ACTIVITIES	484,617	1,401,209
NET INCREASE (DECREASE) IN CASH	(2,464,335)	(7,860,834)
CASH, BEGINNING OF PERIOD	37,185,989	27,681,485
CASH, END OF PERIOD	34,721,654	19,820,651
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	3,406	1,688
Taxes paid
SUPPLEMENTAL DISCLOSURES OF NON CASH TRANSACTIONS
Conversion of Series C preferred shares to common shares	210,000
Fair value of common stock upon conversion of convertible notes, and accrued interest		114,000
Fair value of stock options issued through a cashless exercise		32,875
Reclassification of related party accrued salary to loan payable		$ 211,750

Basis of Presentation	6 Months Ended
	Dec. 31, 2023
Basis of Presentation [Abstract]
BASIS OF PRESENTATION	1. Basis of Presentation   The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the six months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the year ended June 30, 2024. For further information refer to the financial statements and footnotes thereto included in the Company’s Form 10-K for the year ended June 30, 2023.

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   This summary of significant accounting policies of SunHydrogen, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.   Cash and Cash Equivalent   The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.   Concentration risk   Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Company (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of the FDIC limits. As of December 31, 2023, the cash balance in excess of the FDIC limits was $28,039,776. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts.   Marketable Securities   Corporate bonds and U.S. Treasuries are considered current, based on their liquidity. The investments are generally valued using quoted prices and are classified in Level 2 of the fair value hierarchy as prices are not always from active markets. We consider our investments held to maturity and we believe there are no other than temporary declines in fair value. Our investments are recorded at historical cost.   Use of Estimates   In accordance with accounting principles generally accepted in the United States, management utilizes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates and assumptions relate to useful lives and impairment of tangible and intangible assets, accruals, income taxes, stock-based compensation expense, Binomial lattice valuation model inputs, derivative liabilities and other factors. Management believes it has exercised reasonable judgment in deriving these estimates. Consequently, a change in conditions could affect these estimates.   Property and Equipment   Property and equipment are stated at cost and are depreciated using straight line over its estimated useful lives.   Computers and peripheral equipment     5 Years   Vehicle     5 Years     The Company recognized depreciation expense of $18,411 and $17,923 for the six months ended December 31, 2023 and 2022, respectively.    Intangible Assets   The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives.       Useful Lives   12/31/2023     6/30/2023                     Domain-gross   15 years   $ 5,315     $ 5,315   Less accumulated amortization         (5,315 )     (5,286 ) Domain-net       $ -     $ 29                         Trademark-gross   10 years   $ 1,143     $ 1,143   Less accumulated amortization         (772 )     (714 ) Domain-net       $ 371     $ 428                         Patents-gross   15 years   $ 101,143     $ 101,143   Less accumulated amortization         (39,627 )     (36,344 ) Patents-net       $ 61,516     $ 64,799     The Company recognized amortization expense of $3,369 and $3,517 for the six months ended December 31, 2023 and the year ended June 30, 2023, respectively.   Net Earnings (Loss) per Share Calculations   Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the six months ended December 31, 2023. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock-based awards (Note 4).    Six months ended December 31, 2023   The Company calculated the dilutive impact of 218,394,499 outstanding stock options, 86,495,239 common stock purchase warrant, and 8,851 shares of Series C Preferred shares, which are convertible into shares of common stock. Stock options, common stock purchase warrants, Series C Preferred shares were not included, in the calculation of net earnings per share, because their impact on income per share is antidilutive.   Six months ended December 31, 2022   The Company calculated the dilutive impact of 157,965,711 outstanding stock options, 94,895,239 common stock purchase warrants, and the convertible debt and accrued interest of $948,623, which is convertible into shares of common stock. The common stock purchase warrants, stock options, and convertible debt and accrued interest, were not included in the calculation of net earnings per share, because their impact on income per share is antidilutive.       Six Months Ended       December 31,       2023     2022                 Income (Loss) to common shareholders (Numerator)   $ (3,471,000 )   $ (3,700,995 )                   Basic weighted average number of common shares outstanding (Denominator)     4,965,620,378       4,327,586,883                     Diluted weighted average number of common shares outstanding (Denominator)     4,965,620,378       5,330,387,842     Equity Incentive Plan and Stock Options   On January 27, 2022, the Company adopted the 2022 Equity Incentive Plan, to enable the Company to attract and retain the types of employees, consultants, and directors who will contribute to the Company’s long-range success. The maximum number of shares of common stock that may be issued under the 2022 Plan is initially 400,000,000. The number of shares will automatically be increased on the first day of the Company’s fiscal year beginning in 2023 so that the total number of shares issuable will at all times equal fifteen percent (15%) of the Company’s fully diluted capitalization on the first day of the Company’s fiscal year, unless the Board adopts a resolution providing that the number of shares issuable under the 2022 Plan shall not be so increased. During the year ended June 30, 2023, the Company granted restricted stock in the amount of 120,600,000 shares of which 110,600,000 vested in the period. Ten Million shares will vest on January 1, 2024. As of December 31, 2023, there were 279,400,000 in the reserve. As of July 1, 2023, the plan increased to 723,194,742 shares.   Equity Incentive Plan   On December 17, 2018, the Board of Directors approved and adopted the 2019 Equity Incentive Plan (“the Plan”), with 300,000,000 shares reserved for issuance pursuant to the Plan. The purpose of the Plan is to promote the success of the Company and to increase stockholder value by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons. The awards are performance-based compensation that are granted under the Plan as incentive stock options (ISO) or nonqualified stock options. The per share exercise price for each option shall not be less than 100% of the fair market value of a share of common stock on the date of grant of the option. The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing cost. The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date. As of September 2020, the Company issued 124,304,650 shares of common stock for consulting services. The Company granted options to purchase 170,000,000 shares of common stock options on January 23, 2019. On July 29, 2022, the Company granted restricted stock awards of 21,500,000 shares to an employee for services, which vested on March 30, 2023. On June 1, 2023, the Company granted 9,000,000 non-statutory stock options to employees for services, which one-third (1/3) vested immediately, and the remainder shall vest one-twenty fourth (1/24) per month from months thirteen (13) through thirty-six (36) after the date of this option. As of June 30, 2023, the Company had redemptions of 38,034,089 shares of stock, which were added back to the total reserve.   As of December 31, 2023, under the 2019 Equity Incentive Plan, there were 286,770,561 stock options and shares issued, and a reserve of 13,229,439.   Stock Based Compensation   The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date.   Warrant Accounting    The Company accounts for the warrants to purchase shares of common stock using the estimated fair value on the date of issuance as calculated using the Black-Scholes valuation model.   Fair Value of Financial Instruments   Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized on the balance sheet, where it is practicable to estimate that value. As of December 31, 2023, the amounts reported for cash, accrued interest and other expenses, notes payables, convertible notes, and derivative liability approximate the fair value because of their short maturities.   We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.   Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:    ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets.   ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active.   ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.   We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows (See Note 6):       Total     (Level 1)     (Level 2)     (Level 3)   Assets:                         Cash and cash equivalents at December 31, 2023   $ 34,721,654     $ 34,721,654     $ -     $ -   Certificate of Deposits     5,061,200               5,061,200           Marketable securities measured at fair value December 31, 2023   $ 5,716,766     $ -     $ 5,716,766     $ -       $ 45,499,620     $ 34,721,654     $ 10,777,966     $ -                                     Cash and cash equivalents at December 31, 2022   $ 22,130,447     $ 1,580,712     $ 20,549,735     $ -   Marketable securities measured at fair value December 31, 2022   $ 15,120,635     $ -     $ 15,120,635     $ -       $ 37,251,082     $ 1,580,712     $ 35,670,370     $ -                                     Liabilities:                                 Derivative liabilities measured at fair value December 31, 2023   $ -     $ -     $ -     $ -   Derivative liabilities measured at fair value September 30, 2022   $ 25,073,232     $ -     $ -     $ 25,073,232     As of December 31, 2023, the Company had no derivative liabilities for which Level 3 inputs were reported.   The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value for the period ended September 30, 2022:   Balance as of June 30, 2022   $ 26,015,069   Loss on change in derivative liability     (941,837 ) Balance as of December 31, 2022   $ 25,073,232     As of December 31, 2023, the derivative liability balance was $0.   Research and Development   Research and development costs are expensed as incurred.  Total research and development costs were $1,195,327 and $2,080,320 for the six months ended December 31, 2023 and 2022, respectively.   Accounting for Derivatives   The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average series Binomial lattice formula pricing models to value the derivative instruments at inception and on subsequent valuation dates.   The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.   Recently Issued Accounting Pronouncements   Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited financial statements as of December 31, 2023.

Capital Stock	6 Months Ended
	Dec. 31, 2023
Capital Stock [Abstract]
CAPITAL STOCK	3. CAPITAL STOCK   Series C Preferred Stock   On December 15, 2021, the Company filed a certificate of designation of Series C Preferred Stock with the Secretary of State of Nevada, designating 17,000 shares of preferred stock as Series C Preferred Stock. Each share of Series C Preferred Stock has a stated value of $100 and is convertible into shares of common stock of the Company at a conversion price equal to $0.00095. The Series C Preferred Stockholders are entitled to receive out of any funds and assets of the Company legally available prior and in preference to any declaration or payment of any dividend on the common stock of the Company, cumulative dividends, at an annual rate of 10% of the stated value, payable in cash or shares of common stock. In the event the Company declares or pays a dividend on its shares of common stock (other than dividend payable in shares of common stock), the holders of Series C Preferred Stock will also be entitled to receive payment of such dividend on an as-if-converted basis. The Series C Preferred Stock confers no voting rights on holders, except with respect to matters that materially and adversely affect the voting powers, rights or preferences of the Series C Preferred Stock or as otherwise required by applicable law.   On December 15, 2021, the Company entered into a securities purchase agreement with an accredited investor for an exchange of convertible debt to equity. Under the purchase agreement, the Company and investor acknowledged there was $187,800 of principal remaining under the note issued to the investor by the Company on February 3, 2017, plus $80,365 of accrued interest, representing a total aggregate note balance of $268,165. Pursuant to the purchase agreement, the Company sold to the investor 2,700 shares of the Company’s newly designated Series C Preferred Stock for a total purchase price of $268,165, and a loss on settlement of debt of $1,835. On April 15, 2023, the Company entered into another securities purchase agreement with the investor to exchange the remaining notes with principal $550,000, plus accrued interest of $126,455, representing a total aggregate note balance of $676,455, and a loss on settlement of debt of $45. Pursuant to the purchase agreement, the Company sold 6,765 shares of the Company’s designated Series C Preferred Stock to the investor, for a total purchase price of $676,455. The investor tendered the Note to the Company for cancellation and agreed to forgo all future accrued interest under the Note, as the total purchase price for the shares. As of December 31, 2023, the Company had a total of 9,465 shares of Series C Preferred Stock outstanding with a fair value of $946,500, and a stated face value of one hundred dollars ($100) (“share value’) per share, convertible into shares of common stock of the Company. The stock was presented as mezzanine equity because it is redeemable at a fixed or determinable amount upon an event that is outside of the issuer’s control. Upon liquidation, dissolution and winding up of the Company, the holder of each outstanding share of Series C Preferred Stock shall be entitled to receive, out of the assets of the Company available for distribution to its shareholders upon such liquidation, before any payments shall be made or any assets distributed to the holders of the common stock, the stated value of the Series C Preferred Shares plus any declared but unpaid dividends. No other current or future equity holders of the Company shall have higher priority of liquidation preference than holders of Series C Preferred Stock. The holder has the right, at any time, at its election, to convert shares of Series C Preferred Stock into common stock at a conversion price of $0.00095 per share. During the six months ended December 31, 2023, the investor converted 2,100 preferred shares with a face value of 210,000, at a conversion price of $0.00095. The preferred shares were converted into 221,052,632. As of December 31, 2023, 7,365 shares remain outstanding.   On June 19, 2023, the Company entered into a securities purchase agreement with an accredited investor for an exchange of convertible debt to equity. Under the purchase agreement, the Company and investor acknowledged there was an aggregate of $100,000 of principal outstanding under the Note issued to the investor by the Company on August 10, 2018, plus $48,603 of accrued interest, representing a total aggregate note balance of $148,603. Pursuant to the Purchase Agreement, the Company issued and sold to the investor 1,486 shares of the Company’s Series C Preferred Stock for a total purchase price of $148,603, and a gain on settlement of debt of $3. The investor tendered the Note to the Company for cancellation and agreed to forego all future accrued interest under the Note, as the total purchase price for the shares.   As of December 31, 2023, the Company had a total of 8,841 shares of Series C Preferred Stock outstanding with a fair value of $885,100, and a stated face value of one hundred dollars ($100) (“share value’) per share, convertible into shares of common stock of the Company. Upon liquidation, dissolution and winding up of the Company, the holder of each outstanding share of Series C Preferred Stock shall be entitled to receive, out of the assets of the Company available for distribution to its shareholders upon such liquidation, before any payments shall be made or any assets distributed to the holders of the common stock, the stated value of the Series C   Preferred Shares plus any declared but unpaid dividends. No other current or future equity holders of the Company shall have higher priority of liquidation preference than holders of Series C Preferred Stock. The holder has the right, at any time, at its election, to convert shares of Series C Preferred Stock into common stock at a conversion price of $0.00095 per share.   During the fiscal year ended June 30, 2023, the Company entered into a purchase agreement with investors for an exchange of convertible debt into equity. The investors exchanged convertible notes in the amount of $837,800, plus interest in the amount of $255,423, and an aggregate loss of $1,877 for an aggregate total of $1,095,100 in exchange for 10,951 shares of the Company’s Series C Preferred Stock. The extinguishment of the convertible debt and derivative was recognized in the Company’s financial statement as a loss on settlement of convertible notes and derivative liability in the amount of $664,627. A valuation was prepared based on a stock price of $0.020 as of April 15, 2023 and $0.0185 as of June 19, 2023, with a volatility of 96.6%, as of April 15, 2023 and 82.9% as of June 19, 2023 based on an estimated term of 5 years.   The stock was presented as mezzanine equity because it is redeemable at a fixed or determinable amount upon an event that is outside of the issuer’s control.   Common Stock   On January 27, 2022, the holder of the majority of the voting power of the shareholders of the Company, and the Company’s chief executive officer, approved by written consent (i) an amendment to the Company’s articles of incorporation to increase the Company’s authorized shares of common stock from 5,000,000,000 to 10,000,000,000, (ii) an amendment to the Company’s articles of incorporation to effect a reverse stock split of the Company’s common stock by a ratio of not less than 1-for-100 and not more than 1-for-500 at any time prior to the one year anniversary of filing the definitive information statement with respect to the reverse split, with the board of directors having the discretion as to whether or not the reverse split is to be effected, and with the exact ratio of any reverse split to be set at a whole number within the above range as determined by the board in its discretion, and (iii) the adoption of the Company’s 2022 Equity Incentive Plan. Shareholder approval for such actions became effective 20 days after the definitive information statement relating to such actions was mailed to shareholders.   Six months ended December 31, 2023   On November 11, 2022, the Company entered into a Purchase Agreement with an investor for a total of $45,000,000 to purchase shares of common stock. During the six months ended December 31, 2023, the Company issued 191,813,350 shares of common stock for $3,298,514 under a purchase agreement at prices of $0.00944 - $0.02608, pursuant to the purchase notices received from the investor. The finance cost of $79,100 was deducted from the gross proceeds converted.   Six months ended December 31, 2022   During the period ended December 31, 2022, the Company issued 120,000,000 shares of common stock upon conversion of convertible notes in the amount of $78,153 of principal, plus accrued interest of $35,847 based upon a conversion price of $0.00095 per share. The notes were converted per the terms of their respective agreements and therefore no gain or loss on the conversion was recorded.   On November 11, 2022, the Company entered into a Purchase Agreement with an investor for a total of $45,000,000 to purchase shares of common stock. During the period ended December 31, 2022, the Company issued 56,314,806 shares of common stock for $1,450,000 under a purchase agreement at prices of $0.02504 - $0.02608, pursuant to the purchase notices received from the investor. The finance cost of $31,900 was deducted from the gross proceeds converted.   During the period ended December 31, 2022, a consultant exercised 3,071,412 shares of nonqualified stock options with an exercise price of $0.01 and a market price of $0.027 per share. Upon exercise of the stock options, the Company issued 1,933,852 shares of common stock through a cashless exercise at the price of $0.017 per share for compensation expense of $32,875.

Options and Warrants	6 Months Ended
	Dec. 31, 2023
Options and Warrants [Abstract]
OPTIONS AND WARRANTS	4. OPTIONS AND WARRANTS   RESTRICED STOCK AWARDS   On July 29, 2022, the Board of Directors determined that in the best interest of the Company and the Shareholders to grant an employee a restricted stock award in consideration of services to be rendered to the Company. The Board granted 21,500,000 shares of restricted stock awards, which vested on March 30, 2023. Under the 2019 Equity Incentive Plan, an employee was granted 21,500,000 restricted stock awards at a price of $0.025 per share for services, which vested on March 30, 2023.   On November 8, 2022 and December 20, 2022, the Board of Directors determined that in the best interest of the Company and the Shareholders, to grant certain employees, a director and a consultant restricted stock awards in consideration of services to be rendered to the Company. The Board granted 33,000,000 shares of restricted stock awards, whereby, 23,000,000 shares vested on January 1, 2023 and 10,000,000 shares will vest on January 1, 2024. Under the 2022 Equity Incentive Plan, an employee, a director and consultant were granted 33,000,000 restricted stock awards at a price of $0.025 per share for services, whereby 23,000,000 shares vested on January 1, 2023 and 10,000,000 will vest on January 1, 2024.   OPTIONS   On October 2, 2017, the Company granted non-qualified options to purchase 10,000,000 shares of common stock. Each option expires on the date specified in the option agreement, which date is not later than the fifth (5th) anniversary from the grant date of the options. Of the 10,000,000 non-qualified options, one-third vest immediately, and one-third vest the second and third year, such that the options are fully vested with a maturity date of October 2, 2022 and are exercisable at an exercise price of $0.01 per share. As of June 30, 2023, the 10,000,000 options were fully exercised.   A summary of the Company’s stock option activity and related information follows:       12/31/2023     12/31/2022             Weighted           Weighted       Number     average     Number     average       Of     exercise     Of     exercise       Options     price     Options     price   Outstanding, beginning of period     163,894,499     $ 0.0095       157,965,711     $ 0.0089   Granted     -               -       -   Exercised     -               3,071,212       -   Redemption of options     -       -       -       -   Outstanding, end of period     163,894,499     $ 0.096       154,894,499     $ 0.0096   Exercisable at the end of period     159,394,499     $ 0.096       154,894,499     $ 0.0096     Six months ended December 31, 2023   During the six months ended December 31, 2023, there were no stock options granted.   Under the 2019 Equity Incentive Plan, employees were granted 9,000,000 shares of options at a price per share of $0.016, which vest on June 1, 2026. The Company recorded stock compensation expense of $19,963, which was reported in the financial statements.   Six months ended December 31, 2022   During the period ended December 31, 2022, a consultant exercised 3,071,412 shares of nonqualified stock options with an exercise price of $0.01 and a market price of $0.027 per share. Upon exercise of the stock options, the Company issued 1,933,852 shares of common stock through a cashless exercise at the price of $0.017 per share for compensation expense of $32,875.   Under the 2022 Equity Incentive Plan, one employee and one consultant were granted 40,000,000 restricted stock awards for services, of which 20,000,000 shares vested on January 1, 2023 and 20,000,000 shares will vest January 1, 2024.   The weighted average remaining contractual life of options outstanding as of December 31, 2023 and 2022 was as follows:    12/31/2023     12/31/2022   Exercise Price     Stock Options Outstanding     Stock Options Exercisable     Weighted Average Remaining Contractual Life (years)     Exercise Price     Stock Options Outstanding     Stock Options Exercisable     Weighted Average Remaining Contractual Life (years)   $ 0.016       9,000,000       4,500,000       2.42     $ -       -       -       -   $ 0.0097       6,000,000       6,000,000       2.09     $ 0.0097       6,000,000       6,000,000       3.09   $ 0.0099       138,894,499       138,894,499       2.07     $ 0.0099       138,894,499       138,894,499       3.07   $ 0.0060       10,000,000       10,000,000       2.56     $ 0.0060       10,000,000       10,000,000       3.56             163,894,499       159,394,499                       154,894,499       154,894,499             WARRANTS   During the six months ended December 31, 2023, 8,400,000 common stock purchase warrants expired leaving an aggregate of 78,095,239 common stock purchase warrants outstanding, with exercise prices ranging from $0.0938 - $0.13125 per share. The warrants were estimated at fair value on the date of issuance as calculated using the Black-Scholes valuation model. The derivative liability calculated on all warrants outstanding as of the six months ended December 31, 2023, was removed with the exchange of the convertible notes and accrued interest for preferred shares. (See Note 6). The warrants can be exercised over a period of three (3) years.   A summary of the Company’s warrant activity and related information follows for the six months ended December 31, 2023       12/31/2023             Weighted             average       Number     exercise       of Warrants     price   Outstanding, beginning of period     86,495,239     $ 0.12   Granted     -       -   Exercised     -       -   Forfeited/Expired     8,400,000     $ 0.0938   Outstanding, end of period     78,095,239     $ 0.12   Exercisable at the end of period     78,095,239     $ 0.12     12/31/23     Weighted Average   Exercise Price     Warrants Outstanding     Warrants Exercisable     Remaining Contractual Life (years)   $ 0.13125       6,666,667       6,666,667       2.15   $ 0.12       71,428,572       71,428,572       2.17             78,095,239       78,095,239             At December 31, 2023, the aggregate intrinsic value of the warrants outstanding was $0.

Cash, Cash Equivalents, Marketable Securities, and Equity Investment, Related Party	6 Months Ended
	Dec. 31, 2023
Cash, Cash Equivalents, Marketable Securities, and Equity Investment, Related Party [Abstract]
CASH, CASH EQUIVALENTS, MARKETABLE SECURITIES, AND EQUITY INVESTMENT, RELATED PARTY	5. CASH, CASH EQUIVALENTS, MARKETABLE SECURITIES, AND EQUITY INVESTMENT, RELATED PARTY   As of December 31, 2023, the Company invested in marketable securities, which have been recognized in the financial statements at cost. The related party, short-term investment is recognized in the financial statements at fair value.     As of December 31, 2023, the components of the Company’s cash, cash equivalents, and short -term investments are summarized as follows:       Adjusted Cost     Unrealized Gains     Unrealized Losses     Fair Value     Cash and Cash Equivalents     Short-Term Marketable Securities   Cash   $ 6,907,993     $ -     $ -     $ -     $ 6,907,993       -                                                     Subtotal     6,907,993       -       -       -       6,907,993       -                                                     Level 1                                                 U.S. Treasury bills and Obligations     27,813,661       -       -       -       27,813,661       -   Subtotal     27,813,661                    -       -       -       27,813,661       -                                                     Level 2                                                 Certificate of Deposits     5,061,200       -       -       -       -       5,061,200   Teco Investment, related party     7,000,000               (1,283,234 )     5,716,766       -       5,716,766                                                     Subtotal     12,061,200       -       (1,283,234 )     5,716,766       -       10,777,966                                                     Total   $ 46,782,854     $ -     $ (1,283,234 )   $ 5,716,766     $ 34,721,654     $ 10,777,966     The Company has invested in marketable securities, which mature within ninety days from date of purchase, and are held to maturity. The current trading prices or fair market value of the securities vary, and we believe any decline in fair value is temporary. All securities are current and not in default.   During the six months ended December 31, 2023, the Company recognized interest income pertaining to the investments of $723,796 in the financial statements, which is recorded as part of investment income in the statement of operations.   The Company over the past year has considered many companies in the hydrogen space for strategic investments, and believed that TECO 2030 ASA (TECO)’s fuel cell technology, designed with their development partner AVL, has shown incredible potential to become a key player in the fuel cell market. On November 11, 2022, the Company entered into a subscription agreement with TECO a public limited company incorporated in Norway. Pursuant to the subscription agreement, the Company purchased 13,443,875 shares of TECO stock for an aggregate consideration of $7 million in USD, at an exchange rate of NOK 10.4094. The stocks purchased are adjusted to fair value based on unrealized gain or loss at the end of each period. The Company has reported TECO as a related party, due to having an 8.3% interest as a shareholder.

Equity Investment in Securities -Related Party and Bond Receivable -Related Party	6 Months Ended
	Dec. 31, 2023
Equity Investment In Securities Related Party And Bond Receivable Related Party Abstract
EQUITY INVESTMENT IN SECURITIES -RELATED PARTY AND BOND RECEIVABLE -RELATED PARTY	6. EQUITY INVESTMENT IN SECURITIES -RELATED PARTY AND BOND RECEIVABLE -RELATED PARTY   The Company purchased a bond receivable of TECO for a subscription amount of $3 million in USD. The issuance of the bond receivable is through a Tap Issue Addendum to TECO’s secured convertible notes agreement dated June 1, 2022, pursuant to which Nordic Trustee AS is acting as the security agent on behalf of the note holders. The bond receivable matures on June 1, 2025, and bears interest at the rate of 8% per annum paid quarterly in arrears and are convertible into shares of TECO at a rate of NOK 5.0868 per share. For the six months ended December 31, 2023, the Company recognized interest income of $114,652 in the financial statements. All interest income has been paid timely each quarter.   The CEO of the Company is a director of TECO, however it is the percentage of ownership of TECO’s common stock that makes this a related party relationship.       Cost Basis     Unrealized Gain 6/30/2023     Unrealized Loss 12/31/2023     Fair Value 12/31/2023   Short term equity investments at fair value, related party   $ 7,000,000     $ 655,601     $ (1,938,835 )   $ 5,716,766     During the six months ended December 31, 2023, the Company recognized an unrealized loss of $(1,938,835) in the financial statements.

Short Term Investments	6 Months Ended
	Dec. 31, 2023
Short Term Investments [Abstract]
SHORT TERM INVESTMENTS	7. SHORT TERM INVESTMENTS   On September 12, 2023, the Company invested in a $5,000,0000 certificate of deposit (CD), which matures on March 12, 2024. CDs should be reported as part of cash and cash equivalents at cost plus accrued interest if less than 90 days from the purchase date, and on its own line in the financial statements if the purchase is greater than 90 days. The CD has been classified as a short term investment due to the length of time to maturity at acquisition and is measured using Level 2. The Company recognized interest income of $61,200 in the financial statements as of December 31, 2023.

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2023
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES   Effective October 1, 2022, the Company extended its research agreement with the University of Iowa through December 31, 2023. As consideration under the research agreement, the University of Iowa will receive a maximum of $343,984 from the Company in four equal installments of $85,996. The agreement can be terminated by either party upon sixty (60) days prior written notice to the other. As of December 31, 2023, there remains a balance of $85,996 per the agreement.   Effective October 1, 2022, the Company extended its research agreement with the University of Michigan through December 31, 2023. As consideration under the research agreement, the University of Michigan will receive a maximum of $298,194, from the Company in four equal installments of $74,549. In the event of early termination by the Sponsor, the Sponsor will pay all costs accrued by the University as of the date of termination, including non-cancellable obligations. As of December 31, 2023, there remains a balance of $149,098 per the agreement.   The Company rented lab space with the University of Iowa as of February 2022. The monthly rent was $1,468, plus an additional $500 for the rental of a lab on a month-to-month basis and is cancellable with a thirty (30) day notice. On July 1, 2022, the Company increased the space needed for its’ lab work for a monthly rental of $5,468 per month. Due to the rental being month-to-month, ASC 842 lease accounting is not applicable.   In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position or results of operation.

Related Party	6 Months Ended
	Dec. 31, 2023
Related Party [Abstract]
RELATED PARTY	9. RELATED PARTY   As of December 31, 2023, the Company reported an accrual associated with the CEO’s prior years’ salary in the amount of $211,750 for the current year, which is recorded in related party accrued expenses. The Company began accruing the salary in 2011 and used the funds for operating expenses. During the period ended December 31, 2022, the accrued salary was reclassified as a loan from the CEO, with an interest rate of five percent (5%). The loan will be repaid with monthly payments of $9,290, including interest and principal over a two-year period. As of December 31, 2023, the principal balance remaining on the loan was $91,126, and interest paid during the six months ended December 31, 2023 was $3,406.   Under the 2022 Equity Incentive Plan, an employee, a director and consultant were granted 33,000,000 restricted stock awards at a price of $0.025 per share for services, whereby 23,000,000 shares vested on January 1, 2023 and the remaining 10,000,000 will vest on January 1, 2024. During the six months ended December 31, 2023, the Company recorded stock compensation expense of $125,000, as reported in the financial statements.   On November 11, 2022, the Company entered into a subscription agreement with TECO a public limited company incorporated in Norway. Pursuant to the subscription agreement, the Company purchased 13,443,875 shares of TECO stock for an aggregate consideration of $7 million in USD, at an exchange rate of NOK 10.4094.   The stocks purchased are adjusted to fair value at the end of each period.   The Company purchased a convertible note of TECO for a subscription amount of $3 million in USD. The issuance of the convertible note receivable is through a Tap Issue Addendum to TECO’s secured convertible notes agreement dated June 1, 2022, pursuant to which Nordic Trustee AS is acting as the security agent on behalf of the note holders. The convertible note matures on June 1, 2025, and bears interest at the rate of 8% per annum  paid quarterly in arrears and are convertible into shares of TECO at a rate of NOK 5.0868 per share.  During the six months ended December 31, 2023, the Company recognized interest income of $114,652 in the financial statements.   The Company has reported TECO as a related party, due to having an 8.3% interest as a shareholder.

Subsequent Events	6 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS   Management evaluated subsequent events as of the date of the financial statements pursuant to ASC TOPIC 855 and had no subsequent events to report.   On January 17, 2024, the Company issued 35,931,341 shares of common stock for $350,000 under a purchase agreement at a purchase price of $0.0097408.   On January 30, 2024, the Company’s Board of Directors authorized, and the Company entered into rescission agreements with certain individuals for the cancellation of an aggregate of 51,500,000 restricted stock awards including, an aggregate of 41,500,000 shares of common stock that had vested and were issued pursuant to the restricted stock awards. Also, on January 30, 2024, the Company’s board of directors issued an aggregate of 103,000,000 options to purchase shares of common stock of the Company at an exercise price of $0.012 which options vested immediately upon grant and have a term of six years from the date of grant.

Accounting Policies, by Policy (Policies)	6 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and Cash Equivalent	Cash and Cash Equivalent The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Concentration risk	Concentration risk Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Company (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of the FDIC limits. As of December 31, 2023, the cash balance in excess of the FDIC limits was $28,039,776. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts.
Marketable Securities	Marketable Securities Corporate bonds and U.S. Treasuries are considered current, based on their liquidity. The investments are generally valued using quoted prices and are classified in Level 2 of the fair value hierarchy as prices are not always from active markets. We consider our investments held to maturity and we believe there are no other than temporary declines in fair value. Our investments are recorded at historical cost.
Use of Estimates	Use of Estimates In accordance with accounting principles generally accepted in the United States, management utilizes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates and assumptions relate to useful lives and impairment of tangible and intangible assets, accruals, income taxes, stock-based compensation expense, Binomial lattice valuation model inputs, derivative liabilities and other factors. Management believes it has exercised reasonable judgment in deriving these estimates. Consequently, a change in conditions could affect these estimates.
Property and Equipment	Property and Equipment Property and equipment are stated at cost and are depreciated using straight line over its estimated useful lives. Computers and peripheral equipment     5 Years   Vehicle     5 Years   The Company recognized depreciation expense of $18,411 and $17,923 for the six months ended December 31, 2023 and 2022, respectively.
Intangible Assets	Intangible Assets The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives.     Useful Lives   12/31/2023     6/30/2023                     Domain-gross   15 years   $ 5,315     $ 5,315   Less accumulated amortization         (5,315 )     (5,286 ) Domain-net       $ -     $ 29                         Trademark-gross   10 years   $ 1,143     $ 1,143   Less accumulated amortization         (772 )     (714 ) Domain-net       $ 371     $ 428                         Patents-gross   15 years   $ 101,143     $ 101,143   Less accumulated amortization         (39,627 )     (36,344 ) Patents-net       $ 61,516     $ 64,799   The Company recognized amortization expense of $3,369 and $3,517 for the six months ended December 31, 2023 and the year ended June 30, 2023, respectively.
Net Earnings (Loss) per Share Calculations	Net Earnings (Loss) per Share Calculations Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the six months ended December 31, 2023. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock-based awards (Note 4).  Six months ended December 31, 2023 The Company calculated the dilutive impact of 218,394,499 outstanding stock options, 86,495,239 common stock purchase warrant, and 8,851 shares of Series C Preferred shares, which are convertible into shares of common stock. Stock options, common stock purchase warrants, Series C Preferred shares were not included, in the calculation of net earnings per share, because their impact on income per share is antidilutive.   Six months ended December 31, 2022 The Company calculated the dilutive impact of 157,965,711 outstanding stock options, 94,895,239 common stock purchase warrants, and the convertible debt and accrued interest of $948,623, which is convertible into shares of common stock. The common stock purchase warrants, stock options, and convertible debt and accrued interest, were not included in the calculation of net earnings per share, because their impact on income per share is antidilutive.     Six Months Ended       December 31,       2023     2022                 Income (Loss) to common shareholders (Numerator)   $ (3,471,000 )   $ (3,700,995 )                   Basic weighted average number of common shares outstanding (Denominator)     4,965,620,378       4,327,586,883                     Diluted weighted average number of common shares outstanding (Denominator)     4,965,620,378       5,330,387,842
Equity Incentive Plan and Stock Options	Equity Incentive Plan and Stock Options On January 27, 2022, the Company adopted the 2022 Equity Incentive Plan, to enable the Company to attract and retain the types of employees, consultants, and directors who will contribute to the Company’s long-range success. The maximum number of shares of common stock that may be issued under the 2022 Plan is initially 400,000,000. The number of shares will automatically be increased on the first day of the Company’s fiscal year beginning in 2023 so that the total number of shares issuable will at all times equal fifteen percent (15%) of the Company’s fully diluted capitalization on the first day of the Company’s fiscal year, unless the Board adopts a resolution providing that the number of shares issuable under the 2022 Plan shall not be so increased. During the year ended June 30, 2023, the Company granted restricted stock in the amount of 120,600,000 shares of which 110,600,000 vested in the period. Ten Million shares will vest on January 1, 2024. As of December 31, 2023, there were 279,400,000 in the reserve. As of July 1, 2023, the plan increased to 723,194,742 shares.
Equity Incentive Plan	Equity Incentive Plan On December 17, 2018, the Board of Directors approved and adopted the 2019 Equity Incentive Plan (“the Plan”), with 300,000,000 shares reserved for issuance pursuant to the Plan. The purpose of the Plan is to promote the success of the Company and to increase stockholder value by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons. The awards are performance-based compensation that are granted under the Plan as incentive stock options (ISO) or nonqualified stock options. The per share exercise price for each option shall not be less than 100% of the fair market value of a share of common stock on the date of grant of the option. The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing cost. The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date. As of September 2020, the Company issued 124,304,650 shares of common stock for consulting services. The Company granted options to purchase 170,000,000 shares of common stock options on January 23, 2019. On July 29, 2022, the Company granted restricted stock awards of 21,500,000 shares to an employee for services, which vested on March 30, 2023. On June 1, 2023, the Company granted 9,000,000 non-statutory stock options to employees for services, which one-third (1/3) vested immediately, and the remainder shall vest one-twenty fourth (1/24) per month from months thirteen (13) through thirty-six (36) after the date of this option. As of June 30, 2023, the Company had redemptions of 38,034,089 shares of stock, which were added back to the total reserve. As of December 31, 2023, under the 2019 Equity Incentive Plan, there were 286,770,561 stock options and shares issued, and a reserve of 13,229,439.
Stock Based Compensation	Stock Based Compensation The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date.
Warrant Accounting	Warrant Accounting  The Company accounts for the warrants to purchase shares of common stock using the estimated fair value on the date of issuance as calculated using the Black-Scholes valuation model.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized on the balance sheet, where it is practicable to estimate that value. As of December 31, 2023, the amounts reported for cash, accrued interest and other expenses, notes payables, convertible notes, and derivative liability approximate the fair value because of their short maturities. We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets. ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.   We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows (See Note 6):     Total     (Level 1)     (Level 2)     (Level 3)   Assets:                         Cash and cash equivalents at December 31, 2023   $ 34,721,654     $ 34,721,654     $ -     $ -   Certificate of Deposits     5,061,200               5,061,200           Marketable securities measured at fair value December 31, 2023   $ 5,716,766     $ -     $ 5,716,766     $ -       $ 45,499,620     $ 34,721,654     $ 10,777,966     $ -                                     Cash and cash equivalents at December 31, 2022   $ 22,130,447     $ 1,580,712     $ 20,549,735     $ -   Marketable securities measured at fair value December 31, 2022   $ 15,120,635     $ -     $ 15,120,635     $ -       $ 37,251,082     $ 1,580,712     $ 35,670,370     $ -                                     Liabilities:                                 Derivative liabilities measured at fair value December 31, 2023   $ -     $ -     $ -     $ -   Derivative liabilities measured at fair value September 30, 2022   $ 25,073,232     $ -     $ -     $ 25,073,232   As of December 31, 2023, the Company had no derivative liabilities for which Level 3 inputs were reported. The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value for the period ended September 30, 2022: Balance as of June 30, 2022   $ 26,015,069   Loss on change in derivative liability     (941,837 ) Balance as of December 31, 2022   $ 25,073,232   As of December 31, 2023, the derivative liability balance was $0.
Research and Development	Research and Development Research and development costs are expensed as incurred.  Total research and development costs were $1,195,327 and $2,080,320 for the six months ended December 31, 2023 and 2022, respectively.
Accounting for Derivatives	Accounting for Derivatives The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average series Binomial lattice formula pricing models to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited financial statements as of December 31, 2023.

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Property and Equipment are Stated at Cost and are Depreciated Using Straight Line Over its Estimated Useful Lives	Property and equipment are stated at cost and are depreciated using straight line over its estimated useful lives. Computers and peripheral equipment     5 Years   Vehicle     5 Years
Schedule of Intangible Assets that Have Finite Useful Lives	Intangible assets that have finite useful lives continue to be amortized over their useful lives.     Useful Lives   12/31/2023     6/30/2023                     Domain-gross   15 years   $ 5,315     $ 5,315   Less accumulated amortization         (5,315 )     (5,286 ) Domain-net       $ -     $ 29                         Trademark-gross   10 years   $ 1,143     $ 1,143   Less accumulated amortization         (772 )     (714 ) Domain-net       $ 371     $ 428                         Patents-gross   15 years   $ 101,143     $ 101,143   Less accumulated amortization         (39,627 )     (36,344 ) Patents-net       $ 61,516     $ 64,799
Schedule of Common Stock Purchase Warrants	The common stock purchase warrants, stock options, and convertible debt and accrued interest, were not included in the calculation of net earnings per share, because their impact on income per share is antidilutive.     Six Months Ended       December 31,       2023     2022                 Income (Loss) to common shareholders (Numerator)   $ (3,471,000 )   $ (3,700,995 )                   Basic weighted average number of common shares outstanding (Denominator)     4,965,620,378       4,327,586,883                     Diluted weighted average number of common shares outstanding (Denominator)     4,965,620,378       5,330,387,842
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows (See Note 6):     Total     (Level 1)     (Level 2)     (Level 3)   Assets:                         Cash and cash equivalents at December 31, 2023   $ 34,721,654     $ 34,721,654     $ -     $ -   Certificate of Deposits     5,061,200               5,061,200           Marketable securities measured at fair value December 31, 2023   $ 5,716,766     $ -     $ 5,716,766     $ -       $ 45,499,620     $ 34,721,654     $ 10,777,966     $ -                                     Cash and cash equivalents at December 31, 2022   $ 22,130,447     $ 1,580,712     $ 20,549,735     $ -   Marketable securities measured at fair value December 31, 2022   $ 15,120,635     $ -     $ 15,120,635     $ -       $ 37,251,082     $ 1,580,712     $ 35,670,370     $ -                                     Liabilities:                                 Derivative liabilities measured at fair value December 31, 2023   $ -     $ -     $ -     $ -   Derivative liabilities measured at fair value September 30, 2022   $ 25,073,232     $ -     $ -     $ 25,073,232
Schedule of Reconciliation of the Derivative Liability	The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value for the period ended September 30, 2022: Balance as of June 30, 2022   $ 26,015,069   Loss on change in derivative liability     (941,837 ) Balance as of December 31, 2022   $ 25,073,232

Options and Warrants (Tables)	6 Months Ended
	Dec. 31, 2023
Options and Warrants [Abstract]
Schedule of Company's Warrant Activity and Related Information	A summary of the Company’s stock option activity and related information follows:     12/31/2023     12/31/2022             Weighted           Weighted       Number     average     Number     average       Of     exercise     Of     exercise       Options     price     Options     price   Outstanding, beginning of period     163,894,499     $ 0.0095       157,965,711     $ 0.0089   Granted     -               -       -   Exercised     -               3,071,212       -   Redemption of options     -       -       -       -   Outstanding, end of period     163,894,499     $ 0.096       154,894,499     $ 0.0096   Exercisable at the end of period     159,394,499     $ 0.096       154,894,499     $ 0.0096
Schedule of Weighted Average Remaining Contractual Life of Options Outstanding	The weighted average remaining contractual life of options outstanding as of December 31, 2023 and 2022 was as follows: 12/31/2023     12/31/2022   Exercise Price     Stock Options Outstanding     Stock Options Exercisable     Weighted Average Remaining Contractual Life (years)     Exercise Price     Stock Options Outstanding     Stock Options Exercisable     Weighted Average Remaining Contractual Life (years)   $ 0.016       9,000,000       4,500,000       2.42     $ -       -       -       -   $ 0.0097       6,000,000       6,000,000       2.09     $ 0.0097       6,000,000       6,000,000       3.09   $ 0.0099       138,894,499       138,894,499       2.07     $ 0.0099       138,894,499       138,894,499       3.07   $ 0.0060       10,000,000       10,000,000       2.56     $ 0.0060       10,000,000       10,000,000       3.56             163,894,499       159,394,499                       154,894,499       154,894,499
Schedule of Aggregate Intrinsic Value of the Warrants Outstanding	12/31/23     Weighted Average   Exercise Price     Warrants Outstanding     Warrants Exercisable     Remaining Contractual Life (years)   $ 0.13125       6,666,667       6,666,667       2.15   $ 0.12       71,428,572       71,428,572       2.17             78,095,239       78,095,239
Warrant [Member]
Options and Warrants [Abstract]
Schedule of Company's Warrant Activity and Related Information	A summary of the Company’s warrant activity and related information follows for the six months ended December 31, 2023     12/31/2023             Weighted             average       Number     exercise       of Warrants     price   Outstanding, beginning of period     86,495,239     $ 0.12   Granted     -       -   Exercised     -       -   Forfeited/Expired     8,400,000     $ 0.0938   Outstanding, end of period     78,095,239     $ 0.12   Exercisable at the end of period     78,095,239     $ 0.12

Cash, Cash Equivalents, Marketable Securities, and Equity Investment, Related Party (Tables)	6 Months Ended
	Dec. 31, 2023
Cash, Cash Equivalents, Marketable Securities, and Equity Investment, Related Party [Abstract]
Schedule of Cash Equivalents, Short -Term Investments	As of December 31, 2023, the components of the Company’s cash, cash equivalents, and short -term investments are summarized as follows:     Adjusted Cost     Unrealized Gains     Unrealized Losses     Fair Value     Cash and Cash Equivalents     Short-Term Marketable Securities   Cash   $ 6,907,993     $ -     $ -     $ -     $ 6,907,993       -                                                     Subtotal     6,907,993       -       -       -       6,907,993       -                                                     Level 1                                                 U.S. Treasury bills and Obligations     27,813,661       -       -       -       27,813,661       -   Subtotal     27,813,661                    -       -       -       27,813,661       -                                                     Level 2                                                 Certificate of Deposits     5,061,200       -       -       -       -       5,061,200   Teco Investment, related party     7,000,000               (1,283,234 )     5,716,766       -       5,716,766                                                     Subtotal     12,061,200       -       (1,283,234 )     5,716,766       -       10,777,966                                                     Total   $ 46,782,854     $ -     $ (1,283,234 )   $ 5,716,766     $ 34,721,654     $ 10,777,966

Equity Investment in Securities -Related Party and Bond Receivable -Related Party (Tables)	6 Months Ended
	Dec. 31, 2023
Equity Investment In Securities Related Party And Bond Receivable Related Party Abstract
Schedule of Percentage of Ownership of TECO’s Common Stock That Makes This a Related Party Relationship	The CEO of the Company is a director of TECO, however it is the percentage of ownership of TECO’s common stock that makes this a related party relationship.     Cost Basis     Unrealized Gain 6/30/2023     Unrealized Loss 12/31/2023     Fair Value 12/31/2023   Short term equity investments at fair value, related party   $ 7,000,000     $ 655,601     $ (1,938,835 )   $ 5,716,766

Summary of Significant Accounting Policies (Details) - USD ($)			1 Months Ended				6 Months Ended		12 Months Ended
	Jan. 01, 2023	Nov. 11, 2022	Jul. 29, 2022	Jan. 27, 2022	Jan. 23, 2019	Dec. 17, 2018	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Jul. 01, 2023	Jun. 01, 2023	Sep. 30, 2020
Summary of Significant Accounting Policies [Line Items]
Federal deposit insurance company (in Dollars)							$ 28,039,776
Depreciation expense (in Dollars)							18,411	$ 17,923
Amortization expense (in Dollars)							$ 3,369		$ 3,517
Convertible debt and accrued interest (in Dollars)								$ 948,623
Percentage of exercise option				15.00%
Restricted stock	40,000,000								120,600,000
Vested, shares									110,600,000
Stock options reserve							279,400,000
Increased shares								120,000,000		723,194,742
Percentage of exercise option						100.00%
Common stock shares issued							5,092,814,633		4,821,298,283
Purchase of common stock options		45,000,000			170,000,000
Restricted stock awards			21,500,000
Non statutory stock options											9,000,000
Redemptions shares									38,034,089
Derivative liability (in Dollars)							$ 0
Research and development cost (in Dollars)							$ 1,195,327	$ 2,080,320
Equity Incentive Plan 2019 [Member]
Summary of Significant Accounting Policies [Line Items]
Stock options reserve							13,229,439
Stock options and shares issued							286,770,561
Dilutive Impacts [Member]
Summary of Significant Accounting Policies [Line Items]
Warrants issued							86,495,239	94,895,239
Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Outstanding stock options							218,394,499	157,965,711
Common stock shares issued												124,304,650
Series C Preferred Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Common stock purchase warrant issued							8,851		10,951
Series C Preferred Stock [Member] | Dilutive Impacts [Member]
Summary of Significant Accounting Policies [Line Items]
Common stock purchase warrant issued							8,851
Equity Incentive Plan and Stock Options [Member]
Summary of Significant Accounting Policies [Line Items]
Issuance pursuant to the plan				400,000,000		300,000,000

Summary of Significant Accounting Policies (Details) - Schedule of Property and Equipment are Stated at Cost and are Depreciated Using Straight Line Over its Estimated Useful Lives	Dec. 31, 2023
Computers and peripheral equipment [Member]
Schedule of Property and Equipment [Line Items]
Estimated useful lives	5 years
Vehicle [Member]
Schedule of Property and Equipment [Line Items]
Estimated useful lives	5 years

Summary of Significant Accounting Policies (Details) - Schedule of Intangible Assets that Have Finite Useful Lives - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Domain [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives	15 years
Intangible assets - gross	$ 5,315	$ 5,315
Less accumulated amortization	(5,315)	(5,286)
Intangible assets - net		29
Trademark [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives	10 years
Intangible assets - gross	$ 1,143	1,143
Less accumulated amortization	(772)	(714)
Intangible assets - net	$ 371	428
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives	15 years
Intangible assets - gross	$ 101,143	101,143
Less accumulated amortization	(39,627)	(36,344)
Intangible assets - net	$ 61,516	$ 64,799

Summary of Significant Accounting Policies (Details) - Schedule of Common Stock Purchase Warrants - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Schedule of Common Stock Purchase Warrants [Abstract]
Income (Loss) to common shareholders (Numerator) (in Dollars)			$ (3,471,000)	$ (3,700,995)
Basic weighted average number of common shares outstanding (Denominator)	5,069,670,749	4,382,210,756	4,965,620,378	4,327,586,883
Diluted weighted average number of common shares outstanding (Denominator)	5,069,670,749	5,385,011,715	4,965,620,378	5,330,387,842

Summary of Significant Accounting Policies (Details) - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 34,721,654	$ 22,130,447
Certificate of Deposits	5,061,200
Marketable securities measured at fair value	5,716,766	15,120,635
Total	45,499,620	37,251,082
Liabilities:
Derivative liabilities measured at fair value		25,073,232
Level 1 [Member]
Assets:
Cash and cash equivalents	34,721,654	1,580,712
Certificate of Deposits
Marketable securities measured at fair value
Total	34,721,654	1,580,712
Liabilities:
Derivative liabilities measured at fair value
Level 2 [Member]
Assets:
Cash and cash equivalents		20,549,735
Certificate of Deposits	5,061,200
Marketable securities measured at fair value	5,716,766	15,120,635
Total	10,777,966	35,670,370
Liabilities:
Derivative liabilities measured at fair value
Level 3 [Member]
Assets:
Cash and cash equivalents
Certificate of Deposits
Marketable securities measured at fair value
Total
Liabilities:
Derivative liabilities measured at fair value		$ 25,073,232

Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of the Derivative Liability - Level 3 [Member]	6 Months Ended
	Dec. 31, 2022 USD ($)
Schedule of Reconciliation of the Derivative Liability [Line Items]
Balance as of June 30, 2022	$ 26,015,069
Loss on change in derivative liability	(941,837)
Balance as of December 31, 2022	$ 25,073,232

Capital Stock (Details) - USD ($)					1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 19, 2023	Apr. 15, 2023	Nov. 11, 2022	Dec. 15, 2021	Jan. 23, 2019	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Jul. 01, 2023	Jan. 27, 2022
Capital Stock [Line Items]
Preferred stock stated value						$ 32,875	$ 100
Conversion price per share (in Dollars per share)							$ 0.00095
Principal outstanding amount	$ 100,000	$ 550,000		$ 187,800
Accrued interest	48,603	126,455		80,365
Total aggregate amount	$ 148,603	$ 676,455		$ 268,165					$ 1,095,100
Company sold shares (in Shares)	1,486	6,765	13,443,875	2,700
Total purchase price	$ 148,603	$ 676,455		$ 268,165
Settlement of debt	$ 3	$ 45		$ 1,835
Preferred stock, shares outstanding (in Shares)							8,841
Fair value							$ 885,100
Exercise price (in Dollars per share)								$ 0.01
Face value of shares (in Shares)							210,000
Converted preferred shares (in Shares)							221,052,632
Remain outstanding shares (in Shares)							7,365
Convertible notes amount									837,800
Interest									255,423
Aggregate loss amount									$ 1,877
Conversion price (in Dollars per share)	$ 0.0185	$ 0.02				$ 0.00095	$ 0.027	$ 0.00095
Volatility rate	82.90%	96.60%
Estimated term									5 years
Purchase of common stock (in Shares)			45,000,000		170,000,000
Share issued (in Shares)						120,000,000		120,000,000		723,194,742
Conversion amount			$ 1,450,000
Gross proceeds			$ 79,100
Convertible note principal amount						$ 78,153		$ 78,153
Accrued interest								$ 35,847
Exercised shares (in Shares)								3,071,212
Market price (in Dollars per share)						$ 0.027		$ 0.027
Company issued shares								$ 1,933,852
Compensation expense								$ 32,875
Common Stock [Member]
Capital Stock [Line Items]
Preferred stock stated value						$ 1,934
Conversion price per share (in Dollars per share)							$ 0.00095
Shares of common stock (in Shares)			56,314,806
Price per share (in Dollars per share)						$ 0.017		$ 0.017
Minimum [Member]
Capital Stock [Line Items]
Conversion price (in Dollars per share)			$ 0.02504				0.00944
Common stock, shares authorized (in Shares)											5,000,000,000
Maximum [Member]
Capital Stock [Line Items]
Conversion price (in Dollars per share)			$ 0.02608				$ 0.02608
Common stock, shares authorized (in Shares)											10,000,000,000
Series C Preferred Stock [Member]
Capital Stock [Line Items]
Preferred stock shares (in Shares)				17,000
Preferred stock stated value				$ 100			$ 100
Conversion price per share (in Dollars per share)				$ 0.00095			$ 0.00095
Cumulative dividends, rate				10.00%
Preferred stock, shares outstanding (in Shares)							9,465
Fair value							$ 946,500
Exercise price (in Dollars per share)							$ 2,100
Convertible notes amount									$ 664,627
Share issued (in Shares)									10,951
Equity Option [Member]
Capital Stock [Line Items]
Exercised shares (in Shares)							3,071,412	3,071,412
Purchase Agreement [Member]
Capital Stock [Line Items]
Purchase of common stock (in Shares)			45,000,000
Gross proceeds			$ 31,900
Purchase Agreement [Member] | Common Stock [Member]
Capital Stock [Line Items]
Share issued (in Shares)							191,813,350
Conversion amount							$ 3,298,514

Options and Warrants (Details)						1 Months Ended	6 Months Ended		12 Months Ended
	Jun. 01, 2026 $ / shares shares	Jan. 01, 2024 shares	Mar. 30, 2023 $ / shares shares	Jan. 01, 2023 $ / shares shares	Oct. 02, 2017 shares	Jun. 30, 2023 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Jun. 30, 2023 shares	Dec. 31, 2023 kr / shares	Sep. 30, 2023 USD ($)	Jun. 19, 2023 $ / shares	Apr. 15, 2023 $ / shares	Nov. 11, 2022 $ / shares
Options and Warrants [Line Items]
Market price per share (in Dollars per share) | $ / shares							$ 0.027	$ 0.00095				$ 0.0185	$ 0.02
Shares vested				20,000,000
Price per share (in Dollars per share) | kr / shares										kr 5.0868
Restricted stock				40,000,000					120,600,000
Non-qualified common stock options					10,000,000
Share options exercised								3,071,212
Shares of option granted
Stock compensation expense (in Dollars) | $							$ 125,000
Warrant exercise price (in Dollars per share) | $ / shares							$ 0.01
Compensation (in Dollars) | $							$ 32,875
Aggregate intrinsic value of the warrants outstanding (in Dollars) | $											$ 0
Stock Option [Member]
Options and Warrants [Line Items]
Stock option, description							Of the 10,000,000 non-qualified options, one-third vest immediately, and one-third vest the second and third year, such that the options are fully vested with a maturity date of October 2, 2022 and are exercisable at an exercise price of $0.01 per share.
Minimum [Member]
Options and Warrants [Line Items]
Market price per share (in Dollars per share) | $ / shares							$ 0.00944							$ 0.02504
Equity Option [Member]
Options and Warrants [Line Items]
Share options exercised							3,071,412	3,071,412
Stock compensation expense (in Dollars) | $							$ 19,963
Options [Member]
Options and Warrants [Line Items]
Share options exercised						10,000,000
Restricted Stock Awards [Member]
Options and Warrants [Line Items]
Shares of restricted stock			21,500,000	33,000,000
Shares vested				23,000,000
Restricted stock				23,000,000
Restricted Stock Awards [Member] | Equity Option [Member]
Options and Warrants [Line Items]
Shares of restricted stock			21,500,000
Market price per share (in Dollars per share) | $ / shares			$ 0.025
Warrant [Member]
Options and Warrants [Line Items]
Shares issued							1,933,852
Common stock purchase warrants							8,400,000
Common stock purchase warrants							78,095,239
Warrant [Member] | Minimum [Member]
Options and Warrants [Line Items]
Warrant exercise price (in Dollars per share) | $ / shares							$ 0.017
Service [Member]
Options and Warrants [Line Items]
Price per share (in Dollars per share) | $ / shares				$ 0.025
Service [Member] | Restricted Stock Awards [Member]
Options and Warrants [Line Items]
Price per share (in Dollars per share) | $ / shares				$ 0.025
Employee Stock [Member]
Options and Warrants [Line Items]
Shares of restricted stock				33,000,000
Employee Stock [Member] | Restricted Stock Awards [Member]
Options and Warrants [Line Items]
Shares of restricted stock				33,000,000
Director [Member] | Restricted Stock Awards [Member]
Options and Warrants [Line Items]
Shares of restricted stock				33,000,000
Consultant [Member] | Restricted Stock Awards [Member]
Options and Warrants [Line Items]
Shares of restricted stock				33,000,000
Forecast [Member]
Options and Warrants [Line Items]
Shares vested		20,000,000
Forecast [Member] | Equity Option [Member]
Options and Warrants [Line Items]
Shares of option granted	9,000,000
Shares of options price per share (in Dollars per share) | $ / shares	$ 0.016
Forecast [Member] | Restricted Stock Awards [Member]
Options and Warrants [Line Items]
Shares vested		10,000,000
Forecast [Member] | Consultant [Member] | Restricted Stock Awards [Member]
Options and Warrants [Line Items]
Restricted stock		10,000,000

Options and Warrants (Details) - Schedule of the Company's Stock Option Activity and Related Information - $ / shares	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of the Company's Stock Option Activity and Related Information [Abstract]
Number of options, outstanding	163,894,499	157,965,711
Weighted average exercise price,outstanding (in Dollars per share)	$ 0.0095	$ 0.0089
Number of options, Granted
Weighted average exercise price, Granted (in Dollars per share)
Number of options, Exercised		3,071,212
Weighted average exercise price, Exercised (in Dollars per share)
Number of options, Redemption of options
Weighted average exercise price, Redemption of options (in Dollars per share)
Number of options, outstanding	163,894,499	154,894,499
Weighted average exercise price, outstanding (in Dollars per share)	$ 0.096	$ 0.0096
Number of options, exercisable	159,394,499	154,894,499
Weighted average exercise price, exercisable (in Dollars per share)	$ 0.096	$ 0.0096

Options and Warrants (Details) - Schedule of Weighted Average Remaining Contractual Life of Options Outstanding - $ / shares	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Weighted Average Remaining Contractual Life of Options Outstanding [Line Items]
Stock Options Outstanding	163,894,499	154,894,499
Stock Options Exercisable	159,394,499	154,894,499
0.0100 [Member]
Schedule of Weighted Average Remaining Contractual Life of Options Outstanding [Line Items]
Exercise Price (in Dollars per share)	$ 0.016
Stock Options Outstanding	9,000,000
Stock Options Exercisable	4,500,000
Weighted Average Remaining Contractual Life (years)	2 years 5 months 1 day
0.0097 [Member]
Schedule of Weighted Average Remaining Contractual Life of Options Outstanding [Line Items]
Exercise Price (in Dollars per share)	$ 0.0097	$ 0.0097
Stock Options Outstanding	6,000,000	6,000,000
Stock Options Exercisable	6,000,000	6,000,000
Weighted Average Remaining Contractual Life (years)	2 years 1 month 2 days	3 years 1 month 2 days
0.0099 [Member]
Schedule of Weighted Average Remaining Contractual Life of Options Outstanding [Line Items]
Exercise Price (in Dollars per share)	$ 0.0099	$ 0.0099
Stock Options Outstanding	138,894,499	138,894,499
Stock Options Exercisable	138,894,499	138,894,499
Weighted Average Remaining Contractual Life (years)	2 years 25 days	3 years 25 days
0.0060 [Member]
Schedule of Weighted Average Remaining Contractual Life of Options Outstanding [Line Items]
Exercise Price (in Dollars per share)	$ 0.006	$ 0.006
Stock Options Outstanding	10,000,000	10,000,000
Stock Options Exercisable	10,000,000	10,000,000
Weighted Average Remaining Contractual Life (years)	2 years 6 months 21 days	3 years 6 months 21 days

Options and Warrants (Details) - Schedule of Company's Warrant Activity and Related Information - Warrant [Member]	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Schedule of Company's Warrant Activity and Related Information [Line Items]
Number of Warrants, Outstanding, beginning of period (in Shares) | shares	86,495,239
Weighted average exercise price, Outstanding, beginning of period	$ 0.12
Number of Warrants, Granted (in Shares) | shares
Weighted average exercise price, Granted
Number of Warrants, Exercised
Weighted average exercise price, Exercised
Number of Warrants, Forfeited/Expired (in Shares) | shares	8,400,000
Weighted average exercise price, Forfeited/Expired	$ 0.0938
Number of Warrants, Outstanding, end of period (in Shares) | shares	78,095,239
Weighted average exercise price, Outstanding, end of period	$ 0.12
Number of Warrants, Exercisable (in Shares) | shares	78,095,239
Weighted average exercise price, Exercisable	$ 0.12

Options and Warrants (Details) - Schedule of Aggregate Intrinsic Value of the Warrants Outstanding	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Schedule of Aggregate Intrinsic Value of the Warrants Outstanding [Line Items]
Warrants Outstanding	78,095,239
Warrants Exercisable	78,095,239
0.13125 [Member]
Schedule of Aggregate Intrinsic Value of the Warrants Outstanding [Line Items]
Exercise Price (in Dollars per share) | $ / shares	$ 0.13125
Warrants Outstanding	6,666,667
Warrants Exercisable	6,666,667
0.13125 [Member] | Minimum [Member]
Schedule of Aggregate Intrinsic Value of the Warrants Outstanding [Line Items]
Weighted Average Remaining Contractual Life (years)	2 years 1 month 24 days
0.12 [Member]
Schedule of Aggregate Intrinsic Value of the Warrants Outstanding [Line Items]
Exercise Price (in Dollars per share) | $ / shares	$ 0.12
Warrants Outstanding	71,428,572
Warrants Exercisable	71,428,572
0.12 [Member] | Minimum [Member]
Schedule of Aggregate Intrinsic Value of the Warrants Outstanding [Line Items]
Weighted Average Remaining Contractual Life (years)	2 years 2 months 1 day

Cash, Cash Equivalents, Marketable Securities, and Equity Investment, Related Party (Details)			6 Months Ended
	Nov. 11, 2022 USD ($) shares	Nov. 11, 2022 kr / shares	Dec. 31, 2023 USD ($)
Marketable Securities [Abstract]
Interest income			$ 723,796
Purchase of shares (in Shares) | shares	13,443,875
Aggregate consideration amount	$ 7,000,000
Exchange rate (in Krone per share) | kr / shares		kr 10.4094
Interest rate as shareholder	8.30%

Cash, Cash Equivalents, Marketable Securities, and Equity Investment, Related Party (Details) - Schedule of Cash Equivalents, Short -Term Investments	Dec. 31, 2023 USD ($)
Schedule of Cash Equivalents, Short -Term Investments [Line Items]
Adjusted Cost	$ 46,782,854
Unrealized Gains
Unrealized Losses	(1,283,234)
Fair Value	5,716,766
Cash and Cash Equivalents	34,721,654
Short-Term Marketable Securities	10,777,966
Cash [Member]
Schedule of Cash Equivalents, Short -Term Investments [Line Items]
Adjusted Cost	6,907,993
Unrealized Gains
Unrealized Losses
Fair Value
Cash and Cash Equivalents	6,907,993
Short-Term Marketable Securities
Subtotal [Member]
Schedule of Cash Equivalents, Short -Term Investments [Line Items]
Adjusted Cost	6,907,993
Unrealized Gains
Unrealized Losses
Fair Value
Cash and Cash Equivalents	6,907,993
Short-Term Marketable Securities
Level 1 [Member] | Subtotal [Member]
Schedule of Cash Equivalents, Short -Term Investments [Line Items]
Adjusted Cost	27,813,661
Unrealized Gains
Unrealized Losses
Fair Value
Cash and Cash Equivalents	27,813,661
Short-Term Marketable Securities
Level 1 [Member] | U.S. Treasury bills and Obligations [Member]
Schedule of Cash Equivalents, Short -Term Investments [Line Items]
Adjusted Cost	27,813,661
Unrealized Gains
Unrealized Losses
Fair Value
Cash and Cash Equivalents	27,813,661
Short-Term Marketable Securities
Level 2 [Member] | Subtotal [Member]
Schedule of Cash Equivalents, Short -Term Investments [Line Items]
Adjusted Cost	12,061,200
Unrealized Gains
Unrealized Losses	(1,283,234)
Fair Value	5,716,766
Cash and Cash Equivalents
Short-Term Marketable Securities	10,777,966
Level 2 [Member] | Certificate of Deposit [Member]
Schedule of Cash Equivalents, Short -Term Investments [Line Items]
Adjusted Cost	5,061,200
Unrealized Gains
Unrealized Losses
Fair Value
Cash and Cash Equivalents
Short-Term Marketable Securities	5,061,200
Level 2 [Member] | Teco Investment, related party [Member]
Schedule of Cash Equivalents, Short -Term Investments [Line Items]
Adjusted Cost	7,000,000
Unrealized Losses	(1,283,234)
Fair Value	5,716,766
Cash and Cash Equivalents
Short-Term Marketable Securities	$ 5,716,766

Equity Investment in Securities -Related Party and Bond Receivable -Related Party (Details)	6 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 kr / shares
Equity Investment in Securities Related Party and Bond Receivable Related Party [Abstract]
Subscription amount	$ 3,000,000
Maturity date	Jun. 01, 2025	Jun. 01, 2025
Interest on shareholders	8.00%	8.00%
Convertible share (in Krone per share) | kr / shares		kr 5.0868
Recognized interest income	$ 114,652
Unrealized gain	$ (1,938,835)

Equity Investment in Securities -Related Party and Bond Receivable -Related Party (Details) - Schedule of Percentage of Ownership of TECO’s Common Stock That Makes This a Related Party Relationship - Short Term Equity Investments [Member] - USD ($)	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023
Schedule of Percentage of Ownership of Teco’s Common Stock That Makes This a Related Party Relationship [Line Items]
Cost Basis	$ 7,000,000	$ 5,716,766
Unrealized Gain	$ 655,601
Unrealized Loss		$ (1,938,835)

Short Term Investments (Details) - USD ($)	6 Months Ended
	Dec. 31, 2023	Sep. 12, 2023
Short Term Investments [Line Items]
Certificate of deposit		$ 50,000,000
Mature date	Jun. 01, 2025
Interest income	$ 114,652
Certificates of Deposit [Member]
Short Term Investments [Line Items]
Mature date		Mar. 12, 2024
Interest income	$ 61,200

Commitments and Contingencies (Details) - USD ($)		6 Months Ended
	Oct. 01, 2022	Dec. 31, 2023	Jul. 01, 2022
Commitments and Contingencies [Line Items]
Monthly rent amount		$ 1,468
Additional rental		500
Rental amount			$ 5,468
University of Iowa [Member]
Commitments and Contingencies [Line Items]
Research agreement	$ 343,984
Equal installments amount	85,996
Remaining balance		85,996
University of Michigan [Member]
Commitments and Contingencies [Line Items]
Research agreement	298,194
Equal installments amount	$ 74,549
Remaining balance		$ 149,098

Related Party (Details)							6 Months Ended
	Jan. 01, 2024 shares	Jun. 19, 2023 shares	Apr. 15, 2023 shares	Jan. 01, 2023 $ / shares shares	Nov. 11, 2022 USD ($) shares	Dec. 15, 2021 shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022	Jan. 17, 2024 $ / shares	Dec. 31, 2023 kr / shares	Jun. 30, 2023 USD ($)	Nov. 11, 2022 NOK (kr)
Related Party [Line Items]
Accrued expenses							$ 59,685				$ 628
Accrued salary interest rate								5.00%
Convertible shares price per share | kr / shares										kr 5.0868
Number of shares vested (in Shares) | shares				20,000,000
Stock compensation expense							125,000
Purchase of shares (in Shares) | shares		1,486	6,765		13,443,875	2,700
Aggregate consideration					$ 7,000,000
Subscription amount							3,000,000
Interest income							$ 114,652
Interest as a shareholder							8.30%
2022 Equity Incentive Plan [Member]
Related Party [Line Items]
Number of shares vested (in Shares) | shares				23,000,000
Loan [Member]
Related Party [Line Items]
Repaid monthly payment							$ 9,290
Principal balance remaining on the loan							91,126
Interest paid							$ 3,406
Convertible Note [Member]
Related Party [Line Items]
Convertible note maturity date							Jun. 01, 2025
Interest rate							8.00%
Service [Member]
Related Party [Line Items]
Convertible shares price per share | $ / shares				$ 0.025
Norway, Krone
Related Party [Line Items]
Exchange rate (in Krone) | kr												kr 10.4094
Subsequent Event [Member]
Related Party [Line Items]
Convertible shares price per share | $ / shares									$ 0.0097408
Subsequent Event [Member] | 2022 Equity Incentive Plan [Member]
Related Party [Line Items]
Number of shares vested (in Shares) | shares	10,000,000
Employee [Member]
Related Party [Line Items]
Restricted stock awards (in Shares) | shares				33,000,000
Related Party [Member] | CEO [Member]
Related Party [Line Items]
Accrued expenses							$ 211,750

Subsequent Events (Details)	6 Months Ended
	Dec. 31, 2023 USD ($) shares	Jan. 17, 2024 USD ($) $ / shares shares	Dec. 31, 2023 kr / shares	Jun. 30, 2023 USD ($) shares
Subsequent Event [Line Items]
Common stock, shares issued | shares	5,092,814,633			4,821,298,283
Common stock, value | $	$ 5,092,815			$ 4,821,298
Purchase price | kr / shares			kr 5.0868
Subsequent event, description	On January 30, 2024, the Company’s Board of Directors authorized, and the Company entered into rescission agreements with certain individuals for the cancellation of an aggregate of 51,500,000 restricted stock awards including, an aggregate of 41,500,000 shares of common stock that had vested and were issued pursuant to the restricted stock awards. Also, on January 30, 2024, the Company’s board of directors issued an aggregate of 103,000,000 options to purchase shares of common stock of the Company at an exercise price of $0.012 which options vested immediately upon grant and have a term of six years from the date of grant.
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares		35,931,341
Common stock, value | $		$ 350,000
Purchase price | $ / shares		$ 0.0097408

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