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Life Clips, Inc. – ‘10-K’ for 6/30/18 – ‘EX-101.INS’

On:  Wednesday, 2/12/20, at 4:26pm ET   ·   For:  6/30/18   ·   Accession #:  1493152-20-2063   ·   File #:  0-55697

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/12/20  Life Clips, Inc.                  10-K        6/30/18   44:2.7M                                   M2 Compliance/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    422K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     21K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     17K 
40: R1          Document and Entity Information                     HTML     51K 
26: R2          Balance Sheets                                      HTML     71K 
14: R3          Balance Sheets (Parenthetical)                      HTML     37K 
34: R4          Statements of Operations                            HTML     84K 
39: R5          Statements of Changes in Shareholders' Deficit      HTML     78K 
25: R6          Statements of Cash Flows                            HTML     83K 
13: R7          Organization and Operations                         HTML     21K 
33: R8          Summary of Significant Accounting Policies          HTML     42K 
41: R9          Uncertainty of Ability to Continue as a Going       HTML     19K 
                Concern                                                          
30: R10         Notes Payable                                       HTML     20K 
37: R11         Convertible Debt                                    HTML     25K 
22: R12         Derivative Financial Instruments                    HTML     39K 
10: R13         Equity                                              HTML     27K 
31: R14         Income Tax Provision                                HTML     29K 
38: R15         Committments and Contingencies                      HTML     18K 
23: R16         Subsequent Events                                   HTML     24K 
11: R17         Summary of Significant Accounting Policies          HTML     73K 
                (Policies)                                                       
32: R18         Convertible Debt (Tables)                           HTML     22K 
36: R19         Derivative Financial Instruments (Tables)           HTML     41K 
20: R20         Income Tax Provision (Tables)                       HTML     27K 
16: R21         Uncertainty of Ability to Continue as a Going       HTML     18K 
                Concern (Details Narrative)                                      
28: R22         Notes Payable (Details Narrative)                   HTML     36K 
43: R23         Convertible Debt (Details Narrative)                HTML     27K 
21: R24         Convertible Debt - Schedule of Convertible Notes    HTML     52K 
                (Details)                                                        
17: R25         Derivative Financial Instruments - Schedule of      HTML     24K 
                Components of Derivative Liabilities (Details)                   
29: R26         Derivative Financial Instruments - Schedule of      HTML     40K 
                Significant Inputs and Results from Valuation                    
                Assumptions (Details)                                            
44: R27         Derivative Financial Instruments - Schedule of      HTML     27K 
                Changes in Fair Value Inputs and Assumptions                     
                Related to the Compound Embedded Derivatives                     
                (Details)                                                        
19: R28         Equity (Details Narrative)                          HTML     68K 
18: R29         Income Tax Provision (Details Narrative)            HTML     26K 
12: R30         Income Tax Provision - Schedule of Deferred Tax     HTML     24K 
                Assets (Details)                                                 
24: R31         Income Tax Provision - Schedule of Reconciliation   HTML     26K 
                of Income Taxes Computed at the Statutory Rate to                
                the Income Tax Amount Recorded (Details)                         
35: R32         Subsequent Events (Details Narrative)               HTML     51K 
42: XML         IDEA XML File -- Filing Summary                      XML     75K 
15: EXCEL       IDEA Workbook of Financial Reports                  XLSX     41K 
 4: EX-101.INS  XBRL Instance -- lclp-20180630                       XML    610K 
 6: EX-101.CAL  XBRL Calculations -- lclp-20180630_cal               XML    107K 
 7: EX-101.DEF  XBRL Definitions -- lclp-20180630_def                XML    253K 
 8: EX-101.LAB  XBRL Labels -- lclp-20180630_lab                     XML    648K 
 9: EX-101.PRE  XBRL Presentations -- lclp-20180630_pre              XML    406K 
 5: EX-101.SCH  XBRL Schema -- lclp-20180630                         XSD    129K 
27: ZIP         XBRL Zipped Folder -- 0001493152-20-002063-xbrl      Zip     75K

‘EX-101.INS’   —   XBRL Instance — lclp-20180630

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables summarize the components of the Company’s derivative liabilities and linked common shares as of June 30, 2018 and 2017 and the amounts that were reflected in income related to derivatives for the period ended:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2018</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">The financings giving rise to derivative financial instruments</font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Indexed <br /> Shares* <br /> (in millions)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Fair <br /> Values</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Embedded derivatives</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">24,432</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">9,284,352</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Derivative warrants</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">7</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">24,433</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,284,359</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*including principal and interest</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2017</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">The financings giving rise to derivative financial instruments</font></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Indexed <br /> Shares* <br /> (in millions)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Fair <br /> Values</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Embedded derivatives</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,526</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">2,957,598</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Derivative warrants</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,243</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,527</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,959,841</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*including principal and interest</p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1. ORGANIZATION AND OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Life Clips, Inc. (the “Company”) was incorporated in Wyoming on March 20, 2013 as Blue Sky Media Corporation and its principal business was developing, financing, producing and distributing motion pictures and related entertainment products. Following the Company’s October 2, 2015 acquisition of Klear Kapture, Inc. (“Klear Kapture”), the Company continued Klear Kapture’s business of developing a body camera and an auditable software solution suitable for use by law enforcement. The Company changed its name to Life Clips, Inc. on November 3, 2015 in order to better reflect its business operations at the time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 11, 2016, the Company completed its acquisition (the “Acquisition”) of all of the outstanding equity securities of Batterfly Energy Ltd. (“Batterfly”), an Israel-based corporation that develops and distributes a single-use, cordless battery under the brand name Mobeego for use with cellular phones and other mobile devices. Batterfly is now a wholly owned subsidiary of the Company. The Acquisition was completed pursuant to a Stock Purchase Agreement, dated as of June 10, 2016 (the “Purchase Agreement”), among the Company, Batterfly and all of the shareholders of Batterfly, as amended.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company is currently open to and pursuing alternative business opportunities.</p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Use of Estimates</u> – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and Cash equivalents – For financial statement presentation purposes, the Company considers all short-term investments with a maturity date of three months or less to be cash equivalents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Income Tax</u> – The Company accounts for income taxes under Accounting Standards Certifications (“ASC”) 740 “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Basic and Diluted Net Income (Loss) Per Share</u> – The Company computes net income (loss) per share in accordance with ASC 260 “Earnings Per Share” (“ASC 260”). ASC 260 requires presentation of both basic and diluted earnings per share “EPS’ on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares of common stock outstanding during the period. If applicable, diluted earnings per share assume the conversion, exercise or issuance of all common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Fair Value of Financial Instruments</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following are the hierarchical levels of inputs to measure fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 1 – Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 2 – Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.</font></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 3 – Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, accounts payable, accrued expenses and interest, deferred revenue, certain notes payable and notes payable – related party, approximate their fair values because of the short maturity of these instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for its derivative liabilities, at fair value, on a recurring basis under level 3 (See Note 6).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Embedded Conversion Features</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 “Debt with Conversion and Other Options” for consideration of any beneficial conversion feature.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Derivative Financial Instruments</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants, 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 as charges or credits to income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Debt Issue Costs and Debt Discount</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company may record debt issue costs and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid in the form of cash, or equity (such as warrants). These costs are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock Based Compensation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC 718 “Compensation Stock Compensation” prescribes accounting and reporting standards for all stock-based compensation plans payments award to employees, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights, which may be classified as either equity or liabilities. The Company should determine if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: (a) the option to settle by issuing equity instruments lacks commercial substance or (b) the present obligation is implied because of an entity’s past practices or stated policies. If a present obligation exists, the transaction should be recognized as a liability; otherwise, the transaction should be recognized as equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for stock-based compensation issued to nonemployees and consultants in accordance with the provisions of ASC 505-50 “Equity-Based Payments to Non-Employees”. Measurement of share-based payment transactions with nonemployees shall be based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction should be determined at the earlier of performance commitment date or performance completion date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Recognition of Revenues</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company recognized revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers”. The Company applies the following five steps in order to determine the appropriate amount of revenue recognized as it fulfills its obligations under each of its agreements:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">identify the contract with a customer;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">identify the performance obligations in the contract;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">determine the transaction price;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">allocate the transaction price to performance obligations in the contract; and</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">recognize revenue as the performance obligation is satisfied.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Reclassifications</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Certain amounts in the 2017 financial statements have been reclassified to conform to the current period financial presentation. These reclassifications had no effect on the previously reported net income, cash flows or shareholders’ deficit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Recently Issued Accounting Pronouncements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU 2016-02 “Leases (Topic 842)”- </i>In February 2016, the FASB issued ASU 2016-02, which will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the potential impact this standard will have on its financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>FASB ASU 2015-17 “Income Taxes (Topic 740)” - </i>In November 2015, the FASB issued ASU 2015-17, which simplifies the presentation of deferred tax assets and liabilities on the balance sheet. Previous GAAP required an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts on the balance sheet. The amendment requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The Company has adopted ASU 2015-17 as of July 1, 2017. Adopting this standard did not have a material impact on the Company’s financial statements or financial statement disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>FASB ASU 2015-11 “Inventory (Topic 330): Simplifying the Measurement of Inventory,” or ASU 2015-11 </i>- In July 2015, the FASB issued ASU 2015-11, which requires an entity to measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments apply to inventory that is measured using first-in, first-out (FIFO) or average cost. This ASU is effective for interim and annual reporting periods beginning after December 15, 2016, with the option to early adopt as of the beginning of an annual or interim period. The Company adopted ASU 2015-11 on July 1, 2017, the first day of the Company’s first quarter for the fiscal year ending June 30, 2018. Adoption of this standard did not have a material impact on the Company’s financial statements or financial statement disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>FASB ASU 2014-09 “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09 </i>- In May 2014, the FASB issued ASU 2014-09, which supersedes the revenue recognition requirements of Accounting Standards Codification, or ASC, Topic 605 “Revenue Recognition.” ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition model requires identifying the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of the performance obligations. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and change in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of the initial application along with additional disclosures. This ASU is effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. The Company adopted the new revenue guidance effective July 1, 2017. There was no material impact to the Company’s financial statements or financial statement disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><u>Subsequent Events </u>– The Company follows the guidance in ASC 855 “Subsequent Events” for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements are issued. Pursuant to ASU 2010-09 of the FASB ASC, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.</p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3. UNCERTAINTY OF ABILITY TO CONTINUE AS A GOING CONCERN</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, the Company has minimal revenues, net accumulated losses since inception and an accumulated deficit of $23,825,468. These factors raise doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on management funding operating costs. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p>
</us-gaap:SubstantialDoubtAboutGoingConcernTextBlock>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2017-07-01to2018-06-30">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 7. EQUITY</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Authorized Capital</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 4, 2017, the Company filed Articles of Restatement with the Wyoming Secretary of State authorizing 320,000,000 shares of common stock, par value $0.001 per share (the “Common Stock”) and 20,000,000 shares of Preferred Stock, par value $0.001 (the “Preferred Stock”). The Board may issue shares of Preferred Stock in one or more series and fix the rights, preferences and privileges thereof, including voting rights, terms of redemption, redemption prices, liquidation preferences, number of shares constituting any series or the designation of such series, without further vote or action by the stockholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 28, 2017, the Company filed Articles of Amendment to authorize an increase in the number of authorized shares of Common Stock from 300,000,000 to 800,000,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 28, 2017, the Company filed Articles of Amendment to authorize an increase in the number of authorized shares of Common Stock from 800,000,000 to 5,000,000,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Preferred Stock</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective as of May 19, 2017, the Company amended its Articles of Incorporation to designate 1,000,000 shares of preferred stock as Series A Preferred Stock, with a par value of $0.001 per share (the “Series A Stock”). Each share of Series A Stock ranks, with respect to dividend rights and rights upon liquidation, winding up or dissolution of the Company, the same as the common stock of the Company, par value $0.001 per share (the “Common Stock”) and is not entitled to any specific dividends or other distributions, other than those declared by the Board of Directors. Each share of Series A Stock has 100 votes on any matter submitted to the shareholders of the Company, and the Series A Stock votes together with the holders of the outstanding shares of all other capital stock of the Company (including the Common Stock and any other series of preferred stock then outstanding), and not as a separate class, series or voting group on any such matter. The Series A Preferred Stock is not transferrable by the holder, and may be redeemed by the Company at any time for the par value. In the event that the holder of Series A Preferred Stock who is an employee or officer of the Company leaves their position as an employee or officer of the Company for any reason, the Series A Preferred Stock held by that holder will be automatically cancelled and will revert to being authorized and unissued shares of Series A Preferred Stock. The Series A Stock is not convertible into any other class of shares of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 25, 2017, the Company issued 1,000,000 shares of Series A Stock to Victoria Rudman, the Company’s Chief Financial Officer, in return for services provided to the Company by Ms. Rudman and to ensure Ms. Rudman’s continued service to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective as of June 2, 2017, the Company amended its Articles of Incorporation by amending the Certificate of Designation for the Series A Stock to increase the number of votes that each share of Series A Stock has to 200 votes. Effective as of August 7, 2017, the Company again amended its Articles of Incorporation by amending the Certificate of Designation for the Series A Stock to increase the number of votes that each share of Series A Stock has to 400 votes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Stock and Incentive Plan</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 20, 2017, the Company adopted the Life Clips, Inc. 2017 Stock and Incentive Plan under which the Company may issue nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock grants and units, performance units and awards of cash. A maximum of 20,000,000 shares of common stock may be issued under the plan, representing in excess of 35% of the number of the Company’s currently outstanding shares. Awards under the plan will be made at the discretion of the Board of Directors, although no awards have been made to date. Accordingly, the Company cannot currently determine the amount of awards that will be made under the plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Warrants and Options</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At June 30, 2018 and 2017, the Company had 975,000 warrants outstanding, with a strike price of $0.40. No warrants were granted, forfeited or expired during the years ended June 30, 2018 and 2017. The weighted average remaining lives of the warrants were 0.84 and 1.84 at June 30, 2018 and 2017, respectively.</p>
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="From2017-07-01to2018-06-30">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 10. SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the guidance in Section 855-10-50 of the FASB ASC for the disclosure of subsequent events. The company will evaluate subsequent events through the date of the issuance of the financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 8, 2018, the Company entered into an 18% Convertible Promissory Note with Long Side Ventures LLC, an unaffiliated third party. The note was in a principal amount of $15,000, and is convertible at a price equal to fifty percent (50%) of the lowest trading price during the five-trading day period prior to the date of conversion. The note maturity date is August 8, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 24, 2018, the Company entered into an 18% Convertible Promissory Note with Long Side Ventures LLC, an unaffiliated third party. The note was in a principal amount of $5,000, and is convertible at a price equal to fifty percent (50%) of the lowest trading price during the five-trading day period prior to the date of conversion. The note maturity date is September 24, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 26, 2018, the Company entered into an 18% Convertible Promissory Note with Crest Ventures LLC, an unaffiliated third party. The note was in a principal amount of $5,000, and is convertible at a price equal to fifty percent (50%) of the lowest trading price during the five-trading day period prior to the date of conversion. The note maturity date is September 26, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 28, 2018, the Company entered into an 18% Convertible Promissory Note with Long Side Ventures LLC, an unaffiliated third party. The note was in a principal amount of $50,000, and is convertible at a price equal to fifty percent (50%) of the lowest trading price during the five-trading day period prior to the date of conversion. The note maturity date is November 28, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 11, 2017, the Company received a default notice related to a $500,000 promissory note (the “Batterfly Acquisition Note”) issued to the sellers of Batterfly Energy, Ltd. (“Batterfly”) as partial consideration for the Company’s July 11, 2017 acquisition of Batterfly. The Batterfly Acquisition Note required the Company to make a payment of $250,000 on October 6, 2017 and $250,000 on February 13, 2017. The default letter states that the Company failed to pay the $250,000 payment due on October 6, 2017, which began to accrue interest of 11% from October 6, 2017. In addition, the default notice states that the Company owes $20,000 in aggregate to two of the Batterfly shareholders related to consulting fees associated with the Batterfly acquisition. Finally, the default notice states that a payment of $250,000, as well as an additional payment of $20,000 must be paid by January 23, 2017. The Company filed a claim against the sellers of Batterfly with the London Court of International Arbitration (LCIA Arbitration No: 173692) and on September 7, 2017 the parties entered into a Stipulation for Stay of Arbitration in the matter as they seek to negotiate a settlement of their claim. The claim was settled during 2019 for which the Company agreed to issue 62,991,567 shares of common stock to the sellers of Batterfly. As of the date of this filing, the shares are still pending issuance.</p>
</us-gaap:SubsequentEventsTextBlock>
<us-gaap:ScheduleOfDebtTableTextBlock contextRef="From2017-07-01to2018-06-30">
<p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance at<br /> June 30, 2018</b></font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance at<br /> June 30, 2017</b></font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Due Date</b></font></td> <td style="text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest Rate at June 30, 2018</b></font></td> <td style="text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Conversion Terms</b></font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,931,806</font></td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,564,526</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">Range from<br /> 10/01/2017 to<br /> 04/18/2018</font></td> <td style="width: 1%"> </td> <td style="width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">Range from<br /> 3.85% to 22%</font></td> <td style="width: 1%"> </td> <td style="width: 37%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Conversion price equal to fifty percent (50%) of the lowest trading price during the twenty (20) trading day period prior to the date of conversion - $0.0001 at June 30, 2018, convertible into 19,318 million shares not including interest.</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">332,154</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">421,369</font></td> <td> </td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">Range from<br /> 06/10/17 to<br /> 03/30/18</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">10%</font></td> <td> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Conversion price equal to seventy five percent (75%) of the lowest trading price during the five (5) trading day period prior to the date of conversion - $0.0003 at June 30, 2018, convertible into 1,107 million shares not including interest.</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">90,000</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">60,000</font></td> <td> </td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">Range from<br /> 01/28/2018 to<br /> 05/01/2019</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">Range from<br /> 10% to 22%</font></td> <td> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Conversion price equal to fifty percent (50%) of the lowest trading price during the five (5) trading day period prior to the date of conversion - $0.0002 at June 30, 2018, convertible into 450 million shares not including interest.</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,353,960</b></font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,045,895</b></font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
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<us-gaap:Assets contextRef="AsOf2017-06-30" unitRef="USD" decimals="0"> 94736 </us-gaap:Assets>
<us-gaap:Assets contextRef="AsOf2018-06-30" unitRef="USD" decimals="0"> 8252 </us-gaap:Assets>
<us-gaap:AccountsReceivableNetCurrent contextRef="AsOf2017-06-30" unitRef="USD" decimals="0"> 3064 </us-gaap:AccountsReceivableNetCurrent>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Fair Value of Financial Instruments</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. 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These assumptions are required to be consistent with market participant assumptions that are reasonably available.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, accounts payable, accrued expenses and interest, deferred revenue, certain notes payable and notes payable – related party, approximate their fair values because of the short maturity of these instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for its derivative liabilities, at fair value, on a recurring basis under level 3 (See Note 6).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Embedded Conversion Features</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. 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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 4. NOTES PAYABLE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At June 30, 2018 and 2017, the Company had two notes payable in the amount of $530,000, with the following terms:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px"><font style="font: 10pt Times New Roman, Times, Serif">1.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Batterfly Acquisition Note required the Company to make two payments of $250,000 on October 6, 2017 and February 13, 2017. Upon failure to pay the payment due, the balance began to accrue at 11% interest per annum.</font></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">2.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On July 14, 2016, the Company issued a new promissory note to NUWA Group, LLC., from which the Company received $30,000 in gross proceeds, has a maturity date of October 14, 2016, and bears interest at 5% per annum. This promissory note does not have a conversion feature.</font></td></tr> </table> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>NOTE 8. INCOME TAX PROVISION</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due. 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A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law. The Company has completed the accounting for the effects of the Act during the year ended June 30, 2018. The Company’s financial statements for the year ended June 30, 2018 reflect certain effects of the Act, which includes a reduction in the corporate tax rate from 34% to 21% as well as other changes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At June 30, 2018, the Company has a net operating loss carry-forward of $23,825,468 available to offset future taxable income expiring through 2035. Utilization of future net operating losses may be limited due to potential ownership changes under Section 382 of the Internal Revenue Code.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of June 30, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The effects of temporary differences that gave rise to significant portions of deferred tax assets at June 30, 2018 and 2017 are approximately as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2018</font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2017</font></td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font: 10pt Times New Roman, Times, Serif">Net Operating Loss Carryforward</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,825,468</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 17%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,875,299</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Gross Deferred Tax Assets</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,003,348</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,397,602</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less Valuation Allowance</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,003,348</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,397,602</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total Deferred Tax Assets – Net</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A reconciliation of income taxes computed at the statutory rate to the income tax amount recorded is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Year ended June 30</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font: 10pt Times New Roman, Times, Serif">Income tax expense (benefit) at statutory rate</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,669,535</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">) </font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 17%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,556,398</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Tax Cuts and Job Act Impact</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,063,789</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Decrease in valuation allowance</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(394,254</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">) </font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,556,398</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">) </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Income tax expense</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had no gross unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. It has not accrued any interest or penalties associated with income taxes. The Company files income tax returns in the United States federal jurisdiction. With few exceptions, it is no longer subject to U.S. federal, state or non-U.S. income tax authorities on tax returns filed before January 31, 2012. No tax returns are currently under examination by tax authorities.</p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Recognition of Revenues</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company recognized revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers”. The Company applies the following five steps in order to determine the appropriate amount of revenue recognized as it fulfills its obligations under each of its agreements:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">identify the contract with a customer;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">identify the performance obligations in the contract;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">determine the transaction price;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">allocate the transaction price to performance obligations in the contract; and</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">recognize revenue as the performance obligation is satisfied.</font></td></tr> </table> <p style="margin: 0pt"></p>
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<us-gaap:RepaymentsOfDebt contextRef="From2017-02-12to2017-02-13_custom_BatterflyEnergyLTDMember" unitRef="USD" decimals="0"> 250000 </us-gaap:RepaymentsOfDebt>
<us-gaap:RepaymentsOfDebt contextRef="From2017-10-05to2017-10-06_custom_BatterflyAcquisitionNoteMember_custom_BatterflyEnergyLTDMember" unitRef="USD" decimals="0"> 250000 </us-gaap:RepaymentsOfDebt>
<us-gaap:RepaymentsOfDebt contextRef="From2017-02-12to2017-02-13_custom_BatterflyAcquisitionNoteMember_custom_BatterflyEnergyLTDMember" unitRef="USD" decimals="0"> 250000 </us-gaap:RepaymentsOfDebt>
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<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-06-30_custom_ConvertibleDebtTwoMember" unitRef="Percentage" decimals="INF"> 0.10 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-06-30_custom_BatterflyEnergyLTDMember" unitRef="Percentage" decimals="INF"> 0.11 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2016-07-14_custom_ConvertiblePromissoryNotesMember_custom_NUWAGroupLLCMember19518468" unitRef="Percentage" decimals="INF"> 0.05 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
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<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-06-30_custom_ConvertibleDebtOneMember_srt_MaximumMember" unitRef="Percentage" decimals="INF"> 0.22 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-06-30_custom_ConvertibleDebtThreeMember_srt_MinimumMember" unitRef="Percentage" decimals="INF"> 0.10 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-06-30_custom_ConvertibleDebtThreeMember_srt_MaximumMember" unitRef="Percentage" decimals="INF"> 0.22 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-09-24_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="Percentage" decimals="INF"> 0.18 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-09-26_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="Percentage" decimals="INF"> 0.18 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-11-28_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="Percentage" decimals="INF"> 0.18 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2017-01-11_custom_BatterflyAcquisitionNoteMember_custom_BatterflyEnergyLTDMember_custom_WhenFailedToPayThePaymentMember_custom_OctoberSixTwoThousandSeventeenMember" unitRef="Percentage" decimals="INF"> 0.11 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
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<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2016-07-14_custom_ConvertiblePromissoryNotesMember_custom_NUWAGroupLLCMember19518468" unitRef="USD" decimals="0"> 30000 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2018-09-24_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="USD" decimals="0"> 5000 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2018-09-26_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="USD" decimals="0"> 5000 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2018-11-28_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="USD" decimals="0"> 50000 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2017-01-11_custom_BatterflyAcquisitionNoteMember_custom_BatterflyEnergyLTDMember" unitRef="USD" decimals="0"> 500000 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2018-08-07to2018-08-08_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember"> 2019-08-08 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2016-07-13to2016-07-14_custom_NUWAGroupLLCMember"> 2016-10-14 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtOneMember_srt_MinimumMember"> 2017-10-01 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtOneMember_srt_MaximumMember"> 2018-04-18 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtThreeMember_srt_MinimumMember"> 2018-01-28 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtThreeMember_srt_MaximumMember"> 2019-05-01 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2018-09-23to2018-09-24_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember"> 2019-09-24 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2018-09-25to2018-09-26_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember"> 2019-09-26 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2018-11-27to2018-11-28_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember"> 2019-11-28 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtTwoMember_srt_MinimumMember"> 2017-06-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtTwoMember_srt_MaximumMember"> 2018-03-30 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentDescription contextRef="From2016-07-13to2016-07-14_custom_NUWAGroupLLCMember"> On July 14, 2016, the Company issued a new promissory note to NUWA Group, LLC., from which the Company received $30,000 in gross proceeds, has a maturity date of October 14, 2016, and bears interest at 5% per annum. </us-gaap:DebtInstrumentDescription>
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<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2018-06-30_custom_ConvertibleDebtThreeMember" unitRef="USDPShares" decimals="INF"> 0.0002 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
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<us-gaap:DebtInstrumentConvertibleThresholdTradingDays contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtOneMember" unitRef="Integer" decimals="INF"> 20 </us-gaap:DebtInstrumentConvertibleThresholdTradingDays>
<us-gaap:DebtInstrumentConvertibleThresholdTradingDays contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtTwoMember" unitRef="Days" decimals="INF"> 5 </us-gaap:DebtInstrumentConvertibleThresholdTradingDays>
<us-gaap:DebtInstrumentConvertibleThresholdTradingDays contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtThreeMember" unitRef="Days" decimals="INF"> 5 </us-gaap:DebtInstrumentConvertibleThresholdTradingDays>
<us-gaap:DebtInstrumentConvertibleThresholdTradingDays contextRef="From2018-09-23to2018-09-24_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="Integer" decimals="INF"> 5 </us-gaap:DebtInstrumentConvertibleThresholdTradingDays>
<us-gaap:DebtInstrumentConvertibleThresholdTradingDays contextRef="From2018-09-25to2018-09-26_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="Integer" decimals="INF"> 5 </us-gaap:DebtInstrumentConvertibleThresholdTradingDays>
<us-gaap:DebtInstrumentConvertibleThresholdTradingDays contextRef="From2018-11-27to2018-11-28_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="Integer" decimals="INF"> 5 </us-gaap:DebtInstrumentConvertibleThresholdTradingDays>
<us-gaap:DebtInstrumentConvertibleTermsOfConversionFeature contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtOneMember"> Conversion price equal to fifty percent (50%) of the lowest trading price during the twenty (20) trading day period prior to the date of conversion - $0.0001 at June 30, 2018, convertible into 19,318 million shares not including interest. </us-gaap:DebtInstrumentConvertibleTermsOfConversionFeature>
<us-gaap:DebtInstrumentConvertibleTermsOfConversionFeature contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtTwoMember"> Conversion price equal to seventy five percent (75%) of the lowest trading price during the five (5) trading day period prior to the date of conversion - $0.0003 at June 30, 2018, convertible into 1,107 million shares not including interest. </us-gaap:DebtInstrumentConvertibleTermsOfConversionFeature>
<us-gaap:DebtInstrumentConvertibleTermsOfConversionFeature contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtThreeMember"> Conversion price equal to fifty percent (50%) of the lowest trading price during the five (5) trading day period prior to the date of conversion - $0.0002 at June 30, 2018, convertible into 450 million shares not including interest. </us-gaap:DebtInstrumentConvertibleTermsOfConversionFeature>
<us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2017-07-01to2018-06-30" unitRef="USD" decimals="0"> 110000 </us-gaap:NetCashProvidedByUsedInFinancingActivities>
<us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2016-07-01to2017-06-30" unitRef="USD" decimals="0"> 1500034 </us-gaap:NetCashProvidedByUsedInFinancingActivities>
<us-gaap:AmortizationOfDebtDiscountPremium contextRef="From2017-07-01to2018-06-30" unitRef="USD" decimals="0"> 457686 </us-gaap:AmortizationOfDebtDiscountPremium>
<us-gaap:AmortizationOfDebtDiscountPremium contextRef="From2016-07-01to2017-06-30" unitRef="USD" decimals="0"> 2146527 </us-gaap:AmortizationOfDebtDiscountPremium>
<us-gaap:AmortizationOfDebtDiscountPremium contextRef="From2017-07-01to2018-06-30_us-gaap_ConvertibleDebtMember5000125" unitRef="USD" decimals="0"> 457686 </us-gaap:AmortizationOfDebtDiscountPremium>
<us-gaap:AmortizationOfDebtDiscountPremium contextRef="From2016-07-01to2017-06-30_us-gaap_ConvertibleDebtMember5000203" unitRef="USD" decimals="0"> 2146527 </us-gaap:AmortizationOfDebtDiscountPremium>
<us-gaap:PreferredStockVotingRights contextRef="From2017-06-01to2017-06-02_us-gaap_SeriesAPreferredStockMember"> Company amended its Articles of Incorporation by amending the Certificate of Designation for the Series A Stock to increase the number of votes that each share of Series A Stock has to 200 votes. </us-gaap:PreferredStockVotingRights>
<us-gaap:PreferredStockVotingRights contextRef="From2017-08-06to2017-08-07_us-gaap_SeriesAPreferredStockMember"> Company again amended its Articles of Incorporation by amending the Certificate of Designation for the Series A Stock to increase the number of votes that each share of Series A Stock has to 400 votes. </us-gaap:PreferredStockVotingRights>
<us-gaap:PreferredStockVotingRights contextRef="From2017-03-18to2017-03-19_us-gaap_SeriesAPreferredStockMember"> Each share of Series A Stock has 100 votes on any matter submitted to the shareholders of the Company, and the Series A Stock votes together with the holders of the outstanding shares of all other capital stock of the Company (including the Common Stock and any other series of preferred stock then outstanding), and not as a separate class, series or voting group on any such matter. </us-gaap:PreferredStockVotingRights>
<us-gaap:StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans contextRef="From2016-04-19to2016-04-20_custom_TwoThousandSixteenStockAndIncntivePlanMember" unitRef="Shares" decimals="INF"> 20000000 </us-gaap:StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans>
<LCLP:PercentageOnMaximumNumberOfOutstandingShares contextRef="From2016-04-19to2016-04-20_custom_TwoThousandSixteenStockAndIncntivePlanMember" unitRef="Percentage" decimals="INF"> 0.35 </LCLP:PercentageOnMaximumNumberOfOutstandingShares>
<us-gaap:DebtInstrumentMaturityDateDescription contextRef="From2017-07-01to2018-06-30"> Expiring through 2035 </us-gaap:DebtInstrumentMaturityDateDescription>
<us-gaap:OperatingLossCarryforwards contextRef="AsOf2017-06-30" unitRef="USD" decimals="0"> 15875299 </us-gaap:OperatingLossCarryforwards>
<us-gaap:OperatingLossCarryforwards contextRef="AsOf2018-06-30" unitRef="USD" decimals="0"> 23825468 </us-gaap:OperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsGross contextRef="AsOf2017-06-30" unitRef="USD" decimals="0"> 5397602 </us-gaap:DeferredTaxAssetsGross>
<us-gaap:DeferredTaxAssetsGross contextRef="AsOf2018-06-30" unitRef="USD" decimals="0"> 5003348 </us-gaap:DeferredTaxAssetsGross>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="AsOf2017-06-30" unitRef="USD" decimals="0"> 5397602 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="AsOf2018-06-30" unitRef="USD" decimals="0"> 5003348 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsNet contextRef="AsOf2017-06-30" unitRef="USD" xsi:nil="true"/>
<us-gaap:DeferredTaxAssetsNet contextRef="AsOf2018-06-30" unitRef="USD" xsi:nil="true"/>
<us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger contextRef="From2018-08-07to2018-08-08_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="Percentage" decimals="INF"> 0.50 </us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger>
<us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtOneMember" unitRef="Percentage" decimals="INF"> 0.50 </us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger>
<us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtTwoMember" unitRef="Percentage" decimals="INF"> 0.75 </us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger>
<us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtThreeMember" unitRef="Percentage" decimals="INF"> 0.50 </us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger>
<us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger contextRef="From2018-09-23to2018-09-24_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="Percentage" decimals="INF"> 0.50 </us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger>
<us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger contextRef="From2018-09-25to2018-09-26_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="Percentage" decimals="INF"> 0.50 </us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger>
<us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger contextRef="From2018-11-27to2018-11-28_us-gaap_SubsequentEventMember_custom_EighteenPercentageConvertiblePromissoryNotesMember_custom_LongSideVenturesLLCMember" unitRef="Percentage" decimals="INF"> 0.50 </us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2017-07-01to2018-06-30">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The effects of temporary differences that gave rise to significant portions of deferred tax assets at June 30, 2018 and 2017 are approximately as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2018</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2017</font></td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Net Operating Loss Carryforward</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">23,825,468</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">15,875,299</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Gross Deferred Tax Assets</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">5,003,348</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">5,397,602</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less Valuation Allowance</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,003,348</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,397,602</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total Deferred Tax Assets – Net</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2017-07-01to2018-06-30">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Recently Issued Accounting Pronouncements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU 2016-02 “Leases (Topic 842)”- </i>In February 2016, the FASB issued ASU 2016-02, which will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the potential impact this standard will have on its financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>FASB ASU 2015-17 “Income Taxes (Topic 740)” - </i>In November 2015, the FASB issued ASU 2015-17, which simplifies the presentation of deferred tax assets and liabilities on the balance sheet. Previous GAAP required an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts on the balance sheet. The amendment requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The Company has adopted ASU 2015-17 as of July 1, 2017. Adopting this standard did not have a material impact on the Company’s financial statements or financial statement disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>FASB ASU 2015-11 “Inventory (Topic 330): Simplifying the Measurement of Inventory,” or ASU 2015-11 </i>- In July 2015, the FASB issued ASU 2015-11, which requires an entity to measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments apply to inventory that is measured using first-in, first-out (FIFO) or average cost. This ASU is effective for interim and annual reporting periods beginning after December 15, 2016, with the option to early adopt as of the beginning of an annual or interim period. The Company adopted ASU 2015-11 on July 1, 2017, the first day of the Company’s first quarter for the fiscal year ending June 30, 2018. Adoption of this standard did not have a material impact on the Company’s financial statements or financial statement disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>FASB ASU 2014-09 “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09 </i>- In May 2014, the FASB issued ASU 2014-09, which supersedes the revenue recognition requirements of Accounting Standards Codification, or ASC, Topic 605 “Revenue Recognition.” ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition model requires identifying the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of the performance obligations. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and change in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of the initial application along with additional disclosures. This ASU is effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. The Company adopted the new revenue guidance effective July 1, 2017. There was no material impact to the Company’s financial statements or financial statement disclosures.</p>
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<us-gaap:BusinessCombinationSeparatelyRecognizedTransactionsNetGainsAndLosses contextRef="From2017-07-01to2018-06-30" unitRef="USD" xsi:nil="true"/>
<us-gaap:BusinessCombinationSeparatelyRecognizedTransactionsNetGainsAndLosses contextRef="From2016-07-01to2017-06-30" unitRef="USD" decimals="0"> -6223500 </us-gaap:BusinessCombinationSeparatelyRecognizedTransactionsNetGainsAndLosses>
<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2016-07-01to2017-06-30" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2016-07-01to2017-06-30_us-gaap_PreferredStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2016-07-01to2017-06-30_us-gaap_CommonStockMember" unitRef="USD" decimals="0"> -27617 </us-gaap:StockRepurchasedDuringPeriodValue>
<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2016-07-01to2017-06-30_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0"> 27617 </us-gaap:StockRepurchasedDuringPeriodValue>
<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2016-07-01to2017-06-30_us-gaap_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2016-07-01to2017-06-30_custom_CommonStockToBeIssuedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockRepurchasedDuringPeriodShares contextRef="From2016-07-01to2017-06-30_us-gaap_PreferredStockMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:StockRepurchasedDuringPeriodShares contextRef="From2016-07-01to2017-06-30_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF"> -27617226 </us-gaap:StockRepurchasedDuringPeriodShares>
<LCLP:ConsultingFees contextRef="From2017-07-01to2018-06-30" unitRef="USD" xsi:nil="true"/>
<LCLP:ConsultingFees contextRef="From2016-07-01to2017-06-30" unitRef="USD" decimals="0"> 15000 </LCLP:ConsultingFees>
<LCLP:CommonStockIssuable contextRef="AsOf2017-06-30" unitRef="USD" decimals="0"> 45082 </LCLP:CommonStockIssuable>
<LCLP:CommonStockIssuable contextRef="AsOf2018-06-30" unitRef="USD" decimals="0"> 89482 </LCLP:CommonStockIssuable>
<us-gaap:CommitmentsAndContingencies contextRef="AsOf2017-06-30" unitRef="USD" xsi:nil="true"/>
<us-gaap:CommitmentsAndContingencies contextRef="AsOf2018-06-30" unitRef="USD" xsi:nil="true"/>
<LCLP:PreferredStockIncreaseInNumberOfVotes contextRef="From2017-06-01to2017-06-02_us-gaap_SeriesAPreferredStockMember" unitRef="Integer" decimals="INF"> 200 </LCLP:PreferredStockIncreaseInNumberOfVotes>
<LCLP:PreferredStockIncreaseInNumberOfVotes contextRef="From2017-08-06to2017-08-07_us-gaap_SeriesAPreferredStockMember" unitRef="Integer" decimals="INF"> 400 </LCLP:PreferredStockIncreaseInNumberOfVotes>
<LCLP:PreferredStockIncreaseInNumberOfVotes contextRef="From2017-03-18to2017-03-19_us-gaap_SeriesAPreferredStockMember" unitRef="Integer" decimals="INF"> 100 </LCLP:PreferredStockIncreaseInNumberOfVotes>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 5. CONVERTIBLE DEBT</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Convertible Notes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance at<br /> June 30, 2018</b></font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance at<br /> June 30, 2017</b></font></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Due Date</b></font></td> <td style="text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest Rate at June 30, 2018</b></font></td> <td style="text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Conversion Terms</b></font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,931,806</font></td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,564,526</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">Range from<br /> 10/01/2017 to<br /> 04/18/2018</font></td> <td style="width: 1%"> </td> <td style="width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">Range from<br /> 3.85% to 22%</font></td> <td style="width: 1%"> </td> <td style="width: 37%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Conversion price equal to fifty percent (50%) of the lowest trading price during the twenty (20) trading day period prior to the date of conversion - $0.0001 at June 30, 2018, convertible into 19,318 million shares not including interest.</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">332,154</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">421,369</font></td> <td> </td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">Range from<br /> 06/10/17 to<br /> 03/30/18</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">10%</font></td> <td> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Conversion price equal to seventy five percent (75%) of the lowest trading price during the five (5) trading day period prior to the date of conversion - $0.0003 at June 30, 2018, convertible into 1,107 million shares not including interest.</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">90,000</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">60,000</font></td> <td> </td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">Range from<br /> 01/28/2018 to<br /> 05/01/2019</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">Range from<br /> 10% to 22%</font></td> <td> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Conversion price equal to fifty percent (50%) of the lowest trading price during the five (5) trading day period prior to the date of conversion - $0.0002 at June 30, 2018, convertible into 450 million shares not including interest.</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,353,960</b></font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,045,895</b></font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluated the convertible promissory notes under ASC 815 <i>Derivatives and Hedging</i> (“ASC 815”). ASC 815 generally requires the analysis of embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract. The material embedded derivative consists of the embedded conversion feature. The conversion option bears risks of equity which were not clearly and closely related to the host debt agreement and required bifurcation. See Note 6 for further discussion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Debt Discount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded the debt discount to the extent of the gross proceeds raised and expensed immediately the remaining fair value of the derivative liability, as it exceeded the gross proceeds of the note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The convertible notes had a debt discount of $60,219 and $407,905 as of June 30, 2018 and 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accumulated amortization of debt discount amounted to $457,686 and $2,146,527 for the years ended June 30, 2018 and 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Future Commitments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At June 30, 2018 and 2017, the Company has outstanding convertible debt of $2,353,960 and 2,045,895, respectively, which is currently due.</p>
</LCLP:ConvertibleDebtTextBlock>
<us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="From2017-07-01to2018-06-30">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 6 –DERIVATIVE FINANCIAL INSTRUMENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s convertible promissory notes and detachable warrants gave rise to derivative financial instruments. The notes embodied certain terms and conditions that were not clearly and closely related to the host debt agreement in terms of economic risks and characteristics. These terms and features consist of the embedded conversion option. Additionally, the detachable warrants contained terms and features that gave rise to derivative liability classification. As of June 30, 2018, the Company does not have enough authorized shares to settle all potential conversion and warrant transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables summarize the components of the Company’s derivative liabilities and linked common shares as of June 30, 2018 and 2017 and the amounts that were reflected in income related to derivatives for the period ended:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2018</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif">The financings giving rise to derivative financial instruments</font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Indexed<br /> Shares*<br /> (in millions)</font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Fair<br /> Values</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif">Embedded derivatives</font></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,432</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,284,352</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Derivative warrants</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,433</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,284,359</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*including principal and interest</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2017</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif">The financings giving rise to derivative financial instruments</font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Indexed<br /> Shares*<br /> (in millions)</font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Fair<br /> Values</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif">Embedded derivatives</font></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,526</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,957,598</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Derivative warrants</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,243</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,527</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,959,841</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*including principal and interest</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current accounting principles that are provided in ASC 815 - <i>Derivatives and Hedging</i> require derivative financial instruments to be classified in liabilities and carried at fair value with changes recorded in income. The Company has selected the Binomial Lattice Model, which approximates the Monte Carlo Simulations, valuation technique to fair value the compound embedded derivative because it believes that this technique is reflective of all significant assumption types, and ranges of assumption inputs, that market participants would likely consider in transactions involving compound embedded derivatives. Such assumptions include, among other inputs, interest risk assumptions, credit risk assumptions and redemption behaviors in addition to traditional inputs for option models such as market trading volatility and risk-free rates. The Binomial Lattice Model technique is a level three valuation technique because it requires the development of significant internal assumptions in addition to observable market indicators.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Significant inputs and results arising from the Binomial Lattice Model process are as follows for the embedded derivatives that have been bifurcated from the convertible notes and classified in liabilities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2018</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2017</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif">Quoted market price on valuation date</font></td> <td style="width: 2%"> </td> <td style="width: 18%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.0005</font></td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.0024</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Range of effective contractual conversion rates</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.0001 - $0.0003</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.0010 - $0.0018</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Contractual term to maturity</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">0 – 0.83 Years</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">0.10 – 2.87 Years</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Market volatility:</font></td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">210%</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">261%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2.15%</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">0.71%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has selected the Black Scholes Merton valuation technique to fair value the detachable warrants because it believes that this technique is reflective of all significant assumption types, and ranges of assumption inputs, that market participants would likely consider in transactions involving compound embedded derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Significant inputs and results arising from the Black Scholes Merton process are as follows for the detachable warrants classified in liabilities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2018</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2017</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif">Quoted market price on valuation date</font></td> <td style="width: 2%"> </td> <td style="width: 18%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.0005</font></td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.0024</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Contractual strike price</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.40</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.40</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Contractual term to maturity</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">0.82 - 0.87 Years</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">1.82 – 1.87 Years</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Market volatility:</font></td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">210%</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">261%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2.15%</font></td> <td> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">0.71%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table reflects the issuances of compound embedded derivatives and detachable warrants and changes in fair value inputs and assumptions related to the compound embedded derivatives during the years ended June 30, 2018 and 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended<br /> June 30, 2018</font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended<br /> June 30, 2017</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif">Balances at beginning of year</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,959,841</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,143,189</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Issuances:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font: 10pt Times New Roman, Times, Serif">Embedded derivatives</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">443,639</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,553,938</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font: 10pt Times New Roman, Times, Serif">Detachable warrants</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Conversions:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font: 10pt Times New Roman, Times, Serif">Embedded derivatives</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(210,272</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">) </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,324,568</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font: 10pt Times New Roman, Times, Serif">Detachable warrants</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Changes in fair value inputs and assumptions reflected in income</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,091,151</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(16,392,718</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balances at end of year</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,284,359</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,959,841</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2017-07-01to2018-06-30">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 9. COMMITTMENTS AND CONTINGENCIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, the Company may be a part to other legal proceedings. Management currently believes that the ultimate resolution of these matters, and after consideration of amount accrued, will not have a material adverse effect on consolidated results of operations, financial position, or cash flow.</p>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:PriorPeriodReclassificationAdjustmentDescription contextRef="From2017-07-01to2018-06-30">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Reclassifications</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Certain amounts in the 2017 financial statements have been reclassified to conform to the current period financial presentation. These reclassifications had no effect on the previously reported net income, cash flows or shareholders’ deficit.</p>
</us-gaap:PriorPeriodReclassificationAdjustmentDescription>
<us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock contextRef="From2017-07-01to2018-06-30_custom_ConvertibleNotesMember191199734">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Significant inputs and results arising from the Binomial Lattice Model process are as follows for the embedded derivatives that have been bifurcated from the convertible notes and classified in liabilities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2018</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2017</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Quoted market price on valuation date</font></td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: center"><font style="font-size: 10pt">$0.0005</font></td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: center"><font style="font-size: 10pt">$0.0024</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Range of effective contractual conversion rates</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">$0.0001 - $0.0003</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">$0.0010 - $0.0018</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Contractual term to maturity</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">0 – 0.83 Years</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">0.10 – 2.87 Years</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Market volatility:</font></td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Volatility</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">210%</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">261%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">2.15%</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">0.71%</font></td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock>
<us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock contextRef="From2017-07-01to2018-06-30_custom_WarrantsMember">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Significant inputs and results arising from the Black Scholes Merton process are as follows for the detachable warrants classified in liabilities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2018</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2017</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Quoted market price on valuation date</font></td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: center"><font style="font-size: 10pt">$0.0005</font></td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: center"><font style="font-size: 10pt">$0.0024</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Contractual strike price</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">$0.40</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">$0.40</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Contractual term to maturity</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">0.82 - 0.87 Years</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">1.82 – 1.87 Years</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Market volatility:</font></td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Volatility</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">210%</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">261%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">2.15%</font></td> <td> </td> <td style="text-align: center"><font style="font-size: 10pt">0.71%</font></td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock>
<LCLP:ScheduleOfChangesInFairValueInputsAndAssumptionsRelatedToCompoundEmbeddedDerivatives contextRef="From2017-07-01to2018-06-30">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table reflects the issuances of compound embedded derivatives and detachable warrants and changes in fair value inputs and assumptions related to the compound embedded derivatives during the years ended June 30, 2018 and 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Year Ended <br /> June 30, 2018</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Year Ended <br /> June 30, 2017</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Balances at beginning of year</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">2,959,841</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">20,143,189</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Issuances:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Embedded derivatives</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">443,639</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">2,553,938</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Detachable warrants</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Conversions:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Embedded derivatives</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(210,272</font></td> <td><font style="font-size: 10pt">) </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(3,324,568</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Detachable warrants</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Changes in fair value inputs and assumptions reflected in income</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,091,151</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(16,392,718</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Balances at end of year</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,284,359</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,959,841</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="margin: 0pt"></p>
</LCLP:ScheduleOfChangesInFairValueInputsAndAssumptionsRelatedToCompoundEmbeddedDerivatives>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="From2017-07-01to2018-06-30">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A reconciliation of income taxes computed at the statutory rate to the income tax amount recorded is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Year ended June 30</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Income tax expense (benefit) at statutory rate</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">(1,669,535</font></td> <td style="width: 1%"><font style="font-size: 10pt">) </font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">1,556,398</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Tax Cuts and Job Act Impact</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">2,063,789</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Decrease in valuation allowance</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(394,254</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">) </font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,556,398</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">) </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Income tax expense</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:DebtConversionConvertedInstrumentSharesIssued1 contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtOneMember" unitRef="Shares" decimals="INF"> 19318000000 </us-gaap:DebtConversionConvertedInstrumentSharesIssued1>
<us-gaap:DebtConversionConvertedInstrumentSharesIssued1 contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtTwoMember" unitRef="Shares" decimals="INF"> 1107000000 </us-gaap:DebtConversionConvertedInstrumentSharesIssued1>
<us-gaap:DebtConversionConvertedInstrumentSharesIssued1 contextRef="From2017-07-01to2018-06-30_custom_ConvertibleDebtThreeMember" unitRef="Shares" decimals="INF"> 450000000 </us-gaap:DebtConversionConvertedInstrumentSharesIssued1>
<LCLP:DerivativeLiabilitiesShares contextRef="AsOf2017-06-30" unitRef="Shares" id="Foot-00-0" decimals="INF"> 1527 </LCLP:DerivativeLiabilitiesShares>
<LCLP:DerivativeLiabilitiesShares contextRef="AsOf2018-06-30" unitRef="Shares" id="Foot-00-1" decimals="INF"> 24433 </LCLP:DerivativeLiabilitiesShares>
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<LCLP:DerivativeLiabilitiesShares contextRef="AsOf2017-06-30_custom_DerivativeWarrantsMember" unitRef="Shares" id="Foot-00-5" decimals="INF"> 1 </LCLP:DerivativeLiabilitiesShares>
<us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="AsOf2017-06-30" unitRef="USD" decimals="0"> 2959841 </us-gaap:DerivativeFairValueOfDerivativeLiability>
<us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="AsOf2018-06-30" unitRef="USD" decimals="0"> 9284359 </us-gaap:DerivativeFairValueOfDerivativeLiability>
<us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="AsOf2018-06-30_custom_EmbeddedDerivativesMember" unitRef="USD" decimals="0"> 9284352 </us-gaap:DerivativeFairValueOfDerivativeLiability>
<us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="AsOf2018-06-30_custom_DerivativeWarrantsMember" unitRef="USD" decimals="0"> 7 </us-gaap:DerivativeFairValueOfDerivativeLiability>
<us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="AsOf2017-06-30_custom_EmbeddedDerivativesMember" unitRef="USD" decimals="0"> 2957598 </us-gaap:DerivativeFairValueOfDerivativeLiability>
<us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="AsOf2017-06-30_custom_DerivativeWarrantsMember" unitRef="USD" decimals="0"> 2243 </us-gaap:DerivativeFairValueOfDerivativeLiability>
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<us-gaap:EmbeddedDerivativeLiabilityMeasurementInput contextRef="AsOf2017-06-30_custom_ConvertibleNotesMember_us-gaap_MeasurementInputConversionPriceMember_srt_MinimumMember" unitRef="Integer" decimals="INF"> 0.0010 </us-gaap:EmbeddedDerivativeLiabilityMeasurementInput>
<us-gaap:EmbeddedDerivativeLiabilityMeasurementInput contextRef="AsOf2018-06-30_custom_ConvertibleNotesMember_us-gaap_MeasurementInputPriceVolatilityMember" unitRef="Percentage" decimals="INF"> 210 </us-gaap:EmbeddedDerivativeLiabilityMeasurementInput>
<us-gaap:EmbeddedDerivativeLiabilityMeasurementInput contextRef="AsOf2018-06-30_custom_ConvertibleNotesMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" unitRef="Percentage" decimals="INF"> 2.15 </us-gaap:EmbeddedDerivativeLiabilityMeasurementInput>
<us-gaap:EmbeddedDerivativeLiabilityMeasurementInput contextRef="AsOf2018-06-30_custom_ConvertibleNotesMember_us-gaap_MeasurementInputConversionPriceMember_srt_MinimumMember" unitRef="Integer" decimals="INF"> 0.0001 </us-gaap:EmbeddedDerivativeLiabilityMeasurementInput>
<us-gaap:EmbeddedDerivativeLiabilityMeasurementInput contextRef="AsOf2018-06-30_custom_ConvertibleNotesMember_us-gaap_MeasurementInputConversionPriceMember_srt_MaximumMember" unitRef="Integer" decimals="INF"> 0.0003 </us-gaap:EmbeddedDerivativeLiabilityMeasurementInput>
<us-gaap:EmbeddedDerivativeLiabilityMeasurementInput contextRef="AsOf2017-06-30_custom_ConvertibleNotesMember_us-gaap_MeasurementInputQuotedPriceMember" unitRef="Integer" decimals="INF"> 0.0024 </us-gaap:EmbeddedDerivativeLiabilityMeasurementInput>
<us-gaap:EmbeddedDerivativeLiabilityMeasurementInput contextRef="AsOf2017-06-30_custom_ConvertibleNotesMember_us-gaap_MeasurementInputPriceVolatilityMember" unitRef="Integer" decimals="INF"> 261 </us-gaap:EmbeddedDerivativeLiabilityMeasurementInput>
<us-gaap:EmbeddedDerivativeLiabilityMeasurementInput contextRef="AsOf2017-06-30_custom_ConvertibleNotesMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" unitRef="Integer" decimals="INF"> 0.71 </us-gaap:EmbeddedDerivativeLiabilityMeasurementInput>
<us-gaap:EmbeddedDerivativeLiabilityMeasurementInput contextRef="AsOf2017-06-30_custom_ConvertibleNotesMember_us-gaap_MeasurementInputConversionPriceMember_srt_MaximumMember" unitRef="Integer" decimals="INF"> 0.0018 </us-gaap:EmbeddedDerivativeLiabilityMeasurementInput>
<LCLP:EmbeddedDerivativesFairValueAssumptionsMeasurementInputTerm contextRef="From2017-07-01to2018-06-30_custom_ConvertibleNotesMember_srt_MinimumMember"> P0Y0M0D </LCLP:EmbeddedDerivativesFairValueAssumptionsMeasurementInputTerm>
<LCLP:EmbeddedDerivativesFairValueAssumptionsMeasurementInputTerm contextRef="From2017-07-01to2018-06-30_custom_ConvertibleNotesMember_srt_MaximumMember"> P0Y9M29D </LCLP:EmbeddedDerivativesFairValueAssumptionsMeasurementInputTerm>
<LCLP:EmbeddedDerivativesFairValueAssumptionsMeasurementInputTerm contextRef="From2016-07-01to2017-06-30_custom_ConvertibleNotesMember_srt_MinimumMember"> P0Y1M6D </LCLP:EmbeddedDerivativesFairValueAssumptionsMeasurementInputTerm>
<LCLP:EmbeddedDerivativesFairValueAssumptionsMeasurementInputTerm contextRef="From2016-07-01to2017-06-30_custom_ConvertibleNotesMember_srt_MaximumMember"> P2Y10M14D </LCLP:EmbeddedDerivativesFairValueAssumptionsMeasurementInputTerm>
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<us-gaap:WarrantsAndRightsOutstandingMeasurementInput contextRef="AsOf2018-06-30_custom_WarrantsMember_us-gaap_MeasurementInputSharePriceMember" unitRef="Integer" decimals="INF"> 0.40 </us-gaap:WarrantsAndRightsOutstandingMeasurementInput>
<us-gaap:WarrantsAndRightsOutstandingMeasurementInput contextRef="AsOf2018-06-30_custom_WarrantsMember_us-gaap_MeasurementInputPriceVolatilityMember" unitRef="Percentage" decimals="INF"> 210 </us-gaap:WarrantsAndRightsOutstandingMeasurementInput>
<us-gaap:WarrantsAndRightsOutstandingMeasurementInput contextRef="AsOf2018-06-30_custom_WarrantsMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" unitRef="Percentage" decimals="INF"> 2.15 </us-gaap:WarrantsAndRightsOutstandingMeasurementInput>
<us-gaap:WarrantsAndRightsOutstandingMeasurementInput contextRef="AsOf2017-06-30_custom_WarrantsMember_us-gaap_MeasurementInputQuotedPriceMember" unitRef="Integer" decimals="INF"> 0.0024 </us-gaap:WarrantsAndRightsOutstandingMeasurementInput>
<us-gaap:WarrantsAndRightsOutstandingMeasurementInput contextRef="AsOf2017-06-30_custom_WarrantsMember_us-gaap_MeasurementInputSharePriceMember" unitRef="Integer" decimals="INF"> 0.40 </us-gaap:WarrantsAndRightsOutstandingMeasurementInput>
<us-gaap:WarrantsAndRightsOutstandingMeasurementInput contextRef="AsOf2017-06-30_custom_WarrantsMember_us-gaap_MeasurementInputPriceVolatilityMember" unitRef="Percentage" decimals="INF"> 261 </us-gaap:WarrantsAndRightsOutstandingMeasurementInput>
<us-gaap:WarrantsAndRightsOutstandingMeasurementInput contextRef="AsOf2017-06-30_custom_WarrantsMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" unitRef="Percentage" decimals="INF"> 0.71 </us-gaap:WarrantsAndRightsOutstandingMeasurementInput>
<LCLP:WarrantssMeasurementInputTerm contextRef="From2017-07-01to2018-06-30_custom_WarrantsMember_srt_MinimumMember"> P0Y9M25D </LCLP:WarrantssMeasurementInputTerm>
<LCLP:WarrantssMeasurementInputTerm contextRef="From2017-07-01to2018-06-30_custom_WarrantsMember_srt_MaximumMember"> P0Y10M14D </LCLP:WarrantssMeasurementInputTerm>
<LCLP:WarrantssMeasurementInputTerm contextRef="From2016-07-01to2017-06-30_custom_WarrantsMember_srt_MinimumMember"> P1Y9M25D </LCLP:WarrantssMeasurementInputTerm>
<LCLP:WarrantssMeasurementInputTerm contextRef="From2016-07-01to2017-06-30_custom_WarrantsMember_srt_MaximumMember"> P1Y10M14D </LCLP:WarrantssMeasurementInputTerm>
<LCLP:IssuancesOfEmbeddedDerivatives contextRef="From2017-07-01to2018-06-30" unitRef="USD" decimals="0"> 443639 </LCLP:IssuancesOfEmbeddedDerivatives>
<LCLP:IssuancesOfEmbeddedDerivatives contextRef="From2016-07-01to2017-06-30" unitRef="USD" decimals="0"> 2553938 </LCLP:IssuancesOfEmbeddedDerivatives>
<LCLP:IssuancesOfDetachableWarrants contextRef="From2017-07-01to2018-06-30" unitRef="USD" xsi:nil="true"/>
<LCLP:IssuancesOfDetachableWarrants contextRef="From2016-07-01to2017-06-30" unitRef="USD" xsi:nil="true"/>
<LCLP:ConversionsOfEmbeddedDerivatives contextRef="From2017-07-01to2018-06-30" unitRef="USD" decimals="0"> -210272 </LCLP:ConversionsOfEmbeddedDerivatives>
<LCLP:ConversionsOfEmbeddedDerivatives contextRef="From2016-07-01to2017-06-30" unitRef="USD" decimals="0"> -3324568 </LCLP:ConversionsOfEmbeddedDerivatives>
<LCLP:ConversionsOfDetachableWarrants contextRef="From2017-07-01to2018-06-30" unitRef="USD" xsi:nil="true"/>
<LCLP:ConversionsOfDetachableWarrants contextRef="From2016-07-01to2017-06-30" unitRef="USD" xsi:nil="true"/>
<LCLP:ChangesInFairValueInputsAndAssumptionsReflectedInIncome contextRef="From2017-07-01to2018-06-30" unitRef="USD" decimals="0"> 6091151 </LCLP:ChangesInFairValueInputsAndAssumptionsReflectedInIncome>
<LCLP:ChangesInFairValueInputsAndAssumptionsReflectedInIncome contextRef="From2016-07-01to2017-06-30" unitRef="USD" decimals="0"> -16392718 </LCLP:ChangesInFairValueInputsAndAssumptionsReflectedInIncome>
<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="AsOf2017-06-30_us-gaap_WarrantMember" unitRef="Shares" decimals="INF"> 975000 </us-gaap:ClassOfWarrantOrRightOutstanding>
<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="AsOf2018-06-30_us-gaap_WarrantMember" unitRef="Shares" decimals="INF"> 975000 </us-gaap:ClassOfWarrantOrRightOutstanding>
<us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 contextRef="AsOf2017-06-30_us-gaap_WarrantMember" unitRef="USDPShares" decimals="INF"> 0.40 </us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1>
<us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 contextRef="AsOf2018-06-30_us-gaap_WarrantMember" unitRef="USDPShares" decimals="INF"> 0.40 </us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1>
<LCLP:DescriptionOfWarrants contextRef="From2017-07-01to2018-06-30_us-gaap_WarrantMember549586358"> No warrants were granted, forfeited or expired. </LCLP:DescriptionOfWarrants>
<LCLP:WeightedAverageRemainingLivesOfWarrants contextRef="From2017-07-01to2018-06-30_us-gaap_WarrantMember549586358"> P0Y10M3D </LCLP:WeightedAverageRemainingLivesOfWarrants>
<LCLP:WeightedAverageRemainingLivesOfWarrants contextRef="From2016-07-01to2017-06-30_us-gaap_WarrantMember"> P1Y10M3D </LCLP:WeightedAverageRemainingLivesOfWarrants>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="From2017-07-01to2018-06-30" unitRef="Percentage" decimals="INF"> 0.21 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<LCLP:IncomeTaxDescription contextRef="From2017-12-21to2017-12-22"> On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the "Act") resulting in significant modifications to existing law. The Company has completed the accounting for the effects of the Act during the year ended June 30, 2018. The Company's financial statements for the year ended June 30, 2018 reflect certain effects of the Act which includes a reduction in the corporate tax rate from 34% to 21% as well as other changes. </LCLP:IncomeTaxDescription>
<LCLP:IncomeTaxExpenseBenefitAtStatutoryRate contextRef="From2017-07-01to2018-06-30" unitRef="USD" decimals="0"> -1669535 </LCLP:IncomeTaxExpenseBenefitAtStatutoryRate>
<LCLP:IncomeTaxExpenseBenefitAtStatutoryRate contextRef="From2016-07-01to2017-06-30" unitRef="USD" decimals="0"> 1556398 </LCLP:IncomeTaxExpenseBenefitAtStatutoryRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Amount contextRef="From2017-07-01to2018-06-30" unitRef="USD" decimals="0"> 2063789 </us-gaap:EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Amount>
<us-gaap:EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Amount contextRef="From2016-07-01to2017-06-30" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="From2017-07-01to2018-06-30" unitRef="USD" decimals="0"> -394254 </us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="From2016-07-01to2017-06-30" unitRef="USD" decimals="0"> -1556398 </us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:DebtInstrumentFee contextRef="From2017-01-10to2017-01-11_custom_BatterflyAcquisitionNoteMember_custom_BatterflyEnergyLTDMember_custom_ShareholdersMember"> 20000 </us-gaap:DebtInstrumentFee>
<LCLP:PaymentNoticeDescription contextRef="From2017-01-10to2017-01-11_custom_BatterflyAcquisitionNoteMember_custom_BatterflyEnergyLTDMember_custom_ShareholdersMember"> Finally, the default notice states that a payment of $250,000, as well as an additional payment of $20,000 must be paid by January 23, 2017. </LCLP:PaymentNoticeDescription>
<LCLP:StockAgreedToIssuedDuringPeriodSharesAcquisitions contextRef="From2017-09-06to2017-09-07_custom_BatterflyEnergyLTDMember" unitRef="Shares" decimals="INF"> 62991567 </LCLP:StockAgreedToIssuedDuringPeriodSharesAcquisitions>
<us-gaap:LiabilitiesCurrent contextRef="AsOf2017-06-30" unitRef="USD" decimals="0"> 5876948 </us-gaap:LiabilitiesCurrent>
<us-gaap:LiabilitiesCurrent contextRef="AsOf2018-06-30" unitRef="USD" decimals="0"> 13264472 </us-gaap:LiabilitiesCurrent>
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<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-01" xml:lang="en-US"> Including principal and interest. </link:footnote>
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