Notes Payable (Details) - Convertible Debt (Parentheticals) - Notes Payable, Other Payables [Member] - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 04, 2022 |
Dec. 21, 2021 |
Dec. 01, 2021 |
Feb. 28, 2022 |
Feb. 28, 2022 |
|
Debenture 1 [Member] | |||||
Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items] | |||||
Amount | $ 250,000 | ||||
Interest payable | payable quarterly commencing six months after issuance | ||||
Interest Rate | 15.00% | ||||
Maturity | Jul. 10, 2024 | ||||
Warrants (in Shares) | 303,030 | ||||
Exercise Price (in Dollars per share) | $ 0.4125 | ||||
Payments | The Company shall make additional quarterly payments under Debenture 1 beginning 90 days after the end of its first fiscal quarter after January 10, 2025, and for the next five years, on an annual basis, equal to the greater of (a) 15% of the original principal amount, or (b) the purchaser’s pro rata portion of 5% of the distributions the Company receives as a result of the Quinn River Joint Venture during the prior fiscal year. | ||||
Discount recorded | $ 17,223 | ||||
Discount charged to operations | $ 1,667 | $ 1,667 | |||
Original issue discount | $ 187,500 | ||||
original issue discount was charged to operations | 18,145 | 18,145 | |||
Accrued interest | 9,375 | 9,375 | |||
Debenture 2 [Member] | |||||
Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items] | |||||
Amount | $ 250,000 | ||||
Interest payable | payable quarterly commencing six months after issuance | ||||
Interest Rate | 15.00% | ||||
Maturity | Jul. 10, 2024 | ||||
Warrants (in Shares) | 303,030 | ||||
Exercise Price (in Dollars per share) | $ 0.4125 | ||||
Payments | The Company shall make additional quarterly payments under Debenture 2 beginning 90 days after the end of its first fiscal quarter after January 10, 2025, and for the next five years, on an annual basis, equal to the greater of (a) 15% of the original principal amount, or (b) the purchaser’s pro rata portion of 5% of the distributions the Company receives as a result of the Quinn River Joint Venture during the prior fiscal year. | ||||
Discount recorded | $ 10,428 | ||||
Discount charged to operations | 673 | 673 | |||
Original issue discount | 187,500 | ||||
original issue discount was charged to operations | 12,097 | 12,097 | |||
Accrued interest | 7,188 | 7,188 | |||
Debenture 3 [Member] | |||||
Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items] | |||||
Amount | $ 500,000 | ||||
Interest payable | payable quarterly commencing six months after issuance | ||||
Interest Rate | 15.00% | ||||
Maturity | Jul. 10, 2024 | ||||
Warrants (in Shares) | 303,030 | ||||
Exercise Price (in Dollars per share) | $ 0.4125 | ||||
Payments | The Company shall make additional quarterly payments under Debenture 3 beginning 90 days after the end of its first fiscal quarter after January 10, 2025, and for the next five years, on an annual basis, equal to the greater of (a) 15% of the original principal amount, or (b) the purchaser’s pro rata portion of 5% of the distributions the Company receives as a result of the Quinn River Joint Venture during the prior fiscal year. | ||||
Discount recorded | $ 19,335 | ||||
Discount charged to operations | 1,247 | 1,247 | |||
Original issue discount | $ 375,000 | ||||
original issue discount was charged to operations | 24,195 | 24,195 | |||
Accrued interest | 14,375 | 14,375 | |||
Debenture 4 [Member] | |||||
Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items] | |||||
Amount | $ 500,000 | ||||
Interest payable | payable quarterly commencing six months after issuance | ||||
Interest Rate | 15.00% | ||||
Maturity | Jul. 10, 2024 | ||||
Warrants (in Shares) | 606,061 | ||||
Exercise Price (in Dollars per share) | $ 0.4125 | ||||
Payments | The Company shall make additional quarterly payments under Debenture 4 beginning 90 days after the end of its first fiscal quarter after January 10, 2025, and for the next five years, on an annual basis, equal to the greater of (a) 15% of the original principal amount, or (b) the purchaser’s pro rata portion of 5% of the distributions the Company receives as a result of the Quinn River Joint Venture during the prior fiscal year. | ||||
Discount recorded | $ 17,154 | ||||
Discount charged to operations | 572 | 572 | |||
Original issue discount | 375,000 | ||||
original issue discount was charged to operations | 12,500 | 12,500 | |||
Accrued interest | 11,667 | 11,667 | |||
Debenture 5 [Member] | |||||
Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items] | |||||
Amount | $ 500,000 | ||||
Interest payable | payable quarterly commencing six months after issuance | ||||
Interest Rate | 15.00% | ||||
Maturity | Jul. 10, 2024 | ||||
Warrants (in Shares) | 606,061 | ||||
Exercise Price (in Dollars per share) | $ 0.4125 | ||||
Payments | The Company shall make additional quarterly payments under Debenture 5 beginning 90 days after the end of its first fiscal quarter after January 10, 2025, and for the next five years, on an annual basis, equal to the greater of (a) 15% of the original principal amount, or (b) the purchaser’s pro rata portion of 5% of the distributions the Company receives as a result of the Quinn River Joint Venture during the prior fiscal year. | ||||
Discount recorded | $ 17,154 | ||||
Discount charged to operations | 572 | 572 | |||
Original issue discount | 375,000 | ||||
original issue discount was charged to operations | 12,500 | 12,500 | |||
Accrued interest | 11,667 | 11,667 | |||
Debenture 6 [Member] | |||||
Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items] | |||||
Amount | $ 500,000 | ||||
Interest payable | payable quarterly commencing six months after issuance | ||||
Interest Rate | 15.00% | ||||
Maturity | Jul. 10, 2024 | ||||
Warrants (in Shares) | 606,061 | ||||
Exercise Price (in Dollars per share) | $ 0.4125 | ||||
Payments | The Company shall make additional quarterly payments under Debenture 6 beginning 90 days after the end of its first fiscal quarter after January 10, 2025, and for the next five years, on an annual basis, equal to the greater of (a) 15% of the original principal amount, or (b) the purchaser’s pro rata portion of 5% of the distributions the Company receives as a result of the Quinn River Joint Venture during the prior fiscal year. | ||||
Discount recorded | $ 17,154 | ||||
Discount charged to operations | 572 | 572 | |||
Original issue discount | $ 375,000 | ||||
original issue discount was charged to operations | 12,500 | 12,500 | |||
Accrued interest | $ 11,667 | $ 11,667 |