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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2024

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

For the Transition Period from ____________ to . ____________

Commission File Number 000-56370

TEGO CYBER INC.

(Exact name of registrant as specified in its charter)

Nevada		84-2678167
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

8565 South Eastern Avenue, Suite 150

Las Vegas, Nevada, 89123

(Address of Principal Executive Offices) (Zip Code)

(855) 939-0100

(Registrant’s Telephone Number, Including Area Code)

Not applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class

Trading

Symbol(s)

Name of the principal U.S. market

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

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

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

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

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

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

As of May 17, 2024, there were 76,090,356 shares of common stock issued and outstanding, par value $0.001 per share.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information included in this Quarterly Report on Form 10-Q and other filings of the Registrant under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as information communicated orally or in writing between the dates of such filings, contains or may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements in this Quarterly Report on Form 10-Q, including without limitation, statements related to our plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are the availability of working capital to fund our operations, the competitive market in which we operate, the efficient and uninterrupted operation of our computer and communications systems, our ability to generate a profit and execute our business plan, the retention of key personnel, our ability to protect and defend our intellectual property, the effects of governmental regulation, and other risks identified in the Registrant’s filings with the Securities and Exchange Commission from time to time.

In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of such terms or other comparable terminology. Although the Registrant believes that the expectations reflected in the forward-looking statements contained herein are reasonable, the Registrant cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Registrant, nor any other person, assumes responsibility for the accuracy and completeness of such statements. The Registrant is under no duty to update any of the forward-looking statements contained herein after the date of this Quarterly Report on Form 10-Q.

TEGO CYBER INC.

FORM 10-Q

MARCH 31, 2024

INDEX

		Page
Part I – Financial Information
Item 1.	Financial Statements (Unaudited)	F-1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	4
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	9
Item 4.	Controls and Procedures	9

Part II – Other Information
Item 1.	Legal Proceedings	11
Item 1A.	Risk Factors	11
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	11
Item 3.	Defaults Upon Senior Securities	11
Item 4.	Mine Safety Disclosures	11
Item 5.	Other Information	11
Item 6.	Exhibits	12

Signatures		14

Certifications

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Information

Condensed Balance Sheets as of March 31, 2024 (Unaudited) and June 30, 2023 (Audited)		F-2

Condensed Statements of Operations for the Three and Nine Months Ended March 31, 2024 and the Three and Nine Months Ended March 31, 2023 (Unaudited)		F-3

Condensed Statements of Changes in Shareholders’ Equity (Deficit) for the Three and Nine Months Ended March 31, 2024 and the Three and Nine Months Ended March 31, 2023 (Unaudited)		F-4

Condensed Statements of Cash Flows for the Nine Months Ended March 31, 2024 and the Nine Months ended March 31, 2023 (Unaudited)		F-5

Notes to the Condensed Financial Statements for the Nine Months Ended March 31, 2024 and the Nine Months March 31, 2023 (Unaudited)		F-6

F-1

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TEGO CYBER INC.

CONDENSED BALANCE SHEETS

(Expressed in US Dollars)

	March 31, 2024 (Unaudited)			June 30, 2023
ASSETS
Current assets
Cash	$	69,284		$	181,246
Prepaid expenses (Note 5)		13,218			30,226
Total current assets		82,502			211,472
Other assets		25,000			25,000
TOTAL ASSETS	$	107,502		$	236,472

LIABILITIES & SHAREHOLDERS’ EQUITY (DEFICIT)
Accounts payable & accrued liabilities	$	480,787		$	129,273
Deferred revenue		33,962			-
Notes payable (Note 9)		1,020,000			891,694
TOTAL LIABILITIES		1,534,749			1,020,697

SHAREHOLDERS’ EQUITY (DEFICIT)
Common shares 100,000,000 shares authorized $0.001 par value 71,068,356 shares issued and outstanding at March 31, 2024 and 47,343,282 shares at June 30, 2023		71,068			47,343
Additional paid in capital		20,777,675			14,054,838
Accumulated deficit		(22,275,990	)		(14,886,676	)

TOTAL SHAREHOLDERS’ EQUITY (DEFICIT)		(1,427,247	)		(784,495	)

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY (DEFICIT)	$	107,502		$	236,472

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

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TEGO CYBER INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

(Expressed in US Dollars)

	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023			Nine Months Ended March 31, 2024			Nine Months Ended March 31, 2023
REVENUE
Subscription revenue	$	14,231		$	-		$	24,962		$	-
TOTAL REVENUE		-			-			24,962			-

OPERATING EXPENSES
General & administrative		652,640			2,178,610			2,469,866			3,863,450
Professional fees		27,530			379,264			104,230			532,444
Sales & marketing		15,516			69,228			73,109			305,416
TOTAL OPERATING EXPENSES		695,686			2,627,102			2,647,205			4,701,310

NET OPERATING LOSS		(681,455	)		(2,627,102	)		(2,622,243	)		(4,701,310	)

OTHER INCOME (EXPENSE)
Accretion expense		-			(146,461	)		(8,306	)		(682,812	)
Interest expense		-			(29,990	)		-			(64,709	)
Financing fees		(380,708	)		(2,050,804	)		(4,758,765	)		(2,050,804	)
TOTAL OTHER INCOME (EXPENSE)		(380,708	)		(2,227,255	)		(4,767,071	)		(2,798,325	)

NET LOSS	$	(1,062,163	)	$	(4,854,357	)	$	(7,389,314	)	$	(7,499,635	)
BASIC AND DILUTED LOSS PER COMMON SHARE	$	(0.02	)	$	(0.14	)	$	(0.13	)	$	(0.26	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		66,307,419			34,355,914			57,923,682			29,296,426

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

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TEGO CYBER INC.

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2024 AND 2023

(Unaudited)

(Expressed in US Dollars)

	Number of Shares		Common Stock		Additional Paid-In Capital		Subscription Receivable			Accumulated Deficit			Total Shareholder Equity
Balances, December 31, 2022		27,816,377	$	27,816	$	6,519,981	$	-		$	(6,793,562	)	$	(245,765	)
Shares issued as transaction costs for notes payable		2,233,333		2,234		221,120		-			-			223,354
Shares issued for services		3,500,000		3,500		1,796,500		-			-			1,800,000
Shares issued from private placements		7,670,000		7,670		759,330		-			-			767,000
Shares issued for debts		45,000		45		8,955		-			-			9,000
Share-based compensation		-		-		331,051		-			-			331,051
Warrants issued with notes payable		-		-		1,827,451		-			-			1,827,451
Net loss		-		-		-		-			(4,854,357	)		(4,854,357	)
Balances, March 31, 2023		41,264,710	$	41,265	$	11,464,388	$	-		$	(11,647,919	)	$	(142,266	)

Balances, December 31, 2023		61,446,616	$	61,446	$	19,857,586	$	(50,000	)	$	(21,213,827	)	$	(1,344,795	)
Shares issued for services		1,150,000		1,150		105,999		-			-			107,149
Shares issued from private placements		4,900,000		4,900		240,100		50,000			-			295,000
Shares issued for debt settlements		1,271,740		1,272		62,315		-						63,587
Share-based compensation		2,300,000		2,300		350,926		-			-			353,226
Share-based compensation - options		-		-		118,449		-			-			118,449
Warrant re-price for note extension		-		-		42,300		-			-			42,300
Net loss		-		-		-		-			(1,062,163	)		(1,062,163	)
Balances, March 31, 2024		71,068,356	$	71,068	$	20,777,675	$	-		$	(22,275,990	)	$	(1,427,247	)

Balances, June 30, 2022		25,508,044	$	25,508	$	4,586,049	$	-		$	(4,148,284	)	$	463,273
Shares issued as transaction costs for notes payable		3,766,666		3,767		452,605		-			-			456,372
Shares issued for services		3,775,000		3,775		1,933,725		-			-			1,937,500
Shares issued from private placements		8,170,000		8,170		808,830		-			-			817,000
Shares issued for debts		45,000		45		8,955		-			-			9,000
Share-based compensation		-		-		1,536,980		-			-			1,536,980
Warrants issued with notes payable		-		-		2,137,244		-			-			2,137,244
Net loss		-		-		-		-			(7,499,635	)		(7,499,635	)
Balances, March 31, 2023		41,264,710	$	41,265	$	11,464,388	$	-		$	(11,647,919	)	$	(142,266	)

Balances, June 30, 2023		47,343,282	$	47,343	$	14,054,838	$	-		$	(14,886,676	)	$	(784,495	)
Shares issued as transaction costs for notes payable		7,033,334		7,033		2,349,672		-			-			2,356,705
Shares issued for services		2,900,000		2,900		609,849		-			-			612,749
Shares issued from private placements		9,770,000		9,770		602,230		-			-			612,000
Shares issued for debt settlements		1,271,740		1,272		62,315		-						63,587
Share based compensation		2,750,000		2,750		679,209		-			-			681,959
Share based compensation - options		-		-		493,410		-			-			493,410
Warrants issued with notes payable		-		-		1,883,852		-			-			1,883,852
Warrant re-price for note extension		-		-		42,300		-			-			42,300
Net loss		-		-		-		-			(7,389,314	)		(7,389,314	)
Balances, March 31, 2024		71,068,356	$	71,068	$	20,777,675	$	-		$	(22,275,990	)	$	(1,427,247	)

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

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TEGO CYBER INC.

CONDENSED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023

(Unaudited)

(Expressed in US Dollars)

	Nine Months Ended March 31, 2024			Nine Months Ended March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$	(7,389,314	)	$	(7,499,635	)
Adjustments to reconcile net loss to net cash used in operating activities
Shares issued for services		612,749			1,937,500
Interest on short term debt		-			29,990
Amortization and depreciation		-			30,862
Accretion expense		8,306			682,812

Financing fees on settlement of default and extension		4,282,857			2,050,804
Penalty on debt		170,000			-
Share-based compensation		1,175,369			1,536,980
Changes in operating assets and liabilities:
Accounts receivable		-			1,150
Prepaid expenses		17,008			13,627
Accounts payable and accrued liabilities		415,101			26,692
Deferred revenue		33,962			-
NET CASH USED IN OPERATING ACTIVITIES		(673,962	)		(1,189,218	)

CASH FLOWS FROM INVESTING ACTIVITIES
Software		-			(244,151	)
NET CASH USED IN INVESTING ACTIVITIES		-			(244,151	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shares issued		612,000			817,000
Repayment of notes payable		(64,000	)		-
Cash received from issuance of notes payable		14,000			725,000
NET CASH PROVIDED BY FINANCING ACTIVITIES		562,000			1,542,000

NET INCREASE (DECREASE) IN CASH		(111,962	)		108,631
CASH AT BEGINNING OF THE PERIOD		181,246			47,742
CASH AT END OF THE PERIOD	$	69,284		$	156,373

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid for interest	$	30,990		$	12,666
Income taxes		-			-

NON-CASH TRANSACTIONS
Settlement of accounts payable	$	63,587		$	-

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

F-5

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TEGO CYBER INC.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

(Unaudited)

(Expressed in US Dollars)

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

Tego Cyber Inc. is an early-stage company which was incorporated in the State of Nevada on September 6, 2019. Our year end is June 30. We are a development stage enterprise. We are engaged in the business of the development and commercialization of innovative cybersecurity applications that help enterprises reduce risk, remediate cyber-attacks, and protect intellectual property and data.

Our principal office is located at 8565 South Eastern Avenue, Suite 150, Las Vegas, Nevada, 89123. Our telephone number is (855) 939-0100 and our general e-mail contact is info@tegocyber.com. Our website can be viewed at www.tegocyber.com.

NOTE 2 – BASIS OF PRESENTATION

The accompanying audited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). In the opinion of management, the financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the results for the period presented.

The accompanying financial statements have been prepared to present the balance sheets, the statements of operations, statements of changes in shareholders’ equity and the statements of cash flows of the Company for the nine month period ended March 31, 2024 and 2023. The accompanying audited financial statements have been prepared in accordance with US GAAP using Company-specific information where available and allocations and estimates where data is not maintained on a Company-specific basis within its books and records. Due to the allocations and estimates used to prepare the financial statements, they may not reflect the financial position, cash flows and results of operations of the Company in the future or its operations, cash flows and financial position.

The preparation of financial statements in accordance with US GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions and could have a material effect on the reported amounts of the Company’s financial position and results of operations.

NOTE 3 – GOING CONCERN UNCERTAINTY

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of the business. The Company has incurred material losses from operations and has an accumulated deficit. As of March 31, 2024, the Company had a working capital deficit of $1,452,247. For the nine months ended March 31, 2024, the Company sustained net losses of $7,389,314 and generated negative cash flows from operations of $673,962. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern. These adjustments could be material. The Company’s continuation as a going concern is contingent upon its ability to earn adequate revenues from operations and to obtain additional financing. There is no assurance that the Company will be able to obtain such financings or obtain them on favorable terms.

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NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to US GAAP and have been consistently applied in the preparation of these financial statements.

Basis of Preparation

The accompanying financial statements have been prepared to present the balance sheets, the statements of operations, statements of changes in shareholders’ equity and statements of cash flows of the Company for the nine months ended March 31, 2024 and 2023 and have been prepared in accordance with US GAAP.

Use of Estimates

In preparing financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those estimates.

Reclassification

Certain prior period amounts have been reclassified to conform to current period presentation.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and accounts receivable. As of March 31, 2024, substantially all of the Company’s cash was held by major financial institutions located in the United States, which management believes are of high credit quality. With respect to accounts receivable, the Company extended credit based on an evaluation of the customer’s financial condition. The Company generally did not require collateral for accounts receivable and maintained an allowance for doubtful accounts of accounts receivable if necessary.

Cash

Cash consists of cash held at major financial institutions and is subject to insignificant risk of changes in value.

Receivables and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at net realizable value and do not bear interest. No allowance for doubtful accounts was made during the nine months ended March 31, 2024 and 2023, based on management’s best estimate of the amount of probable credit losses in accounts receivable. The Company evaluates its allowance for doubtful accounts based upon knowledge of its customers and their compliance with credit terms. The evaluation process includes a review of customers’ accounts on a regular basis. The review process evaluates all account balances with amounts outstanding for more than 60 days and other specific amounts for which information obtained indicates that the balance may be uncollectible. As of March 31, 2024 and 2023, there was no allowance for doubtful accounts and the Company does not have any off-balance-sheet credit exposure related to its customers.

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Software

Software is stated at cost less accumulated amortization and is depreciated using the straight-line method over the estimated useful life of the asset. The estimated useful life of the asset is 5 years. During the three months ended March 31, 2024, all development costs were expensed as incurred as management determined the costs were associated with minor updates and upgrades that did not impact the overall carrying value of the underlying software.

Leases

The Company determines if an arrangement is a lease at inception. Operating and financing right-of-use assets and lease liabilities are included on the balance sheet. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate, based on the information available at the commencement date, in determining the present value of future lease payments. Right-of-use assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset. The lease terms may include options to extend or terminate the lease is it is reasonably certain the Company will exercise that option. The Company leases its corporate office located at 8565 S. Eastern Ave. #150, Las Vegas, Nevada. The initial lease term is for 12 months commencing on September 8, 2019 after which the term is on a month-to-month basis. After the initial term, the Company may cancel the lease agreement at any time by providing 30 days written notice. The Company has elected the short-term lease practical expedient of 12 months and has not recorded a lease.

Fair Value of Financial Instruments

Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, adopted January 1, 2008, defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The Company’s financial instruments include cash, current receivables and payables. These financial instruments are measured at their respective fair values. The three levels are defined as follows:

Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value.

For cash, accounts receivable, accounts payable and accrued liabilities and due to related parties, it is management’s opinion that the carrying values are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if applicable, their stated interest rate approximates current rates available.

For convertible debts, the carrying values, excluding any unamortized discounts, approximate the respective fair value. The convertible debts have been discounted to reflect their net present value as of September 30, 2023. The carrying values of embedded conversion features not considered to be derivative instruments were determined by allocating the remaining carrying value of the convertible debt after deducting the estimated carrying value of the liability portion.

Estimating fair value for warrants require determining the most appropriate valuation model which is dependent on the terms and conditions of the grant. This estimate requires determining the most appropriate inputs to the valuation model including the expected life of the warrant, volatility, dividend yield, and rate of forfeitures and making assumptions about them.

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Revenue Recognition

We derive revenue from the sale of Tego software subscriptions, and Tego TI intelligence feed subscriptions. We enter into contracts with customers that include promises to transfer various products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized when the promised goods or services are transferred to customers, in an amount that reflects the consideration allocated to the respective performance obligation. The following table shows our revenue by source for the periods indicated:

	Three Months Ended March 31,				Nine Months Ended March 31,
	2024		2023		2024		2023

Software	$	14,231	$	-	$	24,962	$	-

	$	14,231	$	-	$	24,962	$	-

Nature of Products

Our cloud-based offerings include Tego cyber threat detection and correlation software, and threat intelligence data feeds, developed for use by organizations from small to large. These cloud-based offerings provide customers with the right to use the hosted software over the contract period without taking possession of the software and are billed on either a subscription or consumption basis. Revenue related to our cloud-based offerings that are billed on a subscription basis is recognized ratably over the contract period. Revenue related to online offerings that are billed on a consumption basis is recognized when the customer consumes the related service.

Deferred Revenue

We record deferred revenue when we have entered into a contract with a customer and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes pursuant to ASC 740 “Income Taxes”. ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes and allows recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances are provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The provision for income taxes represents current taxes payable net of the change during the period in deferred tax assets and liabilities.

Earnings (Loss) per Share

Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. If applicable, diluted earnings (loss) per share assume the conversion, exercise or issuance of all common stock instruments unless the effect is to reduce a loss or increase earnings (loss) per share. Dilutive securities are not included in the weighted average number of shares when inclusion would be anti-dilutive. The following table summarizes the securities outstanding and exercisable, (regardless of exercise price) as of March 31, 2024 and 2023 that were excluded from the diluted net loss per share calculation because the effect of including these potential shares was antidilutive due to the Company’s net loss.

	2024		2023
Potentially dilutive common share equivalents
Options		1,200,000		1,200,000
Warrants		15,171,740		3,914,246
Performance Stock Units		2,700,000		4,000,000
Potentially dilutive shares outstanding		19,071,740		9,114,246

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Recently Issued Accounting Pronouncements

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock. For convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital, the embedded conversion features no longer are separated from the host contract. ASU 2020-06 also removes certain conditions that should be considered in the derivatives scope exception evaluation under Subtopic 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and clarify the scope and certain requirements under Subtopic 815-40. In addition, ASU 2020-06 improves the guidance related to the disclosures and earnings-per-share (EPS) for convertible instruments and contract in entity’s own equity. ASU 2020-06 is effective for public business entities that meet the definition of a SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company’s management is currently evaluating the impact this ASU will have on its financial statements.

Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.

NOTE 5 – PREPAID EXPENSES

Prepaid expense balance as of March 31, 2024 and June 30, 2023 consist of prepaid software development expenses.

NOTE 6 – SOFTWARE

The Company has completed the first version of its technology for integration with the Splunk SIEM platform. That product is now commercially available. The Company is currently developing versions of its application for integration with AWS Security Lake and Elastic SIEM platform.

During the year ended June 30, 2023, management identified indicators of impairment on its software and software under development. The indicators consisted of a current and historic cash flow loss from operations. As a result, management performed an impairment test that resulted in the recognition of an impairment loss of $646,271 on the software assets. The Company has no software assets recorded as of March 31, 2024.

NOTE 7 – RELATED PARTY TRANSACTIONS

Related party transactions are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. Related parties are natural persons or other entities that have the ability, directly, or indirectly, to control another party or exercise significant influence over the party in making financial and operating decisions. Related parties include other parties that are subject to common control or that are subject to common significant influences.

During the nine months ended March 31, 2024, there were transactions incurred between the Company and Shannon Wilkinson, a Director, Chief Technical Officer and former Chief Executive Officer (CEO) of the Company, for gross wages of $15,000 (March 31, 2023 - $90,000) and management fees of $80,504 (March 31, 2023 - $Nil).

During the nine months ended March 31, 2024, there were transactions incurred between the Company and Robert Mikkelsen, current CEO and CFO of the Company, for management fees of $47,500 (March 31, 2023 - $Nil).

During the nine months ended March 31, 2024, there were transactions incurred between the Company and Earl Johnson, former Chief Financial Officer (CFO) of the Company, for gross wages of $4,500 (March 31, 2023 - $27,000) and management fees of $4,500 (March 31, 2023 - $Nil).

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NOTE 8 – NOTES PAYABLE (convertible only at default)

The following table summarizes the Company’s notes payable as of March 31, 2024 and June 30, 2023.

Reference	Effective Date	Annual Interest Rate			Maturity Date	Principal Outstanding March 31, 2024		Principal Outstanding June 30, 2023
(a)	7/12/22		15	%	6/30/24	$	335,000	$	299,926
(b)	7/15/22		15	%	6/30/24		192,500		149,963
(c)	7/18/22		15	%	6/30/24		192,500		149,963
(d)	10/13/22		10	%	6/30/24		150,000		145,923
(e)	10/13/22		10	%	6/30/24		75,000		72,960
(f)	10/13/22		10	%	6/30/24		75,000		72,960
						$	1,020,000	$	891,694

(a)	On July 12, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $300,000 at $270,000 cash with a $30,000 original issue discount. In connection with this note, the Company paid an additional $27,500 in cash transaction costs, issued 350,000 common shares valued at $178,500 in transaction costs, and issued 500,000 warrants exercisable at $0.25 per share, expiring on July 12, 2027. The warrants were calculated to have a fair value of $249,971 as at July 12, 2022. This note payable is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.
(b)	On July 15, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $150,000 at $135,000 cash with $15,000 original issue discount. In connection with this note, the Company paid an additional $11,250 in cash transaction costs, issued 175,000 common shares valued at $89,250 in transaction costs, and issued 250,000 warrants exercisable at $0.25 per share, expiring on July 15, 2027. The warrants were calculated to have a fair value of $124,984 as at July 15, 2022. This promissory note is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.
(c)	On July 18, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $150,000 at $135,000 cash with $15,000 original issue discount. In connection with this note, the Company paid an additional $11,250 in cash transaction costs, issued 175,000 common shares valued at $89,250 in transaction costs, and issued 250,000 warrants exercisable at $0.25 per share, expiring on July 18, 2027. The warrants were calculated to have a fair value of $124,994 as at July 18, 2022. This note payable is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.
(d)	On October 13, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $150,000 at $135,000 cash with a $15,000 original issue discount. In connection with this note, the Company paid an additional $23,750 in cash transaction costs, issued 416,667 common shares valued at $187,625 in transaction costs, and issued 500,000 warrants exercisable at $0.25 per share, expiring on October 12, 2027. The warrants were calculated to have a fair value of $220,526 as at October 13, 2022. The original maturity date of this note was April 13, 2023, is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.

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(e)

On October 13, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $75,000 at $67,500 cash with $7,500 original issue discount. In connection with this note, the Company paid an additional $5,625 in cash transaction costs, issued 208,333 common shares valued at $93,812 in transaction costs, and issued 250,000 warrants exercisable at $0.25 per share, expiring on October 12, 2027. The warrants were calculated to have a fair value of $110,263 as at October 13, 2022. The original maturity date of this note was, is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.

(f)

On October 13, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $75,000 at $67,500 cash with $7,500 original issue discount. In connection with this note, the Company paid an additional $5,625 in cash transaction costs, issued 208,333 common shares valued at $93,812 in transaction costs, and issued 250,000 warrants exercisable at $0.25 per share, expiring on October 12, 2027. The warrants were calculated to have a fair value of $110,263 as at October 13, 2022. The original maturity date of this note was April 13, 2023, is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.

The Company incurred financing expenses totaling $4,520,357 during the nine months ended March 30, 2024 relating to extension fees of its note obligations described in (a-f). The extension fees were paid by issuing 7,033,334 restricted shares and 5 year warrants to purchase 4,500,000 restricted common shares of the Company for $0.25 per share, and were expensed as they were deemed to be extinguishments of the original obligations under ASC 470-50. Additionally, the Company agreed to reduce the exercise price on the warrants to $0.05 and increase the notes payable balances by $170,000 as part of the extensions.

NOTE 9 – COMMON SHARES

Common Stock

At December 31, 2023, the Company’s authorized capital consisted of 100,000,000 of common shares with a $0.001 par value and 59,446,616 shares were issued and outstanding.

During the nine months ended March 31, 2024, the Company issued 7,033,334 shares of common stock valued at $2,356,705 (based on market price at the time of the agreement) as part of a default settlement and extension agreement.

During the nine months ended March 31, 2024, the Company issued 2,900,000 shares of common stock in exchange for services valued at $612,749 (based on market price at the time of the agreements).

During the nine months ended March 31, 2024, the Company issued 9,770,000 shares of common stock to accredited investors for gross cash proceeds of $612,000.

During the nine months ended March 31, 2024, the Company issued 2,750,000 shares of common stock as share based compensation valued at $681,959 (based on market price at the time of the agreements).

During the nine months ended March 31, 2024, the Company issued 1,271,740 shares of common stock for debt settlement valued at $63,589 (based on $0.05 offering).

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Warrants

The Black Scholes Option Pricing Model assumptions used in the valuation of the warrants are outlined below. The stock price was based on recent issuances. Expected life was based on the expiry date of the warrants as the Company did not have historical exercise data of such warrants.

	March 31, 2024
Stock price	$	0.07
Risk-free interest rate		5.26	%
Expected life	5 Years
Expected dividend rate		0
Expected volatility		180.773	%

Continuity of the Company’s common stock purchase warrants issued and outstanding is as follows:

	Number of Warrants		Weighted Average Exercise Price
Outstanding, June 30, 2023		4,500,000	$	0.25
Granted		10,671,740		0.25
Exercised		-		-
Expired		-		-
Outstanding, March 31, 2024		9,000,000	$	0.13

Grant Date	Number Outstanding		Number Exercisable		Exercise Price		Weighted Average Life (Years)		Expiry Date
July 12, 2022		500,000		500,000		0.05		4.97	March 19, 2027
July 15, 2022		250,000		250,000		0.05		4.97	March 19, 2027
July 18, 2022		250,000		250,000		0.05		4.97	March 19, 2027
October 13, 2022		500,000		500,000		0.05		4.97	March 19, 2027
October 13, 2022		250,000		250,000		0.05		4.97	March 19, 2027
October 13, 2022		250,000		250,000		0.05		4.97	March 19, 2027
March 12, 2023		2,500,000		2,500,000		0.05		4.97	March 19, 2027
August 12, 2023		2,500,000		2,500,000		0.05		4.97	March 19, 2027
October 6, 2023		2,000,000		2,000,000		0.05		4.97	March 19, 2027
March 31, 2024		6,171,740		6,171,740		0.25		3.00	March 31, 2024
Total		15,171,740		15,171,740		0.13		4.17

As of March 31, 2024, the weighted average remaining contractual life of warrants outstanding was 4.17 years with an intrinsic value of $-. The exercise price for 9,000,000 warrants related to notes payable were re-priced to $0.05 during the nine months ended March 31, 2024.

Stock Options

On December 8, 2021, the Board of Directors of the Company approved the adoption of the 2021 Equity Compensation Plan (the “Equity Compensation Plan”) to provide employees, certain consultants and advisors who perform services for the Company, and non-employee members of the Board of Directors of the Company with the opportunity to receive grants of incentive stock options, nonqualified stock options, stock appreciation rights, stock awards, stock units and other stock-based awards.

The following is a continuity schedule for the Company’s outstanding non-qualified stock options:

	Number of options		Weighted Average Exercise Price
Outstanding, June 30, 2023		6,000,000	$	0.65
Granted		-		-
Exercised		-		-
Cancelled		-		-
Outstanding, March 31, 2024		6,000,000	$	0.65

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As of December 31, 2023, the Company had the following stock options outstanding:

Grant Date	Number Outstanding		Number Exercisable		Exercise Price		Weighted Average Life (Years)		Expiry Date
January 3, 2022		125,000		50,000	$	0.65		7.77	January 3, 2032
January 4, 2022		5,750,000		2,300,000		0.65		7.77	January 4, 2032
March 1, 2023		125,000		50,000		0.65		7.77	January 4, 2032
Total		6,000,000		1,200,000	$	0.65		7.77

During the nine months ended March 31, 2024, the Company recorded $493,410 as share-based compensation relating to the non-qualified stock options with an intrinsic value of $0. $2,169,515 has been recorded as share-based compensation relating to the outstanding options to date. The remaining $723,175 will be recorded as share-based compensation over the remaining vesting periods of the options.

There were no options granted during the nine months ended March 31, 2024.

Performance Stock Units

Each unit represents one common share:

Number of Performance Units		Vesting Conditions	Expiry Dates
	-	Market capitalization of the Company reaches $25 million	December 31, 2026
	900,000	Market capitalization of the Company reaches $50 million	December 31, 2026
	900,000	Market capitalization of the Company reaches $75 million	December 31, 2026
	900,000	Market capitalization of the Company reaches $100 million	December 31, 2026

The following is a continuity schedule for the Company’s outstanding performance stock units:

	Number of Performance Units		Weighted Average Exercise Price
Outstanding, June 30, 2023		2,700,000	$	-
Granted		-		-
Exercised		-		-
Forfeited or cancelled		-		-
Outstanding, March 31, 2024		2,700,000	$	-

As of March 31, 2024, the Company had the following performance units outstanding:

Grant

Date

Number

Outstanding

Number

Exercisable

Exercise

Price

Weighted Average Life (Years)

Expiry Date

March 8, 2022

2,700,000

USD $0.00

3.01

December 31, 2026

Total

2,700,000

USD $0.00

3.01

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During the nine months ended March 31, 2024, the Company recorded $226,034 as share-based compensation relating to the issuance of the performance units. $1,114,487 has been recorded as share-based compensation relating to the outstanding performance units to date. The remaining $199,513 will be recorded as share-based compensation over the remaining life of the units.

NOTE 10 – COMMITMENTS AND CONTINGENCIES

The Company leases its corporate office located at 8565 S. Eastern Ave. #150, Las Vegas, Nevada. The initial lease term is for 12 months commencing on September 8, 2019 after which the term is on a month-to-month basis. After the initial term, the Company may cancel the lease agreement at any time by providing 30 days written notice. The Company has elected the short-term lease practical expedient of 12 months and has not recorded a lease.

NOTE 11 – INCOME TAXES

As of March 31, 2024, the Company was in a loss position; therefore, no deferred tax liability was recognized related to the undistributed earnings subject to withholding tax.

Net operating loss carry forward of the Company, approximated $8,082,775 (March 31, 2023 - $3,406,686) for the nine months ended March 31, 2024. The net operating loss carry forwards are available to be utilized against future taxable income for years through calendar year 2043. In assessing the reliability of deferred income 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 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 projected future taxable income, and tax planning strategies in making this assessment.

NOTE 12 – SUBSEQUENT EVENTS

Through May 6, 2024, the Company completed a private placement whereby a total of 4,622,000 common shares were sold for cash at a price of $0.05 per share. On April 23, 2024, the Company issued 400,000 shares at a price of $0.165 per share to a non-related party in exchange for services.

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

You should read the following discussion and analysis of our financial condition and results of operations together with our condensed financial statements and related notes appearing in this Quarterly Report on Form 10-Q. This discussion and other parts of this Quarterly Report contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. As a result of many factors, including those factors set forth in the “Risk Factors” section of this Quarterly Report, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis.

Overview

We were incorporated in the State of Nevada on September 6, 2019. We were founded to mitigate the disparity in the rapidly evolving cyber threat hunting, correlation, and threat intelligence market. The Company is focused on developing solutions for threat intelligence and autonomous threat hunting/correlation. Tego’s curated threat intelligence feed not only contains a comprehensive list of indicators of compromise, but also provides additional context including specific details needed to counteract threats so that security teams can spend less time searching for disjointed indicators of compromise. Tego’s threat correlation engine integrates with top security and data lake platforms to proactively identify threats. The Tego threat correlation engine allows security teams to find threats faster using curated data feeds, powerful and low latency searches across large disparate data sets, and user-friendly visualizations that help reduce the time to detection and response. For more information, please visit https://tegocyber.com.

Results of operations for the three months ended March 31, 2024, compared to the three months ended March 31, 2023

Revenues

During the three months ended March 31, 2024, we continued to commercialize our threat intelligence application and threat intelligence feed, generating revenue of $14,231. For the three months ended March 31, 2023, there was no revenue.

Operating Expenses

We incurred total operating expenses of $695,686 for the three months ended March 31, 2024, compared to $2,627,102 for the three months ended March 31, 2023. These amounts consisted of the following:

	2024		2023
General & administration	$	652,640	$	2,178,610
Professional fees		27,530		379,264
Sales & marketing		15,560		69,228
Total operating expenses	$	695,686	$	2,627,102

General & administration decreased by $1,525,970 to $652,640 for the three months ended March 31, 2024, compared to $2,178,610 for the three months ended March 31, 2023. The majority of the decrease was due to planned cost reductions. The majority of the decrease was due to planned cost reductions.

Net Operating Loss

We incurred a net operating loss of $681,455 for the three months ended March 31, 2024, compared to a net operating loss of $2,971,121 for the three months ended March 31, 2023.

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Net Loss

We incurred a net loss of $1,062,163 for the three months ended March 31, 2024, compared to a net loss of $4,854,357 for the three months ended March 31, 2023. The increase in the loss was mostly due to financing fees relating to note extensions.

Results of operations for the nine months ended March 31, 2024, compared to the nine months ended March 31, 2023

Revenues

During the nine months ended March 31, 2024, we completed the first sales of our threat intelligence application and threat detection and correlation platform, generating revenue of $24,962. For the nine months ended March 31, 2023, we did not generate any revenue.

Operating Expenses

We incurred total operating expenses of $2,647,205 for the nine months ended March 31, 2024, compared to $4,701,310 for the nine months ended March 31, 2023. These amounts consisted of the following:

	2024		2023
General & administration	$	2,469,866	$	3,863,450
Professional fees		104,230		532,444
Sales & marketing		73,109		305,416
Total operating expenses	$	2,647,205	$	4,701,310

General & administration decreased by $1,393,584 to $2,469,866 for the nine months ended March 31, 2024, as compared to $3,863,450 for the nine months ended March 31, 2023. The majority of the decrease was due to planned cost reductions.

Net Operating Loss

We incurred a net operating loss of $2,622,343 for the nine months ended March 31, 2024, compared to a net operating loss of $4,701,310 for the nine months ended March 31, 2023.

Net Loss

We incurred a net loss of $7,389,314 for the nine months ended March 31, 2024, compared to a net loss of $7,499,635 for the nine months ended March 31, 2023.

Liquidity and Capital Resources

As of March 31, 2024, we have a working capital deficit of $432,247, and negative cash flow from operations of $673,962. We have $69,284 cash and our burn rate is approximately $70,000 per month. We intend to fund future operations through equity financing arrangements. Our ability to realize our business plan is dependent upon, among other things, obtaining additional financing to continue operations, and development of our business plan. In response to these problems, management intends to raise additional funds through debt, public or private placement offerings. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Cash Flow from Operating Activities

For the nine months ended March 31, 2024, the cash flows used in our operating activities was $673,962 compared to $659,786 for the nine months ended March 31, 2023. This amount was primarily related to cash flows to pay operating expenses.

Cash Flow from Investing Activities

For the nine months ended March 31, 2024, the net cash used in investing activities by the Company was $Nil compared to $160,543 for the nine months ended March 31, 2022. The amount was related to the capitalization of software development costs.

Cash Flow from Financing Activities

For the nine months ended March 31, 2024, the net cash provided by financing activities by the Company was $562,000 compared to $775,000 for the nine months ended March 31, 2023. The cash provided by financing activities is related to the proceeds received from the issuance of notes payable and sales of our common stock.

Contractual Obligations

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Future Financings

We will continue to rely on equity sales of our common shares and debt proceeds in order to continue to fund our business operations. Issuance of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.

Expected Purchase or Sale of Significant Equipment

We do not anticipate the purchase or sale of any significant equipment, as such items are not required by us at this time or in the next twelve months.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Critical Accounting Policies

Basis of Preparation

The accompanying financial statements have been prepared to present the balance sheets, the statements of operations, statements of changes in shareholders’ equity and cash flows of the Company for the nine months ended March 31, 2024, and the nine months ended March 31, 2023, and have been prepared in accordance with US GAAP.

Use of Estimates

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Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and accounts receivable. During the fiscal periods ended March 31, 2024 and June 30, 2023, substantially all of the Company’s cash was held by major financial institutions located in the United States, which management believes are of high credit quality. With respect to accounts receivable, the Company extended credit based on an evaluation of the customer’s financial condition. The Company generally did not require collateral for accounts receivable and maintained an allowance for doubtful accounts of accounts receivable if necessary.

Cash

Cash consists of cash held at major financial institutions and is subject to insignificant risk of changes in value.

Receivables and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at net realizable value and do not bear interest. No allowance for doubtful accounts was made during the nine month period ended March 31, 2024, based on management’s best estimate of the amount of probable credit losses in accounts receivable. The Company evaluates its allowance for doubtful accounts based upon knowledge of its customers and their compliance with credit terms. The evaluation process includes a review of customers’ accounts on a regular basis. The review process evaluates all account balances with amounts outstanding for more than 60 days and other specific amounts for which information obtained indicates that the balance may be uncollectible. As of March 31, 2024, there was no allowance for doubtful accounts and the Company does not have any off-balance-sheet credit exposure related to its customers.

Fair Value of Financial Instruments

Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value.

For cash, accounts receivables, subscription receivables, and accounts payable and accrued liabilities, it is management’s opinion that the carrying values are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if applicable, their stated interest rate approximates current rates available.

Management believes it is not practical to estimate the fair value of related party receivables and payables because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs.

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Revenue Recognition

Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“Topic 606”), was adopted by the Company as of September 6, 2019. The Company’s revenue recognition disclosure reflects its updated accounting policies that are affected by this new standard. The Company applied the “modified retrospective” transition method for open contracts for the implementation of Topic 606. As revenues are and have been primarily from consulting and management services, and the Company has no significant post-delivery obligations, this new standard did not result in a material recognition of revenue on the Company’s accompanying financial statements for the cumulative impact of applying this new standard. The Company made no adjustments to its previously reported total revenues, as those periods continue to be presented in accordance with its historical accounting practices under Topic 605, Revenue Recognition.

The Company has no revenue in this period, however, when the Company has revenue from providing consulting and management services under Topic 606 will be recognized in a manner that reasonably reflects the delivery of services to customers in return for expected consideration and includes the following elements:

	-	executed contracts with the Company’s customers that it believes are legally enforceable;
	-	identification of performance obligations in the respective contract;
	-	determination of the transaction price for each performance obligation in the respective contract;
	-	allocation of the transaction price to each performance obligation; and
	-	recognition of revenue only when the Company satisfies each performance obligation.

These five elements as applied to the Company’s consulting and management services results in revenue recorded as services are provided.

Income Taxes

Earnings per Share

Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. If applicable, diluted earnings per share assume the conversion, exercise or issuance of all common stock instruments unless the effect is to reduce a loss or increase earnings per share.

Recently Issued Accounting Pronouncements

In June 2018, the Financial Accounting Standards Board (the “FASB”) issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”, to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 simplifies the accounting for non-employee share-based payments, aligning it more closely with the accounting for employee awards.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) did not or are not expected to have a material impact on the Company’s present or future financial statements.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We conducted an evaluation, under the supervision and with the participation of our management, of the effectiveness of the design and operation of our disclosure controls and procedures. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (“Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures also include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, our principal executive and principal financial officers concluded as of March 31, 2024, that our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weaknesses in our internal controls over financial reporting discussed immediately below.

Identified Material Weakness

A material weakness in our internal control over financial reporting is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.

Management identified the following material weakness during its assessment of internal controls over financial reporting, which are primarily due to the size of the Company and available resources:

Personnel: There are limited personnel to assist with the accounting and financial reporting function, which results in: (i) a lack of segregation of duties and (ii) controls that may not be adequately designed or operating effectively. Despite the existence of material weaknesses, the Company believes the financial information presented herein is materially correct and fairly presents the financial position and operating results of the three months ended September 30, 2023, in accordance with GAAP. The Company intends to seek qualified accounting staff to expand its internal accounting and reporting functions.

Audit Committee: We do not yet have an audit committee, and we lack a financial expert. During 2024-2025, the Board expects to appoint an Audit Committee and to identify a committee Chairman who is an “audit committee financial expert” as defined by the Securities and Exchange Commission (“SEC”) and as adopted under the Sarbanes-Oxley Act of 2002.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is a process designed by, or under the supervision of, our CEO and CFO, or persons performing similar functions, and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (GAAP). Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposition of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP and that receipts and expenditures of the Company are being made only in accordance with authorization of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Table of Contents

Management assessed the effectiveness of the Company’s internal control over financial reporting as of March 31, 2024. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in the 2013 Internal Control-Integrated Framework. Based on its evaluation, management has concluded that the Company’s internal control over financial reporting was not effective as of March 31, 2024.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. A control system, no matter how well designed and operated can provide only reasonable, but not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their cost.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting subsequent to the nine month period ended March 31, 2024, which were identified in connection with our management’s evaluation required by paragraph (d) of rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

We are not required by current SEC rules to include an auditor’s attestation report. Our registered public accounting firm has not attested to Management’s reports on our internal control over financial reporting.

Table of Contents

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may become subject to various legal proceedings that are incidental to the ordinary conduct of its business. Although we cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, it makes provision for potential liabilities when it deems them probable and reasonably estimable. These provisions are based on current information and legal advice and may be adjusted from time to time according to developments.

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

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

Unless otherwise indicated, all of the following sales or issuances of Company securities were conducted under the exemption from registration as provided under Section 4(2) of the Securities Act of 1933 (and also qualified for exemption under 4(5), formerly 4(6) of the Securities Act of 1933, except as noted below). All of the shares issued were issued in transactions not involving a public offering, are considered to be restricted stock as defined in Rule 144 promulgated under the Securities Act of 1933 and stock certificates issued with respect thereto bear legends to that effect.

1. Quarterly Issuances:

The Company issued 9,621,740 shares during the three months ended March 31, 2024. 4,900,000 were issued for private placements with proceeds of $295,000. 1,150,000 shares were issued for services valued at $107,149. 2,300,000 shares were issued for share based compensation valued at $353,226. 1,271,740 shares were issued in settlement of debt valued at $63,587.

2. Subsequent Issuances:

On April 23, 2024, the Company issued 400,000 shares at a price of $0.165 per share to a non-related party in exchange for services.

On May 6, 2024, the Company completed a private placement whereby a total of 4,622,000 common shares were sold for cash at a price of $0.05 per share for a total value of $231,100.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Table of Contents

Item 6. Exhibits.

3.1		Articles of Incorporation filed with the Nevada Secretary of State on September 6, 2019 (2)
3.2		Amendment to Company’s Articles of Incorporation increasing the authorized common stock from 50,000,000 to 100,000,000 (22)
3.3		Bylaws (2)
4.1		2021 Equity Compensation Plan (3)
10.1		Compilation of Website or Software Development Agreement and Addendum between Company and Cistck, dated June 4, 2020 (4)
10.2		Compilation of FirstFire Global Opportunities Fund, LLC Securities Purchase Agreement, Convertible Promissory Note and Other Agreements dated December 28, 2020 (5)
10.3		Compilation of GS Capital Partners, LLC Securities Purchase Agreement, Convertible Promissory Note and Other Agreements dated March 25, 2021 (6)
10.4		Compilation of Analytico Services Conseils Inc. Securities Purchase Agreement, Convertible Promissory Note and Warrant agreement dated April 22, 2021 (7)
10.5		Compilation of Reynald Thauvette and Dominique Joyal Securities Purchase Agreement, Convertible Promissory Note and Warrant agreement dated April 28, 2021 (8)
10.6		Master Services Agreement between the Company and IONnovate, LLC dated September 3, 2021 (9)
10.7		Employment Agreement between the Company and Shannon Wilkinson dated January 3, 2022 (10)
10.8		Employment Agreement between the Company and Chris C. White dated January 3, 2022 (11)
10.9		Employment Agreement between the Company and Earl R. Johnson dated April 26, 2022 (12)
10.10		Compilation of AJB Capital Investments, LLC Securities Purchase Agreement, Convertible Promissory Note and Warrant agreement dated July 12, 2022 (13)
10.11		Compilation of Bigger Capital Fund, LP Securities Purchase Agreement, Convertible Promissory Note and Warrant agreement dated July 15, 2022 (14)
10.12		Compilation of District 2 Capital Fund LP Securities Purchase Agreement, Convertible Promissory Note and Warrant agreement dated July 18, 2022 (15)
10.13		Employment Agreement between the Company and Alissa V. Knight dated July 26, 2022 (16)
10.14		Amendment to Employment Agreement between the Company and Chris C. White dated August 1, 2022 (17)
10.15		Compilation of AJB Capital Investments, LLC Securities Purchase Agreement, Convertible Promissory Note and Warrant agreement dated October 13, 2022 (18)
10.16		Compilation of Bigger Capital Fund, LP Securities Purchase Agreement, Convertible Promissory Note and Warrant agreement dated October 13, 2022 (19)
10.17		Compilation of District 2 Capital Fund LP Securities Purchase Agreement, Convertible Promissory Note and Warrant agreement dated October 13, 2022 (20)
10.18		Entry into Separation Agreement and Release with Chris C. White dated March 20, 2023 (21)
10.19		Entry into Separation Agreement and Release with Earl Johnson dated September 15, 2023 (23)
10.20		Entry into Consulting Agreement with Merremia Consulting LLC dated September 15, 2023 (24)
10.21		Entry into Employment Agreement with Robert Mikkelsen dated January 2, 2024 (25)

31.1		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (1)
31.2		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (1)
32.1		Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)
32.2		Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)

Table of Contents

101.INS*		Inline XBRL Instance Document

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	(1)*	Filed herewith.
	(2)	Previously filed as an exhibit to our Form S-1 on September 21, 2020.
	(3)	Previously filed as an exhibit to our Post Effective Form S-8 Amendment No 1. on February 18, 2022.
	(4)	Previously filed as an exhibit to our Form S-1 Amendment No. 1 on October 27, 2020.
	(5)	Previously filed with the SEC on December 31, 2020 as an exhibit to our Form 8-K.
	(6)	Previously filed with the SEC on March 30, 2021 as an exhibit to our Form 8-K.
	(7)	Previously filed with the SEC on April 26, 2021 as an exhibit to our Form 8-K.
	(8)	Previously filed with the SEC on April 30, 2021 as an exhibit to our Form 8-K.
	(9)	Previously filed with the SEC on September 16, 2021 as an exhibit to our Form 8-K.
	(10)	Previously filed with the SEC on January 4, 2022 as an exhibit to our Form 8-K.
	(11)	Previously filed with the SEC on January 4, 2022 as an exhibit to our Form 8-K.
	(12)	Previously filed with the SEC on April 27, 2022 as an exhibit to our Form 8-K.
	(13)	Previously filed with the SEC on July 15, 2022 as an exhibit to our Form 8-K.
	(14)	Previously filed with the SEC on July 19, 2022 as an exhibit to our Form 8-K.
	(15)	Previously filed with the SEC on July 20, 2022 as an exhibit to our Form 8-K.
	(16)	Previously filed with the SEC on July 28, 2022 as an exhibit to our Form 8-K.
	(17)	Previously filed with the SEC on August 2, 2022 as an exhibit to our Form 8-K.
	(18)	Previously filed with the SEC on October 14, 2022 as an exhibit to our Form 8-K.
	(19)	Previously filed with the SEC on October 17, 2022 as an exhibit to our Form 8-K.
	(20)	Previously filed with the SEC on October 18, 2022 as an exhibit to our Form 8-K.
	(21)	Previously filed with the SEC on March 23, 2023 as an exhibit to our Form 8-K.
	(22)	Previously filed with the SEC on May 24, 2023 as an exhibit to our Form 8-K.
	(23)	Previously filed with the SEC on September 19, 2023 as an exhibit to our Form 8-K.
	(24)	Previously filed with the SEC on September 19, 2023 as an exhibit to our Form 8-K.
	(25)	Previously filed with the SEC on January 4, 2024 as an exhibit to our Form 8-K.

Table of Contents

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Tego Cyber Inc.

Date: May 17, 2024	By:	/s/ Robert Mikkelsen
		Robert Mikkelsen
		Chief Executive Officer (Principal Executive Officer)

	Tego Cyber Inc.

Date: May 17, 2024	By:	/s/ Robert Mikkelsen
		Robert Mikkelsen
		Chief Financial Officer (Principal Financial and Accounting Officer)

nullnullnull

Cover - shares	9 Months Ended
Cover - shares	Mar. 31, 2024	May 17, 2024
Cover [Abstract]
Entity Registrant Name	TEGO CYBER INC.
Entity Central Index Key	0001815632
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		76,090,356
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-56370
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	84-2678167
Entity Address Address Line 1	8565 South Eastern Avenue
Entity Address Address Line 2	Suite 150
Entity Address City Or Town	Las Vegas
Entity Address State Or Province	NV
Entity Address Postal Zip Code	89123
City Area Code	855
Local Phone Number	939-0100
Entity Interactive Data Current	Yes

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Current assets
Cash	$ 69,284	$ 181,246
Prepaid expenses (Note 5)	13,218	30,226
Total current assets	82,502	211,472
Other assets	25,000	25,000
TOTAL ASSETS	107,502	236,472
Accounts payable & accrued liabilities	480,787	129,273
Deferred revenue	33,962	0
Notes payable (Note 9)	1,020,000	891,694
TOTAL LIABILITIES	1,534,749	1,020,697
Common shares 100,000,000 shares authorized $0.001 par value 71,068,356 shares issued and outstanding at March 31, 2024 and 47,343,282 shares at June 30, 2023	71,068	47,343
Additional paid in capital	20,777,675	14,054,838
Accumulated deficit	(22,275,990)	(14,886,676)
TOTAL SHAREHOLDERS' EQUITY (DEFICIT)	(1,427,247)	(784,495)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)	$ 107,502	$ 236,472

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Jun. 30, 2023
CONDENSED BALANCE SHEETS
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	71,068,356	47,343,282
Common stock, outstanding	71,068,356	47,343,282

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Subscription revenue	$ 14,231	$ 0	$ 24,962	$ 0
TOTAL REVENUE	0	0	24,962	0
OPERATING EXPENSES
General & administrative	652,640	2,178,610	2,469,866	3,863,450
Professional fees	27,530	379,264	104,230	532,444
Sales & marketing	15,516	69,228	73,109	305,416
TOTAL OPERATING EXPENSES	695,686	2,627,102	2,647,205	4,701,310
NET OPERATING LOSS	(681,455)	(2,627,102)	(2,622,243)	(4,701,310)
OTHER INCOME (EXPENSE)
Accretion expense	0	(146,461)	(8,306)	(682,812)
Interest expense	0	(29,990)	0	(64,709)
Financing fees	(380,708)	(2,050,804)	(4,758,765)	(2,050,804)
TOTAL OTHER INCOME (EXPENSE)	(380,708)	(2,227,255)	(4,767,071)	(2,798,325)
NET LOSS	$ (1,062,163)	$ (4,854,357)	$ (7,389,314)	$ (7,499,635)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.02)	$ (0.14)	$ (0.13)	$ (0.26)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	66,307,419	34,355,914	57,923,682	29,296,426

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (DEFICIT) (Unaudited) - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital	Subscription Receivable	Retained Earnings (Accumulated Deficit)
Balance, shares at Jun. 30, 2022		25,508,044
Balance, amount at Jun. 30, 2022	$ 463,273	$ 25,508	$ 4,586,049	$ 0	$ (4,148,284)
Shares issued as transaction costs for notes payable, shares		3,766,666
Shares issued as transaction costs for notes payable, amount	456,372	$ 3,767	452,605	0	0
Shares issued for services, shares		3,775,000
Shares issued for services, amount	1,937,500	$ 3,775	1,933,725	0	0
Shares issued from private placements, shares		8,170,000
Shares issued from private placements, amount	817,000	$ 8,170	808,830	0	0
Shares issued for debts, shares		45,000
Shares issued for debts, amount	9,000	$ 45	8,955	0	0
Share-based compensation	1,536,980	0	1,536,980	0	0
Warrants issued with notes payable	2,137,244	0	2,137,244	0	0
Net loss	(7,499,635)	$ 0	0	0	(7,499,635)
Share-based compensation	1,536,980
Balance, shares at Mar. 31, 2023		41,264,710
Balance, amount at Mar. 31, 2023	(142,266)	$ 41,265	11,464,388	0	(11,647,919)
Balance, shares at Dec. 31, 2022		27,816,377
Balance, amount at Dec. 31, 2022	(245,765)	$ 27,816	6,519,981	0	(6,793,562)
Shares issued as transaction costs for notes payable, shares		2,233,333
Shares issued as transaction costs for notes payable, amount	223,354	$ 2,234	221,120	0	0
Shares issued for services, shares		3,500,000
Shares issued for services, amount	1,800,000	$ 3,500	1,796,500	0	0
Shares issued from private placements, shares		7,670,000
Shares issued from private placements, amount	767,000	$ 7,670	759,330	0	0
Shares issued for debts, shares		45,000
Shares issued for debts, amount	9,000	$ 45	8,955	0	0
Warrants issued with notes payable	1,827,451	0	1,827,451	0	0
Net loss	(4,854,357)	0	0	0	(4,854,357)
Share-based compensation	331,051	$ 0	331,051	0	0
Balance, shares at Mar. 31, 2023		41,264,710
Balance, amount at Mar. 31, 2023	(142,266)	$ 41,265	11,464,388	0	(11,647,919)
Balance, shares at Jun. 30, 2023		47,343,282
Balance, amount at Jun. 30, 2023	(784,495)	$ 47,343	14,054,838	0	(14,886,676)
Shares issued as transaction costs for notes payable, shares		7,033,334
Shares issued as transaction costs for notes payable, amount	2,356,705	$ 7,033	2,349,672	0	0
Shares issued for services, shares		2,900,000
Shares issued for services, amount	612,749	$ 2,900	609,849	0	0
Shares issued from private placements, shares		9,770,000
Shares issued from private placements, amount	612,000	$ 9,770	602,230	0	0
Warrants issued with notes payable	1,883,852	0	1,883,852	0	0
Net loss	(7,389,314)	$ 0	0	0	(7,389,314)
Share-based compensation	1,175,369
Shares issued for debt settlements, shares		1,271,740
Shares issued for debt settlements, amount	63,587	$ 1,272	62,315	0
Share based compensation, shares		2,750,000
Share based compensation, amount	681,959	$ 2,750	679,209	0	0
Share based compensation - options	493,410	0	493,410	0	0
Warrant re-price for note extension	$ 42,300	$ 0	42,300	0	0
Balance, shares at Mar. 31, 2024	9,000,000	71,068,356
Balance, amount at Mar. 31, 2024	$ (1,427,247)	$ 71,068	20,777,675	0	(22,275,990)
Balance, shares at Dec. 31, 2023		61,446,616
Balance, amount at Dec. 31, 2023	(1,344,795)	$ 61,446	19,857,586	(50,000)	(21,213,827)
Shares issued for services, shares		1,150,000
Shares issued for services, amount	107,149	$ 1,150	105,999	0	0
Shares issued from private placements, shares		4,900,000
Shares issued from private placements, amount	295,000	$ 4,900	240,100	50,000	0
Net loss	(1,062,163)	$ 0	0	0	(1,062,163)
Shares issued for debt settlements, shares		1,271,740
Shares issued for debt settlements, amount	63,587	$ 1,272	62,315	0
Share based compensation, shares		2,300,000
Warrant re-price for note extension	42,300	$ 0	42,300	0	0
Share-based compensation, amount	353,226	2,300	350,926	0	0
Share-based compensation - options	$ 118,449	$ 0	118,449	0	0
Balance, shares at Mar. 31, 2024	9,000,000	71,068,356
Balance, amount at Mar. 31, 2024	$ (1,427,247)	$ 71,068	$ 20,777,675	$ 0	$ (22,275,990)

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (7,389,314)	$ (7,499,635)
Adjustments to reconcile net loss to net cash used in operating activities
Shares issued for services	612,749	1,937,500
Interest on short term debt	0	29,990
Amortization and depreciation	0	30,862
Accretion expense	8,306	682,812
Financing fees on settlement of default and extension	4,282,857	2,050,804
Penalty on debt	170,000	0
Share-based compensation	1,175,369	1,536,980
Changes in operating assets and liabilities:
Accounts receivable	0	1,150
Prepaid expenses	17,008	13,627
Accounts payable and accrued liabilities	415,101	26,692
Deferred revenue	33,962	0
NET CASH USED IN OPERATING ACTIVITIES	(673,962)	(1,189,218)
CASH FLOWS FROM INVESTING ACTIVITIES
Software	0	(244,151)
NET CASH USED IN INVESTING ACTIVITIES	0	(244,151)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shares issued	612,000	817,000
Repayment of notes payable	(64,000)	0
Cash received from issuance of notes payable	14,000	725,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	562,000	1,542,000
NET INCREASE (DECREASE) IN CASH	(111,962)	108,631
CASH AT BEGINNING OF THE PERIOD	181,246	47,742
CASH AT END OF THE PERIOD	69,284	156,373
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid for interest	30,990	12,666
Income taxes	0	0
NON-CASH TRANSACTIONS
Settlement of accounts payable	$ 63,587	$ 0

ORGANIZATION AND DESCRIPTION OF BUSINESS

9 Months Ended

Mar. 31, 2024

ORGANIZATION AND DESCRIPTION OF BUSINESS

ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

BASIS OF PRESENTATION

9 Months Ended

Mar. 31, 2024

BASIS OF PRESENTATION

BASIS OF PRESENTATION

NOTE 2 – BASIS OF PRESENTATION

GOING CONCERN UNCERTAINTY

9 Months Ended

Mar. 31, 2024

GOING CONCERN UNCERTAINTY

GOING CONCERN UNCERTAINTY

NOTE 3 – GOING CONCERN UNCERTAINTY

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

Use of Estimates

Reclassification

Certain prior period amounts have been reclassified to conform to current period presentation.

Concentrations of Credit Risk

Cash

Cash consists of cash held at major financial institutions and is subject to insignificant risk of changes in value.

Receivables and Allowance for Doubtful Accounts

Software

Leases

Fair Value of Financial Instruments

Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value.

Revenue Recognition

	Three Months Ended March 31,				Nine Months Ended March 31,
	2024		2023		2024		2023

Software	$	14,231	$	-	$	24,962	$	-

	$	14,231	$	-	$	24,962	$	-

Nature of Products

Deferred Revenue

Income Taxes

Earnings (Loss) per Share

	2024		2023
Potentially dilutive common share equivalents
Options		1,200,000		1,200,000
Warrants		15,171,740		3,914,246
Performance Stock Units		2,700,000		4,000,000
Potentially dilutive shares outstanding		19,071,740		9,114,246

Recently Issued Accounting Pronouncements

PREPAID EXPENSES

9 Months Ended

Mar. 31, 2024

PREPAID EXPENSES

PREPAID EXPENSES

NOTE 5 – PREPAID EXPENSES

Prepaid expense balance as of March 31, 2024 and June 30, 2023 consist of prepaid software development expenses.

SOFTWARE

9 Months Ended

Mar. 31, 2024

SOFTWARE

SOFTWARE

NOTE 6 – SOFTWARE

RELATED PARTY TRANSACTIONS

9 Months Ended

Mar. 31, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

NOTES PAYABLE

9 Months Ended

Mar. 31, 2024

NOTES PAYABLE

NOTES PAYABLE

NOTE 8 – NOTES PAYABLE (convertible only at default)

The following table summarizes the Company’s notes payable as of March 31, 2024 and June 30, 2023.

Reference	Effective Date	Annual Interest Rate			Maturity Date	Principal Outstanding March 31, 2024		Principal Outstanding June 30, 2023
(a)	7/12/22		15	%	6/30/24	$	335,000	$	299,926
(b)	7/15/22		15	%	6/30/24		192,500		149,963
(c)	7/18/22		15	%	6/30/24		192,500		149,963
(d)	10/13/22		10	%	6/30/24		150,000		145,923
(e)	10/13/22		10	%	6/30/24		75,000		72,960
(f)	10/13/22		10	%	6/30/24		75,000		72,960
						$	1,020,000	$	891,694

(a)	On July 12, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $300,000 at $270,000 cash with a $30,000 original issue discount. In connection with this note, the Company paid an additional $27,500 in cash transaction costs, issued 350,000 common shares valued at $178,500 in transaction costs, and issued 500,000 warrants exercisable at $0.25 per share, expiring on July 12, 2027. The warrants were calculated to have a fair value of $249,971 as at July 12, 2022. This note payable is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.
(b)	On July 15, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $150,000 at $135,000 cash with $15,000 original issue discount. In connection with this note, the Company paid an additional $11,250 in cash transaction costs, issued 175,000 common shares valued at $89,250 in transaction costs, and issued 250,000 warrants exercisable at $0.25 per share, expiring on July 15, 2027. The warrants were calculated to have a fair value of $124,984 as at July 15, 2022. This promissory note is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.
(c)	On July 18, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $150,000 at $135,000 cash with $15,000 original issue discount. In connection with this note, the Company paid an additional $11,250 in cash transaction costs, issued 175,000 common shares valued at $89,250 in transaction costs, and issued 250,000 warrants exercisable at $0.25 per share, expiring on July 18, 2027. The warrants were calculated to have a fair value of $124,994 as at July 18, 2022. This note payable is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.
(d)	On October 13, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $150,000 at $135,000 cash with a $15,000 original issue discount. In connection with this note, the Company paid an additional $23,750 in cash transaction costs, issued 416,667 common shares valued at $187,625 in transaction costs, and issued 500,000 warrants exercisable at $0.25 per share, expiring on October 12, 2027. The warrants were calculated to have a fair value of $220,526 as at October 13, 2022. The original maturity date of this note was April 13, 2023, is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.

(e)

(f)

On October 13, 2022, the Company entered into a securities purchase agreement with a non-related party. Pursuant to this agreement, the Company issued a note payable in the principal amount of $75,000 at $67,500 cash with $7,500 original issue discount. In connection with this note, the Company paid an additional $5,625 in cash transaction costs, issued 208,333 common shares valued at $93,812 in transaction costs, and issued 250,000 warrants exercisable at $0.25 per share, expiring on October 12, 2027. The warrants were calculated to have a fair value of $110,263 as at October 13, 2022. The original maturity date of this note was April 13, 2023, is unsecured, bears interest at 10% per annum compounded on the basis of a 365-day year and actual days lapsed payable monthly. The maturity date of this note was extended to June 30, 2024.

COMMON SHARES

9 Months Ended

Mar. 31, 2024

COMMON SHARES

COMMON SHARES

NOTE 9 – COMMON SHARES

Common Stock

At December 31, 2023, the Company’s authorized capital consisted of 100,000,000 of common shares with a $0.001 par value and 59,446,616 shares were issued and outstanding.

During the nine months ended March 31, 2024, the Company issued 2,900,000 shares of common stock in exchange for services valued at $612,749 (based on market price at the time of the agreements).

During the nine months ended March 31, 2024, the Company issued 9,770,000 shares of common stock to accredited investors for gross cash proceeds of $612,000.

During the nine months ended March 31, 2024, the Company issued 2,750,000 shares of common stock as share based compensation valued at $681,959 (based on market price at the time of the agreements).

During the nine months ended March 31, 2024, the Company issued 1,271,740 shares of common stock for debt settlement valued at $63,589 (based on $0.05 offering).

Warrants

	March 31, 2024
Stock price	$	0.07
Risk-free interest rate		5.26	%
Expected life	5 Years
Expected dividend rate		0
Expected volatility		180.773	%

Continuity of the Company’s common stock purchase warrants issued and outstanding is as follows:

	Number of Warrants		Weighted Average Exercise Price
Outstanding, June 30, 2023		4,500,000	$	0.25
Granted		10,671,740		0.25
Exercised		-		-
Expired		-		-
Outstanding, March 31, 2024		9,000,000	$	0.13

Grant Date	Number Outstanding		Number Exercisable		Exercise Price		Weighted Average Life (Years)		Expiry Date
July 12, 2022		500,000		500,000		0.05		4.97	March 19, 2027
July 15, 2022		250,000		250,000		0.05		4.97	March 19, 2027
July 18, 2022		250,000		250,000		0.05		4.97	March 19, 2027
October 13, 2022		500,000		500,000		0.05		4.97	March 19, 2027
October 13, 2022		250,000		250,000		0.05		4.97	March 19, 2027
October 13, 2022		250,000		250,000		0.05		4.97	March 19, 2027
March 12, 2023		2,500,000		2,500,000		0.05		4.97	March 19, 2027
August 12, 2023		2,500,000		2,500,000		0.05		4.97	March 19, 2027
October 6, 2023		2,000,000		2,000,000		0.05		4.97	March 19, 2027
March 31, 2024		6,171,740		6,171,740		0.25		3.00	March 31, 2024
Total		15,171,740		15,171,740		0.13		4.17

Stock Options

The following is a continuity schedule for the Company’s outstanding non-qualified stock options:

	Number of options		Weighted Average Exercise Price
Outstanding, June 30, 2023		6,000,000	$	0.65
Granted		-		-
Exercised		-		-
Cancelled		-		-
Outstanding, March 31, 2024		6,000,000	$	0.65

As of December 31, 2023, the Company had the following stock options outstanding:

Grant Date	Number Outstanding		Number Exercisable		Exercise Price		Weighted Average Life (Years)		Expiry Date
January 3, 2022		125,000		50,000	$	0.65		7.77	January 3, 2032
January 4, 2022		5,750,000		2,300,000		0.65		7.77	January 4, 2032
March 1, 2023		125,000		50,000		0.65		7.77	January 4, 2032
Total		6,000,000		1,200,000	$	0.65		7.77

There were no options granted during the nine months ended March 31, 2024.

Performance Stock Units

Each unit represents one common share:

Number of Performance Units		Vesting Conditions	Expiry Dates
	-	Market capitalization of the Company reaches $25 million	December 31, 2026
	900,000	Market capitalization of the Company reaches $50 million	December 31, 2026
	900,000	Market capitalization of the Company reaches $75 million	December 31, 2026
	900,000	Market capitalization of the Company reaches $100 million	December 31, 2026

The following is a continuity schedule for the Company’s outstanding performance stock units:

	Number of Performance Units		Weighted Average Exercise Price
Outstanding, June 30, 2023		2,700,000	$	-
Granted		-		-
Exercised		-		-
Forfeited or cancelled		-		-
Outstanding, March 31, 2024		2,700,000	$	-

As of March 31, 2024, the Company had the following performance units outstanding:

Grant

Date

Number

Outstanding

Number

Exercisable

Exercise

Price

Weighted Average Life (Years)

Expiry Date

March 8, 2022

2,700,000

USD $0.00

3.01

December 31, 2026

Total

2,700,000

USD $0.00

3.01

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Mar. 31, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 10 – COMMITMENTS AND CONTINGENCIES

INCOME TAXES

9 Months Ended

Mar. 31, 2024

INCOME TAXES

INCOME TAXES

NOTE 11 – INCOME TAXES

As of March 31, 2024, the Company was in a loss position; therefore, no deferred tax liability was recognized related to the undistributed earnings subject to withholding tax.

SUBSEQUENT EVENTS

9 Months Ended

Mar. 31, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

Use of Estimates

Reclassification

Certain prior period amounts have been reclassified to conform to current period presentation.

Concentrations of Credit Risk

Cash

Cash consists of cash held at major financial institutions and is subject to insignificant risk of changes in value.

Receivables and Allowance for Doubtful Accounts

Software

Leases

Fair Value of Financial Instruments

Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value.

Revenue Recognition

	Three Months Ended March 31,				Nine Months Ended March 31,
	2024		2023		2024		2023

Software	$	14,231	$	-	$	24,962	$	-

	$	14,231	$	-	$	24,962	$	-

Nature of Products

Deferred Revenue

Income Taxes

Earnings (Loss) per Share

	2024		2023
Potentially dilutive common share equivalents
Options		1,200,000		1,200,000
Warrants		15,171,740		3,914,246
Performance Stock Units		2,700,000		4,000,000
Potentially dilutive shares outstanding		19,071,740		9,114,246

Recently Issued Accounting Pronouncements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Potentially dilutive common share equivalents

Three Months Ended March 31, Nine Months Ended March 31, 2024 2023 2024 2023 Software $14,231 $- $24,962 $- $14,231 $- $24,962 $-

Revenue by source

	2024		2023
Potentially dilutive common share equivalents
Options		1,200,000		1,200,000
Warrants		15,171,740		3,914,246
Performance Stock Units		2,700,000		4,000,000
Potentially dilutive shares outstanding		19,071,740		9,114,246

NOTES PAYABLE (Tables)

9 Months Ended

Mar. 31, 2024

NOTES PAYABLE

Schedule Of Notes payable

Reference	Effective Date	Annual Interest Rate			Maturity Date	Principal Outstanding March 31, 2024		Principal Outstanding June 30, 2023
(a)	7/12/22		15	%	6/30/24	$	335,000	$	299,926
(b)	7/15/22		15	%	6/30/24		192,500		149,963
(c)	7/18/22		15	%	6/30/24		192,500		149,963
(d)	10/13/22		10	%	6/30/24		150,000		145,923
(e)	10/13/22		10	%	6/30/24		75,000		72,960
(f)	10/13/22		10	%	6/30/24		75,000		72,960
						$	1,020,000	$	891,694

COMMON SHARES (Tables)

9 Months Ended

Mar. 31, 2024

COMMON SHARES

Schedule of historical exercise data

	March 31, 2024
Stock price	$	0.07
Risk-free interest rate		5.26	%
Expected life	5 Years
Expected dividend rate		0
Expected volatility		180.773	%

Schedule of common stock purchase warrants

	Number of Warrants		Weighted Average Exercise Price
Outstanding, June 30, 2023		4,500,000	$	0.25
Granted		10,671,740		0.25
Exercised		-		-
Expired		-		-
Outstanding, March 31, 2024		9,000,000	$	0.13

Schedule of stock purchase warrants outstanding

Grant Date	Number Outstanding		Number Exercisable		Exercise Price		Weighted Average Life (Years)		Expiry Date
July 12, 2022		500,000		500,000		0.05		4.97	March 19, 2027
July 15, 2022		250,000		250,000		0.05		4.97	March 19, 2027
July 18, 2022		250,000		250,000		0.05		4.97	March 19, 2027
October 13, 2022		500,000		500,000		0.05		4.97	March 19, 2027
October 13, 2022		250,000		250,000		0.05		4.97	March 19, 2027
October 13, 2022		250,000		250,000		0.05		4.97	March 19, 2027
March 12, 2023		2,500,000		2,500,000		0.05		4.97	March 19, 2027
August 12, 2023		2,500,000		2,500,000		0.05		4.97	March 19, 2027
October 6, 2023		2,000,000		2,000,000		0.05		4.97	March 19, 2027
March 31, 2024		6,171,740		6,171,740		0.25		3.00	March 31, 2024
Total		15,171,740		15,171,740		0.13		4.17

Schedule of Company's outstanding non-qualified

	Number of options		Weighted Average Exercise Price
Outstanding, June 30, 2023		6,000,000	$	0.65
Granted		-		-
Exercised		-		-
Cancelled		-		-
Outstanding, March 31, 2024		6,000,000	$	0.65

Schedule of stock options outstanding

Grant Date	Number Outstanding		Number Exercisable		Exercise Price		Weighted Average Life (Years)		Expiry Date
January 3, 2022		125,000		50,000	$	0.65		7.77	January 3, 2032
January 4, 2022		5,750,000		2,300,000		0.65		7.77	January 4, 2032
March 1, 2023		125,000		50,000		0.65		7.77	January 4, 2032
Total		6,000,000		1,200,000	$	0.65		7.77

Schedule of performance stock units

Number of Performance Units		Vesting Conditions	Expiry Dates
	-	Market capitalization of the Company reaches $25 million	December 31, 2026
	900,000	Market capitalization of the Company reaches $50 million	December 31, 2026
	900,000	Market capitalization of the Company reaches $75 million	December 31, 2026
	900,000	Market capitalization of the Company reaches $100 million	December 31, 2026

Schedule for the Company's outstanding performance stock units:

	Number of Performance Units		Weighted Average Exercise Price
Outstanding, June 30, 2023		2,700,000	$	-
Granted		-		-
Exercised		-		-
Forfeited or cancelled		-		-
Outstanding, March 31, 2024		2,700,000	$	-

Schedule for the Company's outstanding warrants:

Grant

Date

Number

Outstanding

Number

Exercisable

Exercise

Price

Weighted Average Life (Years)

Expiry Date

March 8, 2022

2,700,000

USD $0.00

3.01

December 31, 2026

Total

2,700,000

USD $0.00

3.01

GOING CONCERN UNCERTAINTY (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
GOING CONCERN UNCERTAINTY (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
GOING CONCERN UNCERTAINTY
Working capital	$ (1,452,247)		$ (1,452,247)
Net loss for the period	$ (1,062,163)	$ (4,854,357)	(7,389,314)	$ (7,499,635)
Net cash provided by used in operating activities			$ (673,962)	$ (1,189,218)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenue by source	$ 14,231	$ 0	$ 24,962	$ 0
Software [Member]
Revenue by source	$ 14,231	$ 0	$ 24,962	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - shares	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Options	1,200,000	1,200,000
Warrants	15,171,740	3,914,246
Performance Stock Units	2,700,000	4,000,000
Potentially dilutive shares outstanding	19,071,740	9,114,246

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	9 Months Ended
	Mar. 31, 2024 USD ($)
Allowance for doubtful accounts	$ 0
Initial lease term	12 months
July 12, 2022 [Member] \| Convertible Debt [Member]
Estimated useful life	5 years

SOFTWARE (Details Narrative)	9 Months Ended
SOFTWARE (Details Narrative)	Mar. 31, 2024 USD ($)
SOFTWARE
Impairment loss	$ 646,271

RELATED PARTY TRANSACTIONS (Details Narrativess) - USD ($)	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shannon Wilkinson
Management Fees	$ 80,504	$ 0
Gross Wages	15,000	90,000
Earl Johnson
Management Fees	4,500	0
Gross Wages	4,500	27,000
Robert Wilkinson
Management Fees	$ 47,500	$ 0

NOTES PAYABLE (Details)	9 Months Ended
NOTES PAYABLE (Details)	Mar. 31, 2024 USD ($)
Note Payable outstanding, beginning balance	$ 891,694
Note Payable outstanding, ending balance	1,020,000
Notes Payable Two Member
Note Payable outstanding, beginning balance	$ 149,963
Effective Date	Jul. 15, 2022
Maturity date	Jun. 30, 2024
Annual Interest rate	15.00%
Note Payable outstanding, ending balance	$ 192,500
Notes Payable Three Member
Note Payable outstanding, beginning balance	$ 149,963
Effective Date	Jul. 18, 2022
Maturity date	Jun. 30, 2024
Annual Interest rate	15.00%
Note Payable outstanding, ending balance	$ 192,500
Notes Payable Four Member
Note Payable outstanding, beginning balance	$ 145,923
Effective Date	Oct. 13, 2022
Maturity date	Jun. 30, 2024
Annual Interest rate	10.00%
Note Payable outstanding, ending balance	$ 150,000
Notes Payable Five Member
Note Payable outstanding, beginning balance	$ 72,960
Effective Date	Oct. 13, 2022
Maturity date	Jun. 30, 2024
Annual Interest rate	10.00%
Note Payable outstanding, ending balance	$ 75,000
Notes Payable Six Member
Note Payable outstanding, beginning balance	$ 72,960
Effective Date	Oct. 13, 2022
Maturity date	Jun. 30, 2024
Annual Interest rate	10.00%
Note Payable outstanding, ending balance	$ 75,000
Notes Payable One Member
Note Payable outstanding, beginning balance	$ 299,926
Effective Date	Jul. 12, 2022
Maturity date	Jun. 30, 2024
Annual Interest rate	15.00%
Note Payable outstanding, ending balance	$ 335,000

NOTES PAYABLE (Details Narratives) - USD ($)				1 Months Ended	9 Months Ended
NOTES PAYABLE (Details Narratives) - USD ($)	Oct. 13, 2022	Jul. 15, 2022	Jul. 12, 2022	Jul. 18, 2022	Mar. 31, 2024
Description of extensin fee of note obligations					The extension fees were paid by issuing 7,033,334 restricted shares and 5 year warrants to purchase 4,500,000 restricted common shares of the Company for $0.25 per share, and were expensed as they were deemed to be extinguishments of the original obligations under ASC 470-50. Additionally, the Company agreed to reduce the exercise price on the warrants to $0.05 and increase the notes payable balances by $170,000 as part of the extensions
Total Financing expenses					$ 4,520,357
July 12, 2022 [Member] \| Convertible Debt [Member]
Convertible debt in exchange for cash			$ 300,000
Convertible debt in exchange for cash, fair value			270,000
Original issue discount			30,000
Additional cash proceeds			$ 27,500
Common shares issue			350,000
Common shares issue value			$ 178,500
Warrants issued			500,000
Warrant exercisable			$ 0.25
Fair value of warrant			$ 249,971
Convertible interest rate			10.00%
July 15, 2022 [Member] \| Convertible Debt [Member]
Convertible debt in exchange for cash		$ 150,000
Convertible debt in exchange for cash, fair value		135,000
Original issue discount		15,000
Additional cash proceeds		$ 11,250
Common shares issue		175,000
Common shares issue value		$ 89,250
Warrants issued		250,000
Warrant exercisable		$ 0.25
Fair value of warrant		$ 124,984
Convertible interest rate		10.00%
July 18, 2022 [Member] \| Convertible Debt [Member]
Convertible debt in exchange for cash				$ 150,000
Convertible debt in exchange for cash, fair value				135,000
Original issue discount				15,000
Additional cash proceeds				$ 11,250
Common shares issue				175,000
Common shares issue value				$ 89,250
Warrants issued				250,000
Warrant exercisable				$ 0.25
Fair value of warrant				$ 124,994
Convertible interest rate				10.00%
October 13, 2022 [Member] \| Convertible Debt [Member]
Convertible debt in exchange for cash	$ 150,000
Convertible debt in exchange for cash, fair value	135,000
Original issue discount	15,000
Additional cash proceeds	$ 23,750
Common shares issue	416,667
Common shares issue value	$ 187,625
Warrants issued	500,000
Warrant exercisable	$ 0.25
Fair value of warrant	$ 220,526
Convertible interest rate	10.00%
Maturity date of agreement	Apr. 13, 2023
October 13, 2022 [Member] \| Convertible Debt 1 [Member]
Convertible debt in exchange for cash	$ 75,000
Convertible debt in exchange for cash, fair value	67,500
Original issue discount	7,500
Additional cash proceeds	$ 5,625
Common shares issue	208,333
Common shares issue value	$ 93,812
Warrants issued	250,000
Warrant exercisable	$ 0.25
Fair value of warrant	$ 110,263
Convertible interest rate	10.00%
October 13, 2022 [Member] \| Convertible Debt Two [Member]
Convertible debt in exchange for cash	$ 75,000
Convertible debt in exchange for cash, fair value	67,500
Original issue discount	7,500
Additional cash proceeds	$ 5,625
Common shares issue	208,333
Common shares issue value	$ 93,812
Warrants issued	250,000
Warrant exercisable	$ 0.25
Fair value of warrant	$ 110,263
Convertible interest rate	10.00%
Maturity date of agreement	Apr. 13, 2023

COMMON SHARES (Details)	9 Months Ended
COMMON SHARES (Details)	Mar. 31, 2024 $ / shares
COMMON SHARES
Stock price	$ 0.07
Risk-free interest rate	5.26%
Expected life	5 months
Expected dividend rate	0.00%
Expected volatility	180.00%

COMMON SHARES (Details 1)	9 Months Ended
COMMON SHARES (Details 1)	Mar. 31, 2024 $ / shares shares
COMMON SHARES
Number Of Warrants Outstanding, Beginning \| shares	4,500,000
Number Of Warrants Granted \| shares	10,671,740
Number Of Warrants Outstanding,Ending Balance \| shares	9,000,000
Weighted Average Exercise Price Outstanding, Beginning	$ 0.25
Weighted Average Exercise Price Granted	0.25
Weighted Average Exercise Price Exercised	0
Weighted Average Exercise Price Expired	0
Weighted Average Exercise Price Outstanding, ending	$ 0.13

COMMON SHARES (Details 2)	9 Months Ended
COMMON SHARES (Details 2)	Mar. 31, 2024 $ / shares shares
Weighted Average life	7 years 9 months 7 days
Total Member
Weighted Average life	4 months 5 days
Number of Warrants outstanding	15,171,740
Exercise \| $ / shares	$ 0.13
Number of Warrants Exercisable	15,171,740
July 12, 2022 [Member]
Weighted Average life	4 years 11 months 19 days
Number of Warrants outstanding	500,000
Exercise \| $ / shares	$ 0.05
Number of Warrants Exercisable	500,000
Expiry Date	March 19, 2027
July 15, 2022 [Member]
Weighted Average life	4 years 11 months 19 days
Number of Warrants outstanding	250,000
Exercise \| $ / shares	$ 0.05
Number of Warrants Exercisable	250,000
Expiry Date	March 19, 2027
July 18, 2022 [Member]
Weighted Average life	4 years 11 months 19 days
Number of Warrants outstanding	250,000
Exercise \| $ / shares	$ 0.05
Number of Warrants Exercisable	250,000
Expiry Date	March 19, 2027
October 13, 2022, One [Member]
Weighted Average life	4 years 11 months 19 days
Number of Warrants outstanding	500,000
Exercise \| $ / shares	$ 0.05
Number of Warrants Exercisable	500,000
Expiry Date	March 19, 2027
October 13, 2022, Two [Member]
Weighted Average life	4 years 11 months 19 days
Number of Warrants outstanding	250,000
Exercise \| $ / shares	$ 0.05
Number of Warrants Exercisable	250,000
Expiry Date	March 19, 2027
October 13, 2022, Three [Member]
Weighted Average life	4 months 29 days
Number of Warrants outstanding	250,000
Exercise \| $ / shares	$ 0.05
Number of Warrants Exercisable	250,000
Expiry Date	March 19, 2027
March 12, 2023, [Member]
Weighted Average life	4 months 29 days
Number of Warrants outstanding	2,500,000
Exercise \| $ / shares	$ 0.05
Number of Warrants Exercisable	2,500,000
Expiry Date	March 19, 2027
August 12 2023 [Member]
Weighted Average life	4 years 11 months 19 days
Number of Warrants outstanding	2,500,000
Exercise \| $ / shares	$ 0.05
Number of Warrants Exercisable	2,500,000
Expiry Date	March 19, 2027
October 6, 2023[Member]
Weighted Average life	4 months 29 days
Number of Warrants outstanding	2,000,000
Exercise \| $ / shares	$ 0.05
Number of Warrants Exercisable	2,000,000
Expiry Date	March 19, 2027
March 31,2024 [Member]
Weighted Average life	3 months
Number of Warrants outstanding	6,171,740
Exercise \| $ / shares	$ 0.25
Number of Warrants Exercisable	6,171,740
Expiry Date	March 31, 2024

COMMON SHARES (Details 3)	9 Months Ended
COMMON SHARES (Details 3)	Mar. 31, 2024 $ / shares shares
COMMON SHARES
Number Of Warrants Outstanding, Ending Balance \| shares	6,000,000
Weighted Average Exercise Price Outstanding, Beginning Balance	$ 0.65
Weighted Average Exercise Price Granted	0
Weighted Average Exercise Price Cancelled	0
Weighted Average Exercise Price Exercised	0
Weighted Average Exercise Price Outstanding, Ending Balance	$ 0.65
Number Of Warrants Outstanding, Beginning \| shares	6,000,000

COMMON SHARES (Details 4) - $ / shares	9 Months Ended
COMMON SHARES (Details 4) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Number of option outstanding		6,000,000
Weighted Average life	7 years 9 months 7 days
Exercise		$ 0.65
Number of option Exercisable		1,200,000
January 3, 2022 [Member]
Number of option outstanding		125,000
Weighted Average life	7 years 9 months 7 days
Exercise		$ 0.65
Number of option Exercisable		50,000
Expiry Date	January 3, 2032
January 4, 2022 [Member]
Number of option outstanding		5,750,000
Weighted Average life	7 years 9 months 7 days
Exercise		$ 0.65
Number of option Exercisable		2,300,000
Expiry Date	January 4, 2032
March 1, 2023 [Member]
Number of option outstanding		125,000
Weighted Average life	7 years 9 months 7 days
Exercise		$ 0.65
Number of option Exercisable		50,000
Expiry Date	January 4, 2032

COMMON SHARES (Details 5) - directors, officers and certain key consultants	9 Months Ended
	Mar. 31, 2024 shares
Performance Stock Units 1
Number of Performance Units	900,000
Vesting Conditions of Performance Units	Market capitalization of the Company reaches $50 million
Expiry Dates Performance Stock Units	December 31, 2026
Performance Stock Units 2
Number of Performance Units	900,000
Vesting Conditions of Performance Units	Market capitalization of the Company reaches $75 million
Expiry Dates Performance Stock Units	December 31, 2026
Performance Stock Units 3
Number of Performance Units	900,000
Vesting Conditions of Performance Units	Market capitalization of the Company reaches $100 million
Expiry Dates Performance Stock Units	December 31, 2026
Performance Stock Units
Vesting Conditions of Performance Units	Market capitalization of the Company reaches $25 million
Expiry Dates Performance Stock Units	December 31, 2026

COMMON SHARES (Details 6)	9 Months Ended
COMMON SHARES (Details 6)	Mar. 31, 2024 $ / shares shares
COMMON SHARES
Number of Warrants Granted \| shares	0
Number of Warrants Exercised \| shares	0
Number of Warrants Forfeited or cancelled \| shares	0
Weighted Average Exercise Price Beginning balance \| $ / shares	$ 0
Number of Warrants Outstanding,Ending \| shares	2,700,000
Weighted Average Exercise Price Granted \| $ / shares	$ 0
Weighted Average Exercise Price Released \| $ / shares	0
Weighted Average Exercise Price Forfeited or Cancelled \| $ / shares	0
Weighted Average Exercise Price Ending, Balance \| $ / shares	$ 0
Number of Warrants Outstanding, beginning \| shares	2,700,000

COMMON SHARES (Details 7)	9 Months Ended
COMMON SHARES (Details 7)	Mar. 31, 2024 $ / shares shares
Number of option outstanding \| shares	2,700,000
Exercise Price \| $ / shares	$ 0
Weighted Average Life (Years)	3 months
March 8, 2022 [Member]
Number of option outstanding \| shares	2,700,000
Exercise Price \| $ / shares	$ 0
Weighted Average Life (Years)	3 months
Expiry date	December 31, 2026

COMMON SHARES (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
COMMON SHARES (Details Narrative) - USD ($)	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jun. 30, 2023
Common stock, authorized		100,000,000			100,000,000
Share-based compensation	$ 331,051	$ 1,175,369	$ 1,536,980
Common stock, par value		$ 0.001			$ 0.001
Weighted average remaining contractual life of warrants outstanding		4 months 5 days
Common stock debt settlement		1,271,740
Common stock value		$ 63,589
Warrant Shares		9,000,000
Common stock value		$ 71,068			$ 47,343
Warrants intrinsic value		$ 0.05
Common stock, issued		71,068,356			47,343,282
Common stock, outstanding		71,068,356			47,343,282
Investors [Member]
Common stock, issued		9,770,000
Cash proceeds		$ 612,000
Common Stocks [Member]
Common stock, authorized				100,000,000
Common stock, par value				$ 0.001
Stock issued for services		2,900,000
Common stock value		$ 612,749
Common stock, issued				59,446,616
Common stock, outstanding				59,446,616
non Qualified Stock [Member]
Share-based compensation		$ 493,410
Description of non qualified stock options		2,169,515 has been recorded as share-based compensation relating to the outstanding options to date. The remaining $723,175 will be recorded as share-based compensation over the remaining vesting periods of the options
Intrinsic value		$ 0
Performance Stock Unit [Member]
Share-based compensation		$ 226,034
Description of performance stock units		1,114,487 has been recorded as share-based compensation relating to the outstanding performance units to date. The remaining $199,513 will be recorded as share-based compensation over the remaining life of the units
Agreement [Member]
Share issued during period		2,750,000
Extension Agreement [Member]
Share-based compensation		$ 681,959
Total value		$ 2,356,705
Stock issued for services		7,033,334

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Sep. 08, 2019
COMMITMENTS AND CONTINGENCIES
Initial lease term	12 months

INCOME TAXES (Details Narrative) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
INCOME TAXES
Net operating loss carry forward	$ 3,406,686	$ 8,082,775

SUBSEQUENT EVENTS (Details Narrative) - $ / shares	May 06, 2024	Apr. 23, 2024	Mar. 31, 2024	Jun. 30, 2023
Common shares			71,068,356	47,343,282
Subsequent Event [Member]
Common stock par value	$ 0.05	$ 0.165
Common shares	4,622,000	400,000

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