Convertible Notes Payable	12 Months Ended
Jun. 30, 2020
Convertible Notes Payable [Abstract]
Convertible Notes Payable	Note 7 - Convertible Notes Payable In April and May 2020, the Company issued unsecured, convertible notes payable (the "Notes") to certain accredited investors in an offering intended to be exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Notes are unsecured, bear interest at 8% per annum, and mature one year from the date of issuance. The Notes are subject to automatic conversion into the Company's common stock upon a qualified equity financing or change of control, based upon a specified formula; the lesser of $2.00 or 75% of the price paid per share in either of the conversion events. The Company issued notes totaling $2,182,500 and incurred issuance costs of $261,900. As of June 30, 2020, accrued interest of $26,000 has been recorded against the Notes. The issuance costs are being amortized over six months, which is the estimated length of time that the Company believes the note will be outstanding until a conversion event occurs. Amortization expense associated with the issuance costs of $79,000 has been recorded in the statement of operations as interest expense during the year ended June 30, 2020.

Convertible Notes Payable

12 Months Ended

Jun. 30, 2020

Convertible Notes Payable [Abstract]

Note 7 - Convertible Notes Payable

In April and May 2020, the Company issued unsecured, convertible notes payable (the "Notes") to certain accredited investors in an offering intended to be exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) thereof and Regulation D thereunder.

The Notes are unsecured, bear interest at 8% per annum, and mature one year from the date of issuance. The Notes are subject to automatic conversion into the Company's common stock upon a qualified equity financing or change of control, based upon a specified formula; the lesser of $2.00 or 75% of the price paid per share in either of the conversion events.

The Company issued notes totaling $2,182,500 and incurred issuance costs of $261,900. As of June 30, 2020, accrued interest of $26,000 has been recorded against the Notes. The issuance costs are being amortized over six months, which is the estimated length of time that the Company believes the note will be outstanding until a conversion event occurs. Amortization expense associated with the issuance costs of $79,000 has been recorded in the statement of operations as interest expense during the year ended June 30, 2020.

Amesite Inc. 10-K