Financials

v3.4.0.3
Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2016
Jun. 30, 2015
Current assets:    
Cash $ 2,491 $ 23,858
Total current assets 2,491 23,858
Security deposits 2,250 2,250
Total Assets 4,741 26,108
Current Liabilities:    
Accounts payable and accrued expenses 2,639,355 2,599,706
Accrued interest - convertible promissory notes 1,609,859 1,447,601
Derivative instruments 683,000 2,682,541
Preferred stock dividend payable 13,794,774 11,880,647
Convertible promissory notes - current, net of debt discount of $213,553 and $155,528, respectively 2,456,447 2,166,472
Total Current liabilities 21,183,435 20,776,967
Long Term Debt    
Convertible promissory notes - long term, net of debt discount of $9,198 and $296,370, respectively 105,802 339,130
Total Liabilities 21,289,237 21,116,097
Capital deficiency:    
Common stock, par value $0.001 per share, 2,000,000,000 shares authorized; 6,520,389 and 3,550,336 shares issued and outstanding at March 31, 2016 and June 30, 2015, respectively 6,521 3,550
Additional paid in capital 74,862,588 72,144,582
Accumulated Deficit (96,153,688) (93,238,237)
Total Capital Deficiency (21,284,496) (21,089,989)
Total Liabilities and Capital Deficiency 4,741 26,108
Series B Convertible Preferred Stock [Member]    
Capital deficiency:    
Convertible Preferred stock 41 77
Series C Convertible Preferred Stock [Member]    
Capital deficiency:    
Convertible Preferred stock 14 16
Series D Convertible Preferred Stock [Member]    
Capital deficiency:    
Convertible Preferred stock 1 3
Series E Convertible Preferred Stock [Member]    
Capital deficiency:    
Convertible Preferred stock 19 19
Series F Convertible Preferred Stock [Member]    
Capital deficiency:    
Convertible Preferred stock 3 $ 1
Series G Convertible Preferred Stock [Member]    
Capital deficiency:    
Convertible Preferred stock 4
Series H Convertible Preferred Stock [Member]    
Capital deficiency:    
Convertible Preferred stock $ 1

Source

v3.4.0.3
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Revenues:        
License fees   $ 1,200,000
Total revenue   1,200,000
Costs and Expenses:        
Research and development $ 16,812 $ 4,001 $ 24,916 31,202
General and administrative 225,571 528,800 1,011,738 1,786,230
Total cost and expenses 242,383 532,801 1,036,654 1,817,432
Loss from operations (242,383) (532,801) (1,036,654) (617,432)
Other income/(expenses):        
Interest expense, net of interest income (1,311,063) (1,255,149) (3,988,942) (4,718,857)
Changes in fair value of derivative instruments (235,290) (5,989,647) 2,110,145 389,194
Total other income/(expense): (1,546,353) (7,244,796) (1,878,797) (4,329,663)
Loss before provision for taxes $ (1,788,736) $ (7,777,597) $ (2,915,451) $ (4,947,095)
Income tax provision
Net loss allocable to common shareholders $ (1,788,736) $ (7,777,597) $ (2,915,451) $ (4,947,095)
Basic and diluted loss per share $ (0.29) $ (3.03) $ (0.52) $ (2.27)
Weighted average number of shares outstanding: 6,168,027 2,563,262 5,612,674 2,183,018

Source

v3.4.0.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) $ (2,915,451) $ (4,947,095)
Adjustments to reconcile net (loss) to net cash used in operating activities:    
Change in fair value of derivative instruments (2,110,145) (389,194)
Stock and warrant based compensation 37,741 115,000
Non-cash interest expense 3,989,339 4,711,168
Change in assets and liabilities    
Accounts payable and accrued expenses 39,649 (65,251)
Net cash used in operating activities (958,867) (575,372)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible notes 125,000 45,000
Proceeds from issuance of preferred stock 860,000 1,200,000
Repayments of convertible notes (47,500) (360,000)
Net cash provided by financing activities 937,500 885,000
NET INCREASE (DECREASE) IN CASH (21,367) $ 309,628
CASH - BEGINNING OF PERIOD 23,858
CASH - END OF PERIOD $ 2,491 $ 309,628
Non-cash financing activities    
Conversion of convertible notes and interest to common stock $ 131,929
Conversion of preferred stock to common stock $ 245,000
Debt discount recognized as derivative liabiltiy $ 110,604 $ 45,000

Source