Investors

Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Jun. 30, 2017
CURRENT ASSETS:    
Cash $ 19,921 $ 69,043
GST tax receivable 6,257 8,111
Prepaid expenses and other current assets 34,712 4,822
TOTAL CURRENT ASSETS 60,890 81,976
Security deposit - related party 2,220 2,303
Property and equipment, net 8,277 10,790
TOTAL ASSETS 71,387 95,069
CURRENT LIABILITIES:    
Accounts payable 1,157,369 483,513
Accrued expenses and other payables 364,404 477,347
Convertible notes and related accrued interest, net of discounts and premiums 4,699,299 3,479,845
Loans payable 2,303
Embedded conversion option liabilities 371,532 877,403
Warrant derivative liability 3,769
Due to directors - related parties 32,898 35,204
Loans from directors and officer - related parties 54,753 56,802
Employee benefit liability 143,052 120,634
TOTAL CURRENT LIABILITIES 6,823,307 5,536,820
Commitments and Contingencies (See Note 9)  
STOCKHOLDERS’ DEFICIT:    
Common stock, $0.001 par value; 400,000,000 shares authorized; 46,429,423 and 4,578,284 shares issued; 46,404,945 and 4,553,806 outstanding as of June 30, 2018 and June 30, 2017, respectively 46,429 4,578
Additional paid-in capital 38,167,877 32,980,420
Accumulated other comprehensive income (loss) 357,929 (141,749)
Accumulated deficit (45,282,678) (38,243,523)
Treasury stock (46,477) (46,477)
TOTAL STOCKHOLDERS’ DEFICIT (6,751,920) (5,441,751)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 71,387 95,069
Series A Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIT:    
Preferred stock, 1,500,005 shares authorized, $0.01 par value: 5,000 5,000
TOTAL STOCKHOLDERS’ DEFICIT 5,000 5,000
Series B Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIT:    
Preferred stock, 1,500,005 shares authorized, $0.01 par value:
TOTAL STOCKHOLDERS’ DEFICIT

Source

v3.10.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
REVENUE    
Revenue
OPERATING EXPENSES    
Administration expenses 2,103,684 4,739,431
Occupancy expenses 30,521 28,992
Research and development 1,825,728 971,769
TOTAL OPERATING EXPENSES 3,959,933 5,740,192
LOSS FROM OPERATIONS (3,959,933) (5,740,192)
OTHER INCOME (EXPENSE)    
Interest expense (2,789,196) (3,202,774)
Interest income 87 685
Change in fair value of derivative liabilities (7,612) 820,153
Loss on debt settlements, net (18,585) (195,650)
Gain on extinguishment of debt, net 251,392
Foreign currency transaction gain (loss) (694,614) 144,605
TOTAL OTHER INCOME (EXPENSE) (3,258,528) (2,432,981)
LOSS BEFORE TAXES (7,218,461) (8,173,173)
TAX BENEFIT 179,306 305,673
NET LOSS $ (7,039,155) $ (7,867,500)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.36) $ (2.24)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 19,690,643 3,508,532
NET LOSS $ (7,039,155) $ (7,867,500)
OTHER COMPREHENSIVE INCOME (LOSS)    
Unrealized foreign currency translation gain (loss) 499,678 (273,013)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 499,678 (273,013)
TOTAL COMPREHENSIVE INCOME (LOSS) $ (6,539,477) $ (8,140,513)

Source

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,039,155) $ (7,867,500)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 130,000 670,037
Issuance of convertible promissory notes for services 310,000 500,000
Warrant modification expense 23,495
Loss on settlements, net 18,585 195,650
Foreign currency transaction loss (gain) 694,614 (144,605)
Depreciation expense 2,225 2,166
Amortization of debt discount 853,459 1,969,514
Change in fair value of derivative liabilities 7,612 (820,153)
Gain on extinguishment of debt (251,392)
Stock option expense 516,148 1,686,444
Reduction of put premium due to payment of debt (80,769)
Accretion of put premium 1,784,231 1,109,167
Changes in Assets and Liabilities:    
GST receivable 1,636 21,951
Prepaid expenses and other assets (29,842) (4,739)
Prepaid expenses and other assets - related parties 2,263
Accounts payable 732,794 147,951
Employee benefit liability 28,052 23,538
Payment for security deposit 1,660
Accrued expenses (70,537) 331,660
Accrued interest 214,694 100,865
NET CASH USED IN OPERATING ACTIVITIES (2,177,645) (2,050,636)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Loan repayments (2,326)
Proceeds from convertible promissory notes 2,890,080 1,634,500
Repayments of convertible promissory notes (490,181)
Proceeds from note payable 20,000
Repayment of note payable (20,000)
Repayment of related party loans (1,085)
Proceeds from the exercise of warrants 464,286
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,396,488 2,098,786
Effect of exchange rate changes on cash (267,965) (100,177)
NET DECREASE IN CASH (49,122) (52,027)
CASH AT BEGINNING OF YEAR 69,043 121,070
CASH AT END OF YEAR 19,921 69,043
Supplemental Disclosure of Cash Flow Information    
Interest 16,899 537
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Treasury stock re-purchased for reversal of debt conversion 46,477
Cancellation of shares for convertible note payable 112,500
Reduction of put premium related to conversions of convertible note 948,129 266,287
Conversion of convertible notes and accrued interest to common stock 2,770,187 1,406,736
Discounts related to warrants issued with convertible debenture 910,178
Discounts related to derivative liability 543,744 650,000
Settlement of accounts payable for shares of common stock $ 50,000

Source

Sign up for email alerts

Be the first to receive breaking news

Sign up today