Q1 2018

Latest Quarterly Results
Ended September 30, 2017

$724,936

Research and development YTD

$785,668

Net cash used in operations YTD

Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Jun. 30, 2017
CURRENT ASSETS:    
Cash $ 142,565 $ 69,043
GST tax receivable 7,142 8,111
Prepaid expenses and other current assets 4,822
TOTAL CURRENT ASSETS 149,707 81,976
Security deposit - related party 2,352 2,303
Property and equipment, net 10,453 10,790
TOTAL ASSETS 162,512 95,069
CURRENT LIABILITIES:    
Accounts payable 606,985 483,513
Accrued expenses and other payables 252,954 477,347
Convertible notes and related accrued interest, net of discounts and premiums 4,653,437 3,479,845
Loans payable 2,352 2,303
Embedded conversion option liabilities 1,160,865 877,403
Warrant derivative liability 142 3,769
Due to directors - related parties 35,957 35,204
Loans from directors and officer - related parties 58,016 56,802
Employee benefit liability 129,326 120,634
TOTAL CURRENT LIABILITIES 6,900,034 5,536,820
Commitments and Contingencies (See Note 7)
STOCKHOLDERS' DEFICIT:    
Common stock, $0.001 par value; 100,000,000 shares authorized; 6,674,746 and 4,578,284 shares issued; 6,650,268 and 4,553,806 outstanding as of September 30, 2017 and June 30, 2017, respectively 6,674 4,578
Additional paid-in capital 33,795,889 32,980,420
Accumulated other comprehensive loss (331,342) (141,749)
Accumulated deficit (40,167,266) (38,243,523)
Treasury stock (46,477) (46,477)
TOTAL STOCKHOLDERS' DEFICIT (6,737,522) (5,441,751)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 162,512 95,069
Series A Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock value 5,000 5,000
Series B Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock value

Source

v3.8.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
REVENUE    
Revenue
OPERATING EXPENSES    
Administration expenses 631,406 1,004,503
Occupancy expenses 8,830 8,597
Research and development 563,739 161,197
TOTAL OPERATING EXPENSES 1,203,975 1,174,297
LOSS FROM OPERATIONS (1,203,975) (1,174,297)
OTHER INCOME (EXPENSE)    
Interest expense (892,432) (471,387)
Interest income 28 8
Change in fair value of derivative liabilities 30,274 369,373
Gain on debt settlements, net 8,570 345
Foreign currency transaction gain 133,792 173,989
TOTAL OTHER INCOME (EXPENSE) (719,768) 72,328
LOSS BEFORE INCOME TAXES (1,923,743) (1,101,969)
INCOME TAX BENEFIT
NET LOSS $ (1,923,743) $ (1,101,969)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.36) $ (0.36)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 5,285,552 3,069,246
NET LOSS $ (1,923,743) $ (1,101,969)
OTHER COMPREHENSIVE LOSS    
Unrealized foreign currency translation loss (189,593) (224,819)
TOTAL OTHER COMPREHENSIVE LOSS (189,593) (224,819)
TOTAL COMPREHENSIVE LOSS $ (2,113,336) $ (1,326,788)

Source

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,923,743) $ (1,101,969)
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 39,844 84,076
Issuance of convertible promissory notes for services 310,000
Warrant modification expense 21,007
Gain on settlement of accounts payable 8,570
Foreign currency transaction gain (133,792) (173,989)
Depreciation expense 571 549
Amortization of debt discount 214,472 444,835
Change in fair value of derivative liabilities (30,274) (369,373)
Stock option expense 164,881 494,642
Accretion of put premium 609,796
Changes in Assets and Liabilities:    
GST receivable 1,151 20,244
Prepaid expenses and other assets 4,962 29
Accounts payable 105,424 (56,687)
Employee benefit liability 6,161 5,916
Payment for security deposit 1,669
Accrued expenses (231,854) (58,457)
Accrued interest 68,163 3,910
NET CASH USED IN OPERATING ACTIVITIES (785,668) (683,598)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes 894,000 150,000
Proceeds from the exercise of warrants 464,286
NET CASH PROVIDED BY FINANCING ACTIVITIES 894,000 614,286
Effect of exchange rate changes on cash (34,810) (26,845)
NET INCREASE (DECREASE) IN CASH 73,522 (96,157)
CASH AT BEGINNING OF PERIOD 69,043 121,070
CASH AT END OF PERIOD 142,565 24,913
Cash paid during the period:    
Interest
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible note 128,333 40,909
Conversion of convertible notes and accrued interest to common stock 484,506 153,610
Discounts related to warrants issued with convertible debenture 910,178
Discounts related to derivative liability $ 310,000 $ 165,000

Source

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