Investors

Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Jun. 30, 2017
CURRENT ASSETS:    
Cash $ 9,296 $ 69,043
GST tax receivable 2,357 8,111
Prepaid expenses and other current assets 87,634 4,822
TOTAL CURRENT ASSETS 99,287 81,976
Security deposit - related party 2,307 2,303
Property and equipment, net 9,152 10,790
TOTAL ASSETS 110,746 95,069
CURRENT LIABILITIES:    
Accounts payable 1,209,688 483,513
Accrued expenses and other payables 372,181 477,347
Convertible notes and related accrued interest, net of discounts and premiums 4,514,921 3,479,845
Loans payable 2,303
Embedded conversion option liabilities 555,166 877,403
Warrant derivative liability 3,769
Due to directors - related parties 34,192 35,204
Loans from directors and officer - related parties 56,906 56,802
Employee benefit liability 140,606 120,634
TOTAL CURRENT LIABILITIES 6,883,660 5,536,820
Commitments and Contingencies (See Note 7)
STOCKHOLDERS’ DEFICIT:    
Common stock, $0.001 par value; 400,000,000 shares authorized; 31,084,610 and 4,578,284 shares issued; 31,060,132 and 4,553,806 outstanding as of March 31, 2018 and June 30, 2017, respectively 31,084 4,578
Additional paid-in capital 37,211,109 32,980,420
Accumulated other comprehensive loss (113,379) (141,749)
Accumulated deficit (43,860,251) (38,243,523)
Treasury stock (46,477) (46,477)
TOTAL STOCKHOLDERS’ DEFICIT (6,772,914) (5,441,751)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 110,746 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 9 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
REVENUE        
Revenue
OPERATING EXPENSES        
Administration expenses 723,992 1,153,138 1,750,840 3,893,534
Occupancy expenses 8,005 7,649 23,734 22,237
Research and development 75,138 386,490 1,673,606 714,889
TOTAL OPERATING EXPENSES 807,135 1,547,277 3,448,180 4,630,660
LOSS FROM OPERATIONS (807,135) (1,547,277) (3,448,180) (4,630,660)
OTHER INCOME (EXPENSE)        
Interest expense (830,911) (798,361) (2,210,097) (2,525,375)
Interest income 15 648 82 661
Change in fair value of derivative liabilities 207,736 273,545 (22,035) 603,938
Gain (loss) on debt settlements, net (71,151) (343) (34,337) (131,900)
Gain (loss) on extinguishment of debt, net 240,301 156,574
Foreign currency transaction gain (loss) (230,346) 394,503 (239,498) 143,169
TOTAL OTHER INCOME (EXPENSE) (684,356) (130,008) (2,349,311) (1,909,507)
LOSS BEFORE INCOME TAXES (1,491,491) (1,677,285) (5,797,491) (6,540,167)
TAX BENEFIT 485 306,159 180,763 306,159
NET LOSS $ (1,491,006) $ (1,371,126) $ (5,616,728) $ (6,234,008)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.06) $ (0.38) $ (0.42) $ (1.86)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 23,426,370 3,653,154 13,247,004 3,347,593
NET LOSS $ (1,491,006) $ (1,371,126) $ (5,616,728) $ (6,234,008)
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized foreign currency translation gain (loss) 198,634 (473,998) 28,370 (217,100)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 198,634 (473,998) 28,370 (217,100)
TOTAL COMPREHENSIVE INCOME (LOSS) $ (1,292,372) $ (1,845,124) $ (5,588,358) $ (6,451,108)

Source

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,616,728) $ (6,234,008)
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 139,845 531,958
Issuance of convertible promissory notes for services 310,000 500,000
Warrant modification expense 23,495
Loss on settlements 34,337 131,900
Foreign currency transaction loss (gain) 239,498 (143,169)
Depreciation expense 1,684 1,628
Amortization of debt discount 628,066 1,835,899
Change in fair value of derivative liabilities 22,035 (603,938)
Gain on extinguishment of debt (156,574)
Stock option expense 491,058 1,473,174
Reduction of put premium due to payment of debt (80,769)
Accretion of put premium 1,492,516 619,436
Changes in Assets and Liabilities:    
GST receivable 5,864 19,953
Prepaid expenses and other assets (83,305)
Prepaid expenses and other assets - related parties 2,267
Accounts payable 745,659 119,443
Accounts payable - related parties 15,450
Employee benefit liability 20,076 17,682
Payment for security deposit 1,662
Accrued expenses (76,514) 190,899
Accrued interest 153,167 47,189
NET CASH USED IN OPERATING ACTIVITIES (1,730,085) (1,449,080)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Loan repayments (2,345)
Proceeds from convertible promissory notes 2,385,781 923,750
Repayments of convertible promissory notes (490,181)
Proceeds from the exercise of warrants 464,286
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,893,255 1,388,036
Effect of exchange rate changes on cash (222,917) (50,968)
NET DECREASE IN CASH (59,747) (112,012)
CASH AT BEGINNING OF PERIOD 69,043 121,070
CASH AT END OF PERIOD 9,296 9,058
Supplemental Disclosure of Cash Flow Information    
Interest 16,899
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Cancellation of shares for convertible note payable 112,500
Reduction of put premium related to conversions of convertible note 678,806 132,955
Conversion of convertible notes and accrued interest to common stock 2,174,699 934,241
Discounts related to warrants issued with convertible debenture 910,178
Discounts related to derivative liability 510,000 650,000
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