Q4 2016

Latest Quarterly Results
Ended June 30, 2016

$806,578

Research and development YTD

$2,205,144

Net cash used in operations YTD

Financials

v3.6.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Jun. 30, 2016
CURRENT ASSETS:    
Cash $ 42,918 $ 121,070
GST tax receivable 10,368 29,355
Prepaid expenses and other current assets 69,252 210,122
Prepaid rent - related party 0 2,220
TOTAL CURRENT ASSETS 122,538 362,767
Security deposit 0 1,628
Security deposit - related party 2,159 2,220
Property and equipment, net 11,141 12,527
TOTAL ASSETS 135,838 379,142
CURRENT LIABILITIES:    
Accounts payable 441,769 250,403
Accounts payable - related parties 76,435 119,690
Accrued expenses and other payables 323,901 137,487
Convertible notes and related accrued interest, net of discount and premiums 1,824,170 1,202,523
Loans payable 2,159 2,220
Embedded conversion option liabilities 1,100,368 994,343
Warrant derivative liability 19,543 55,839
Due to directors - related parties 33,008 33,943
Loans from directors and officer - related parties 53,258 54,767
Employee benefit liability 101,879 93,220
TOTAL CURRENT LIABILITIES 3,976,490 2,944,435
Commitments and Contingencies (See Note 7)
STOCKHOLDERS' DEFICIT:    
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 867,281,734 and 728,616,312 shares issued and outstanding as of December 31, 2016 and June 30, 2016, respectively 867,282 728,617
Additional paid-in capital 30,137,809 26,945,849
Accumulated other comprehensive income 388,162 131,264
Accumulated deficit (35,238,905) (30,376,023)
TOTAL STOCKHOLDERS' DEFICIT (3,840,652) (2,565,293)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 135,838 379,142
Series A Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock value 5,000 5,000
Series B Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock value $ 0 $ 0

Source

v3.6.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
REVENUE        
Revenue $ 0 $ 0 $ 0 $ 0
OPERATING EXPENSES        
Administration expenses 1,735,893 996,129 2,740,396 1,845,108
Occupancy expenses 5,991 4,889 14,588 9,827
Research and development 167,202 142,803 328,399 296,277
TOTAL OPERATING EXPENSES 1,909,086 1,143,821 3,083,383 2,151,212
LOSS FROM OPERATIONS (1,909,086) (1,143,821) (3,083,383) (2,151,212)
OTHER INCOME (EXPENSE)        
Interest expense (1,255,627) (1,155,645) (1,727,014) (1,574,289)
Interest income 5 0 13 2,027
Change in fair value of derivative liabilities (38,980) (1,347,743) 330,393 (551,890)
Gain (loss) on debt settlements, net (131,902) (58,893) (131,557) (58,893)
Foreign currency transaction gain (loss) (425,323) 72,035 (251,334) (138,704)
TOTAL OTHER INCOME (EXPENSE) (1,851,827) (2,490,246) (1,779,499) (2,321,749)
LOSS BEFORE INCOME TAXES (3,760,913) (3,634,067) (4,862,882) (4,472,961)
INCOME TAX BENEFIT 0 72,000 0 72,000
NET LOSS (3,760,913) (3,562,067) (4,862,882) (4,400,961)
OTHER COMPREHENSIVE INCOME (LOSS)        
Foreign currency translation gain (loss) 481,717 (146,551) 256,898 111,879
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 481,717 (146,551) 256,898 111,879
TOTAL COMPREHENSIVE LOSS $ (3,279,196) $ (3,708,618) $ (4,605,984) $ (4,289,082)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.00) $ (0.01) $ (0.01) $ (0.01)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 831,755,755 399,822,354 799,533,647 375,025,485

Source

v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,862,882) $ (4,400,961)
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 437,235 1,122,322
Issuance of convertible promissory notes for services 250,000 0
Warrant modification expense 23,495 0
Loss (gain) on settlement 131,900 58,893
Foreign currency transaction loss 251,334 (20,509)
Depreciation expense 1,091 340
Amortization of debt discount 1,371,171 1,224,235
Change in fair value of derivative liabilities (330,393) 551,890
Stock option expense 989,285 0
Accretion of put premium 319,103 755,927
Changes in Assets and Liabilities:    
GST receivable 19,047 4,296
Prepaid expenses and other assets 0 (343,259)
Prepaid expenses and other assets - related parties 2,262 0
Accounts payable 85,790 (118,305)
Accounts payable - related parties 80,089 0
Employee benefit liability 11,765 12,447
Payment for security deposit 1,659 0
Accrued expenses 199,295 (324,789)
Accrued interest 14,126 (10,005)
Other 0 (744)
NET CASH USED IN OPERATING ACTIVITIES (1,004,628) (1,488,222)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment 0 (676)
NET CASH USED IN INVESTING ACTIVITIES 0 (676)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Loan repayments to principal stockholder 0 (21,500)
Loan repayments 0 (23,852)
Proceeds from convertible promissory notes 495,000 2,977,500
Repayments of convertible promissory notes 0 (463,976)
Proceeds from the exercise of warrants 464,285 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 959,285 2,468,172
Effect of exchange rate changes on cash (32,809) 81,217
NET INCREASE (DECREASE) IN CASH (78,152) 1,060,491
CASH AT BEGINNING OF PERIOD 121,070 107,627
CASH AT END OF PERIOD 42,918 1,168,118
Cash paid during the period:    
Interest 0 0
Income Tax 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Prepaid common stock issued for services 0 187,532
Cancellation of shares for convertible note payable 112,500 0
Reduction of put premium related to conversions of convertible note 89,591 636,348
Conversion of convertible notes and accrued interest to common stock 577,984 1,762,430
Discounts related to warrants issued with convertible debenture 910,178 1,619,075
Discounts related to derivative liability $ 400,000 $ 1,005,925

Source

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