Q3 2017

Latest Quarterly Results
Ended March 31, 2017

$714,889

Research and development YTD

$1,449,080

Net cash used in operations YTD

Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Jun. 30, 2016
CURRENT ASSETS:    
Cash $ 9,058 $ 121,070
GST tax receivable 10,125 29,355
Prepaid expenses and other current assets 12,029 210,122
Prepaid rent - related party 2,220
TOTAL CURRENT ASSETS 31,212 362,767
Security deposit 1,628
Security deposit - related party 2,291 2,220
Property and equipment, net 11,283 12,527
TOTAL ASSETS 44,786 379,142
CURRENT LIABILITIES:    
Accounts payable 452,144 250,403
Accounts payable - related parties 15,617 119,690
Accrued expenses and other payables 334,860 137,487
Convertible notes and related accrued interest, net of discount and premiums 2,651,423 1,202,523
Loans payable 2,291 2,220
Embedded conversion option liabilities 1,081,387 994,343
Warrant derivative liability 16,200 55,839
Due to directors - related parties 35,030 33,943
Loans from directors and officer - related parties 56,521 54,767
Employee benefit liability 114,079 93,220
TOTAL CURRENT LIABILITIES 4,759,552 2,944,435
Commitments and Contingencies (See Note 7)
STOCKHOLDERS' DEFICIT:    
Common stock, $0.001 par value; 100,000,000 shares authorized; 3,744,095 and 2,914,465 shares issued and outstanding as of March 31, 2017 and June 30, 2016, respectively 3,744 2,914
Additional paid-in capital 31,972,357 27,671,552
Accumulated other comprehensive income (loss) (85,836) 131,264
Accumulated deficit (36,610,031) (30,376,023)
TOTAL STOCKHOLDERS' DEFICIT (4,714,766) (2,565,293)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 44,786 379,142
Series A Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock value 5,000 5,000
Series B Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock value

Source

v3.7.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2016
REVENUE        
Revenue
OPERATING EXPENSES        
Administration expenses 1,153,138 775,216 3,893,534 2,620,324
Occupancy expenses 7,649 5,235 22,237 15,062
Research and development 386,490 510,301 714,889 806,578
TOTAL OPERATING EXPENSES 1,547,277 1,290,752 4,630,660 3,441,964
LOSS FROM OPERATIONS (1,547,277) (1,290,752) (4,630,660) (3,441,964)
OTHER INCOME (EXPENSE)        
Interest expense (798,361) (1,104,315) (2,525,375) (2,678,604)
Interest income 648 661 2,027
Change in fair value of derivative liabilities 273,545 57,118 603,938 (494,772)
Loss on debt settlements, net (343) (131,900) (58,893)
Foreign currency transaction gain 394,503 186,070 143,169 47,366
TOTAL OTHER INCOME (EXPENSE) (130,008) (861,127) (1,909,507) (3,182,876)
LOSS BEFORE INCOME TAXES (1,677,285) (2,151,879) (6,540,167) (6,624,840)
INCOME TAX BENEFIT (EXPENSE) 306,159 (30) 306,159 71,970
NET LOSS $ (1,371,126) $ (2,151,909) $ (6,234,008) $ (6,552,870)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.38) $ (1.05) $ (1.86) $ (3.90)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 3,653,154 2,043,235 3,347,593 1,679,829
NET LOSS $ (1,371,126) $ (2,151,909) $ (6,234,008) $ (6,552,870)
OTHER COMPREHENSIVE LOSS        
Unrealized foreign currency translation loss (473,998) (238,292) (217,100) (126,413)
TOTAL OTHER COMPREHENSIVE LOSS (473,998) (238,292) (217,100) (126,413)
TOTAL COMPREHENSIVE LOSS $ (1,845,124) $ (2,390,201) $ (6,451,108) $ (6,679,283)

Source

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,234,008) $ (6,552,870)
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 531,958 1,359,874
Issuance of convertible promissory notes for services 500,000
Warrant modification expense 23,495
Loss on settlement 131,900 58,893
Foreign currency transaction gain (143,169) (47,366)
Depreciation expense 1,628 507
Amortization of debt discount 1,835,899 2,235,257
Change in fair value of derivative liabilities (603,938) 494,772
Stock option expense 1,473,174
Accretion of put premium 619,436 914,412
Changes in Assets and Liabilities:    
GST receivable 19,953 (9,961)
Prepaid expenses and other assets (246,311)
Prepaid expenses and other assets - related parties 2,267
Accounts payable 119,443 (77,543)
Accounts payable - related parties 15,450
Employee benefit liability 17,682 19,060
Payment for security deposit 1,662
Accrued expenses 190,899 (326,341)
Accrued interest 47,189 (27,527)
NET CASH USED IN OPERATING ACTIVITIES (1,449,080) (2,205,144)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (676)
NET CASH USED IN INVESTING ACTIVITIES (676)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Loan repayments to principal stockholder (21,491)
Loan repayments (23,843)
Proceeds from convertible promissory notes 923,750 4,177,500
Repayments of convertible promissory notes (463,976)
Proceeds from the exercise of warrants 464,286
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,388,036 3,668,190
Effect of exchange rate changes on cash (50,968) (90,971)
NET INCREASE (DECREASE) IN CASH (112,012) 1,371,399
CASH AT BEGINNING OF PERIOD 121,070 107,627
CASH AT END OF PERIOD 9,058 1,479,026
Cash paid during the period:    
Interest
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Prepaid common stock issued for services 72,757
Cancellation of shares for convertible note payable 112,500
Reduction of put premium related to conversions of convertible note 132,955 1,034,454
Conversion of convertible notes and accrued interest to common stock 934,241 3,817,285
Discounts related to warrants issued with convertible debenture 910,178 1,666,635
Discounts related to derivative liability 650,000 2,205,925
Settlement of accounts payable for shares of common stock $ 50,000

Source

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