Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Jun. 30, 2016
CURRENT ASSETS:    
Cash $ 69,043 $ 121,070
GST tax receivable 8,111 29,355
Prepaid expenses and other current assets 4,822 210,122
Prepaid rent - related party 2,220
TOTAL CURRENT ASSETS 81,976 362,767
Security deposit 1,628
Security deposit - related party 2,303 2,220
Property and equipment, net 10,790 12,527
TOTAL ASSETS 95,069 379,142
CURRENT LIABILITIES:    
Accounts payable 483,513 370,093
Accrued expenses and other payables 477,347 137,487
Convertible notes and related accrued interest, net of discount and premiums 3,479,845 1,202,523
Loans payable 2,303 2,220
Embedded conversion option liabilities 877,403 994,343
Warrant derivative liability 3,769 55,839
Due to directors - related parties 35,204 33,943
Loans from directors and officer - related parties 56,802 54,767
Employee benefit liability 120,634 93,220
TOTAL CURRENT LIABILITIES 5,536,820 2,944,435
Commitments and Contingencies (See Note 9)
STOCKHOLDERS' DEFICIT:    
Common stock, $0.001 par value; 100,000,000 shares authorized; 4,578,284 and 2,914,465 shares issued and outstanding as of June 30, 2017 and June 30, 2016, respectively 4,578 2,914
Additional paid-in capital 32,980,420 27,671,552
Accumulated other comprehensive income (loss) (141,749) 131,264
Accumulated deficit (38,243,523) (30,376,023)
Treasury stock (46,477)
TOTAL STOCKHOLDERS' DEFICIT (5,441,751) (2,565,293)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 95,069 379,142
Series A Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock value 5,000 5,000
Series B Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock value