Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,359,049) $ (3,574,974)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock and warrants for services 1,024,610 69,000
(Gain) loss on settlements, net (14,289)
Foreign currency transaction loss (gain) (82,411) 613,912
Depreciation expense 1,270 1,068
Amortization of debt discounts 307,085 303,813
Change in fair value of derivative liabilities 156,068 1,931,646
Gain on extinguishment of debt (20,176) (1,165,516)
Stock option and restricted stock expense 150,208
Accretion of put premium 698,307 699,230
Changes in Assets and Liabilities:    
GST receivable 3,024 (2,757)
Prepaid expenses and other assets 76,990 (53,104)
Accounts payable (93,233) (26,388)
Deferred rent 1,921
Employee benefit liability 15,829 177,232
Accrued expenses (134,768) (51,533)
Accrued interest 111,448 107,643
NET CASH USED IN OPERATING ACTIVITIES (1,142,877) (1,056,786)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes, net of original issue discounts and issue costs 1,130,000 1,054,089
Repayments of convertible promissory notes (219,000)
Proceeds from the issuance of common stock 405,773
Fees associated with offering costs (15,000)
Proceeds from the exercise of warrants 30
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,130,000 1,225,892
Effect of exchange rate changes on cash 22,505 (62,827)
NET INCREASE IN CASH 9,628 104,617
CASH AT BEGINNING OF PERIOD 2,394 19,921
CASH AT END OF PERIOD 12,022 124,538
Supplemental Disclosure of Cash Flow Information    
Interest 4,467 8,585
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 160,205 1,308,393
Conversion of convertible notes and accrued interest to common stock 318,768 2,508,421
Proceeds receivable from the issuance of common stock 168,787
Discounts related to warrants issued with convertible notes 375,904
Deferred financing costs associated with equity purchase agreement 298,923
Discounts related to derivative liability 115,000 50,000
Settlement of accounts payable for shares of common stock
Issue and amortization of common stock and warrants for services 1,024,610 69,000
Operating lease right-of-use asset and operating lease liability recorded on adoption of ASC 842 $ 46,696