General form of registration statement for all companies including face-amount certificate companies

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (3,359,049) $ (3,574,974) $ (5,758,369) $ (7,039,155)
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 69,000 245,145 130,000
Issuance of convertible promissory notes for services     310,000
(Gain) loss on settlements, net (14,289) (14,101) 18,585
Foreign currency transaction loss (gain) (82,411) 613,912 690,748 694,614
Depreciation expense 1,270 1,068 2,306 2,225
Amortization of debt discounts 307,085 303,813 389,673 853,459
Change in fair value of derivative liabilities 156,068 1,931,646 2,472,146 7,612
Gain on extinguishment of debt (20,176) (1,165,516) (1,204,242) (251,392)
Stock option expense 516,148
Reduction of put premium due to payment of debt (80,769)
Stock option and restricted stock expense 150,208
Accretion of put premium 698,307 699,230 706,154 1,784,231
Changes in Assets and Liabilities:        
GST receivable 3,024 (2,757) 489 1,636
Prepaid expenses and other assets 76,990 (53,104) (83,296) (29,842)
Accounts payable (93,233) (26,388) (164,926) 732,794
Deferred rent 1,921
Employee benefit liability 15,829 177,232 188,326 28,052
Accrued expenses (134,768) (51,533) 377,846 (70,537)
Accrued interest 111,448 107,643 184,198 214,694
NET CASH USED IN OPERATING ACTIVITIES (1,142,877) (1,056,786) (2,060,037) (2,177,645)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchase of equipment (2,874)
NET CASH USED IN INVESTING ACTIVITIES (2,874)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Loan repayments (2,326)
Proceeds from convertible promissory notes, net of original issue discounts and issue costs 1,130,000 1,054,089 1,369,000 2,890,080
Repayments of convertible promissory notes (219,000) (272,000) (490,181)
Proceeds from the issuance of common stock 405,773 1,100,380
Fees associated with offering costs (15,000) (15,000)
Debt issuance cost     (63,850)
Proceeds from the exercise of warrants 30 30
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,130,000 1,225,892 2,118,560 2,396,488
Effect of exchange rate changes on cash 22,505 (62,827) (73,175) (267,965)
NET INCREASE IN CASH 9,628 104,617 (17,527) (49,122)
CASH AT BEGINNING OF PERIOD 2,394 19,921 19,921 69,043
CASH AT END OF PERIOD 12,022 124,538 2,394 19,921
Cash paid during the year:        
Interest 4,467 8,585 100,719 16,899
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 1,824,317 948,129
Conversion of convertible notes and accrued interest to common stock 318,768 2,508,421 3,350,783 2,770,187
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 298,923 318,059
Discounts related to derivative liability 115,000 50,000 180,000 543,744
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