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

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,740,723) $ (5,758,369)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock and warrants for services 1,098,452 245,145
(Gain) loss on settlements, net (14,101)
Foreign currency transaction loss (gain) 143,808 690,748
Depreciation expense 2,473 2,306
Amortization of debt discounts 734,130 389,673
Derivative income (expense) (385,293) 2,472,146
Gain on extinguishment of debt (67,123) (1,204,242)
Stock option and restricted stock expense 300,416
Non-cash interest expense 15,000
Put premiums on convertible debt issued 836,724 706,154
Changes in Assets and Liabilities:    
GST receivable 3,332 489
Prepaid expenses and other assets 83,157 (83,296)
Accounts payable (59,737) (164,926)
Deferred rent 3,394
Employee benefit liability 35,724 188,326
Put premiums on convertible debt issued (9,740) 377,846
Accrued interest 156,417 184,198
NET CASH USED IN OPERATING ACTIVITIES (1,849,589) (2,060,037)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (2,874)
NET CASH USED IN INVESTING ACTIVITIES (2,874)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes 1,591,250 1,369,000
Repayments of convertible promissory notes (272,000)
Proceeds from the sale of common stock 450,000 1,100,380
Fees associated with offering costs (25,010) (15,000)
Debt issuance costs (126,000) (63,850)
Proceeds from the exercise of warrants 30
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,890,240 2,118,560
Effect of exchange rate changes on cash 23,962 (73,176)
NET INCREASE (DECREASE) IN CASH 64,613 (17,527)
CASH AT BEGINNING OF YEAR 2,394 19,921
CASH AT END OF YEAR 67,007 2,394
Supplemental Disclosure of Cash Flow Information    
Interest 6,110 100,719
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 874,924 1,824,317
Conversion of convertible notes and accrued interest to common stock 1,814,336 3,350,783
Discounts related to warrants issued with convertible notes 375,905
Deferred financing costs associated with equity purchase agreement 318,059
Discounts related to derivative liability 227,000 180,000
Operating lease right-of-use asset and operating lease liability recorded on adoption of ASC 842 $ 48,662