Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,246,926) $ (5,944,711)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock and warrants for services 67,511 1,045,610
Foreign currency transaction loss (gain) (54,179) 2,053,010
Depreciation expense 1,467 1,859
Amortization of debt discounts 130,418 537,868
Change in fair value of derivative liabilities 7,156 (298,374)
Gain on extinguishment of debt, net (50,607) (81,011)
Gain from settlement of debt, net (48,390)
Stock option and restricted stock expense 62,154 225,312
Non-cash interest expense 12,750 3,000
Accretion of put premium 200,410 836,724
Changes in Assets and Liabilities:    
GST receivable (1,852) 192
Prepaid expenses and other assets 82,211
Accounts payable 110,878 207,071
Deferred rent 1,684 2,379
Employee benefit liability 32,685 23,205
Accrued expenses (195,158) (167,074)
Accrued interest 61,022 122,798
NET CASH USED IN OPERATING ACTIVITIES (908,977) (1,349,931)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes, net of original issue discounts and issue costs 325,000 1,465,250
Repayments of convertible promissory notes (43,000)
Proceeds from the exercise of warrants 526,044
NET CASH PROVIDED BY FINANCING ACTIVITIES 808,044 1,465,250
Effect of exchange rate changes on cash 48,365 (90,756)
NET INCREASE (DECREASE) IN CASH (52,568) 24,563
CASH AT BEGINNING OF PERIOD 67,007 2,394
CASH AT END OF PERIOD 14,439 26,957
Supplemental Disclosure of Cash Flow Information    
Interest 13,601 6,337
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 460,358 383,186
Conversion of convertible notes and accrued interest to common stock 921,085 922,754
Discounts related to warrants issued with convertible notes 375,905
Discounts related to derivative liability 227,000
Issue and amortization of common stock and warrants for services 1,024,610
Operating lease right-of-use asset and operating lease liability recorded on adoption of ASC 842 46,696
Reversal of common stock issuable and put premium due to cancellation of conversions of convertible debt and accrued interest 31,801
Accounts payable reclass to convertible notes $ 25,000