Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,025,947) $ (4,740,723)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 125,572 1,098,452
Foreign currency transaction loss (gain) (30,497) 143,808
Depreciation expense 1,993 2,473
Amortization of debt discounts 136,527 734,130
Change in fair value of derivative liabilities 8,186 (385,293)
Gain on extinguishment of debt, net (50,607) (67,123)
Gain from settlement of debt, net (49,319)
Stock option and restricted stock expense 82,872 300,416
Non-cash interest expense 16,500 15,000
Accretion of put premium 200,410 836,724
Changes in Assets and Liabilities:    
GST receivable (2,147) 3,332
Prepaid expenses and other assets 83,157
Accounts payable 178,311 (59,737)
Deferred rent (3,695) 3,394
Employee benefit liability 33,134 35,724
 Accrued expenses and other payables 152,861 (9,740)
Accrued interest 80,582 156,417
NET CASH USED IN OPERATING ACTIVITIES (1,145,264) (1,849,589)
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 sale of common stock 450,000
Fees associated with offering costs (25,010)
Proceeds from the exercise of warrants 776,044
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,058,044 1,890,240
Effect of exchange rate changes on cash 22,468 23,962
NET INCREASE (DECREASE) IN CASH (64,752) 64,613
CASH AT BEGINNING OF YEAR 67,007 2,394
CASH AT END OF YEAR 2,255 67,007
Supplemental Disclosure of Cash Flow Information    
 Interest 13,621 6,110
 Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 590,504 874,924
Conversion of convertible notes and accrued interest to common stock 1,142,205 1,814,336
Discounts related to warrants issued with convertible notes 375,905
Discounts related to derivative liability 227,000
Operating lease right-of-use asset and operating lease liability recorded on adoption of ASC 842 48,662
Reversal of common stock issuable and put premium due to cancellation of conversions of convertible debt and accrued interest 31,801
Deemed dividend upon alternate cashless exercise of warrants 391,749
Accounts payable reclass to convertible notes $ 25,000