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

Consolidated Statements of Cash Flows

v3.23.3
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,660,566) $ (2,658,087)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 138,948 314,626
Stock option, stock warrants and restricted stock expense 2,408 72,513
Foreign currency transaction (gain) loss (5,885) 42,395
Depreciation expense 1,665 1,993
Amortization of debt discounts 202,952 47,971
Amortization of right-of-use assets 21,266 3,678
Change in fair value of derivative liabilities 530,330 99,111
(Gain) loss on extinguishment of debt, net (25,969) 17,503
Gain from settlement of accounts payable (17,499)
Non-cash interest expense 1,838 2,250
Accretion of put premium 232,674 452,308
Changes in Assets and Liabilities:    
GST receivable (610) 1,660
Prepaid expenses and other assets 2,182 (8,620)
Accounts payable 80,975 18,870
Employee benefit liability 186,912 29,907
Accrued expenses and other payables 130,511 65,017
Accrued interest 92,474 63,878
Operating lease liability (19,857) (3,277)
NET CASH USED IN OPERATING ACTIVITIES (1,105,251) (1,436,304)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes, net of original issue discounts and issue costs 590,250 766,500
Proceeds from the sale of common stock 24,711 99,285
Collection of subscription receivable 23,758
Proceeds from the exercise of warrants 475,000 625,001
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,113,719 1,490,786
Effect of exchange rate changes on cash (2,488) (52,670)
NET INCREASE IN CASH 5,980 1,812
CASH AT BEGINNING OF YEAR 4,067 2,255
CASH AT END OF YEAR 10,047 4,067
Supplemental Disclosure of Cash Flow Information    
Interest 2,883 2,392
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Common stock issued for offering cost applied against proceeds received 20,000
Subscription receivable 23,758
Reduction of put premium related to conversions of convertible notes 411,111 335,677
Conversion of convertible notes and accrued interest to common stock 1,016,285 635,303
Debt discounts related to derivative liability 93,668
Operating lease right-of-use asset and operating lease liability pursuant to ASC 842 66,201
Debt discounts related to common stock issued with a note payable 37,500
Warrant grant for settlement of accounts payable 5,551
Common stock issued for accrued services 448,440
Deemed dividend upon alternate cashless exercise of warrants $ 466,273 $ 700,340