Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,820,528) $ (2,660,566)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 138,948
Stock option, stock warrants and restricted stock expense 2,408
Foreign currency transaction gain (22,080) (5,885)
Depreciation expense 297 1,665
Allowance on refundable advance deposit 120,958
Amortization of debt discounts 294,005 202,952
Amortization of right-of-use assets 21,359 21,266
Change in fair value of derivative liabilities (316,537) 530,330
Derivative expense 141,012
Gain on extinguishment of debt, net (54,565) (25,969)
Gain from settlement of accounts payable (17,499)
Non-cash interest expense 3,832 1,838
Accretion of put premium 279,711 232,674
Changes in Assets and Liabilities:    
GST receivable (71) (610)
Prepaid expenses and other assets 4,746 2,182
Refundable advance deposit (120,958)
Deferred offering costs (25,000)
Accounts payable 242,408 80,975
Employee benefit liability 49,196 186,912
Accrued expenses and other payables 209,962 130,511
Accrued interest 78,733 92,474
Operating lease liability (21,598) (19,857)
NET CASH USED IN OPERATING ACTIVITIES (935,118) (1,105,251)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes, net of original issue discounts and issue costs 567,050 590,250
Repayment of convertible note (142,909)
Proceeds from the sale of common stock 23,057 24,711
Proceeds from note payable 190,000
Proceeds from loans payable 79,811
Proceeds from loans payable - related party 224,885
Collection of subscription receivable 23,758
Proceeds from the exercise of warrants 475,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 941,894 1,113,719
Effect of exchange rate changes on cash 4,262 (2,488)
NET INCREASE IN CASH 11,038 5,980
CASH AT BEGINNING OF YEAR 10,047 4,067
CASH AT END OF YEAR 21,085 10,047
Supplemental Disclosure of Cash Flow Information    
Interest 9,491 2,883
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 246,254 411,111
Conversion of convertible notes and accrued interest to common stock 560,483 1,016,285
Debt discounts related to derivative liability 150,000 93,668
Relative fair value of warrant granted in connection with a loan payable - related party 141,084
Warrant grant for settlement of accounts payable 37,500
Warrants issued for accrued services 5,551
Deemed dividend upon alternate cashless exercise of warrants $ 192,960 $ 466,273