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

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS
 6 Months Ended 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Jun. 30, 2015
USD ($)
Jun. 30, 2014
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (4,400,961) $ (1,128,779) $ (3,412,754) $ (829,564)
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities:        
Issuance and amortization of common stock for services 1,122,322 112,268 276,792 237,833
Issuance of preferred stock for services 0 1,067 1,067 0
Fair value of warrants issued for services     51,488 0
(Gain) loss on settlement 58,893 355,000 (375,547) 0
Settlement fees paid in the form of debt 0 125,000 150,000 0
Amortization of prepaid shares issued for services     0 6,667
Other 0 100    
Foreign currency transaction loss (20,509) 0 31,548 0
Depreciation expense 340 0 81 538
Amortization of debt discount 1,224,235 117,231 295,795 49,029
Change in fair value of derivative liabilities 551,890 (122,742) 541,981 16,522
Accretion of put premium 755,927 165,428 1,044,196 27,187
Changes in Assets and Liabilities:        
GST receivable 4,296 (1,226) (10,879) 0
Prepaid expenses and other assets (343,259) 0 (74,303) 294
Accounts payable (118,305) 46,849 (47,977) 94,607
Employee benefit liability 12,447 3,915 20,362 11,598
Accrued expenses (324,789) 46,585 115,941 158,847
Accrued interest (10,005) 7,308 (34,270) 0
Other (744) 0    
NET CASH USED IN OPERATING ACTIVITIES (1,488,222) (271,996) (1,426,479) (226,442)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchase of equipment (676) 0 (3,901) 0
Payment for security deposit     (1,684) 0
NET CASH USED IN INVESTING ACTIVITIES (676) 0 (5,585) 0
CASH FLOWS FROM FINANCING ACTIVITIES:        
Loan repayments to principal stockholder (21,500) (20,000) (28,455) (45,512)
Loan repayments (23,852) 0    
Proceeds from convertible promissory notes 2,977,500 90,000 1,438,500 273,959
Repayments of convertible promissory notes (463,976) 0 (157,000) 0
Proceeds from issuance of common stock for cash 0 29,000 29,000 0
Bank overdraft     0 (6)
Loan proceeds     0 10,542
Loan proceeds from principal stockholder     0 72,158
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,468,172 99,000 1,282,045 311,141
Effect of exchange rate changes on cash 81,217 99,785 169,847 3,100
NET INCREASE (DECREASE) IN CASH 1,060,491 (73,211) 19,828 87,799
CASH AT BEGINNING OF PERIOD 107,627 87,799 87,799 0
CASH AT END OF PERIOD 1,168,118 14,588 107,627 87,799
Cash paid during the period:        
Interest 0 0 0 0
Income Tax 0 0 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities        
Prepaid common stock issued for services 187,532 134,373 269,682 6,667
Reduction of put premium related to conversions of convertible note 636,348 37,032 71,370 0
Conversion of convertible notes and accrued interest to common stock 1,762,430 177,567 374,771 0
Discounts related to warrants issued with convertible debenture 1,619,075 0 0 133,095
Discounts related to lender costs 0 33,500 48,500 30,000
Discounts related to derivative liability 1,005,925 0 305,000 0
Conversion of loan payable to common stock $ 0 $ 66,389 66,389 0
Common stock issued for settlement of debt     152,285 0
Prepaid warrants issued for services     138,314 0
Conversion of accrued expenses to common stock     0 27,500
Conversion of loan payable to convertible debenture     0 27,963
Prepaid settlement fee paid through issuance of convertible note     $ 0 $ 25,000