Quarterly report pursuant to Section 13 or 15(d)

Going Concern

Going Concern
9 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Going Concern



The accompanying unaudited consolidated financial statements have been prepared in conformity with US GAAP, which contemplate continuation of the Company as a going concern. For the nine months ended March 31, 2017, the Company had no revenues, had a net loss of $6,234,008 and had net cash used in operations of $1,449,080. Additionally, as of March 31, 2017, the Company had a working capital deficit, stockholders’ deficit and accumulated deficit of $4,728,340, $4,714,766 and $36,610,031, respectively. It is management’s opinion that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the date of this filing.


The unaudited consolidated financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty.


Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing to fulfill its development activities, acceptance of the Company’s patent applications and ultimately achieving a level of sales adequate to support the Company’s cost structure. However, there can be no assurances that the Company will be able to secure additional equity investments or achieve an adequate sales level.