Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income (Loss)

v3.7.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
REVENUE    
Revenue
OPERATING EXPENSES    
Administration expenses 4,739,431 5,426,056
Occupancy expenses 28,992 24,550
Research and development 971,769 1,446,948
TOTAL OPERATING EXPENSES 5,740,192 6,897,554
LOSS FROM OPERATIONS (5,740,192) (6,897,554)
OTHER INCOME (EXPENSE)    
Interest expense (3,202,774) (4,485,596)
Interest income 685 2,027
Change in fair value of derivative liabilities 820,153 2,743,676
Loss on debt settlements, net (195,650) (670,893)
Foreign currency transaction gain (loss) 144,605 (174,550)
TOTAL OTHER INCOME (EXPENSE) (2,432,981) (2,585,336)
LOSS BEFORE INCOME TAXES (8,173,173) (9,482,890)
INCOME TAX BENEFIT 305,673 72,538
NET LOSS $ (7,867,500) $ (9,410,352)
BASIC AND DILUTED NET LOSS PER SHARE $ (2.24) $ (4.83)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 3,508,532 1,948,204
NET LOSS $ (7,867,500) $ (9,410,352)
OTHER COMPREHENSIVE INCOME (LOSS)    
Unrealized foreign currency translation gain (loss) (273,013) 30,296
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) (273,013) 30,296
TOTAL COMPREHENSIVE INCOME LOSS $ (8,140,513) $ (9,380,056)