Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,867,500) $ (9,410,352)
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 670,037 1,504,914
Issuance of convertible promissory notes for services 500,000
Fair value of warrants issued for services 47,560
Warrant modification expense 23,495
Gain on note forgiveness (50,000)
Loss on settlements, net 195,650
Foreign currency transaction gain (144,605)
Depreciation expense 2,166 877
Amortization of debt discount 1,969,514 3,534,817
Change in fair value of derivative liabilities (820,153) (2,743,676)
Stock option expense 1,686,444 1,722,288
Accretion of put premium 1,109,167 658,420
Changes in Assets and Liabilities:    
GST receivable 21,951 (17,804)
Prepaid expenses and other assets (4,739) 18,142
Prepaid expenses and other assets - related parties 2,263
Accounts payable 147,951 139,201
Employee benefit liability 23,538 23,780
Payment for security deposit 1,660
Payment for security deposit - related party (2,185)
Accrued expenses 331,660 (228,040)
Accrued interest 100,865 300,559
NET CASH USED IN OPERATING ACTIVITIES (2,050,636) (4,501,499)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (9,879)
NET CASH USED IN INVESTING ACTIVITIES (9,879)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Loan repayments to principal stockholder (13,582)
Loan repayments to director (8,078)
Loan repayments (24,031)
Proceeds from convertible promissory notes 1,634,500 4,982,500
Repayments of convertible promissory notes (401,476)
Proceeds from note payable 20,000
Repayment of note payable (20,000)
Proceeds from the exercise of warrants 464,286
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,098,786 4,535,333
Effect of exchange rate changes on cash (100,177) (10,512)
NET INCREASE (DECREASE) IN CASH (52,027) 13,443
CASH AT BEGINNING OF YEAR 121,070 107,627
CASH AT END OF YEAR 69,043 121,070
Cash paid during the period:    
Interest 537 10,757
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Treasury stock re-purchased for reversal of debt conversion 46,477
Cancellation of shares for convertible note payable 112,500
Prepaid common stock issued for services 767,562
Reduction of put premium related to conversions of convertible note 266,287 1,253,318
Conversion of convertible notes and accrued interest to common stock 1,406,736 4,899,244
Discounts related to warrants issued with convertible debenture 910,178 712,110
Discounts related to derivative liability 650,000 2,462,355
Settlement of accounts payable for shares of common stock $ 50,000