Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,658,087) $ (2,025,947)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 314,626 125,572
Foreign currency transaction (gain) loss 42,395 (30,497)
Depreciation expense 1,993 1,993
Amortization of debt discounts 47,971 136,527
Change in fair value of derivative liabilities 99,111 8,186
(Gain) loss on extinguishment of debt, net 17,503 (50,607)
Gain from settlement of debt, net (49,319)
Stock option and restricted stock expense 72,513 82,872
Non-cash interest expense 2,250 16,500
Amortization of right-of-use assets 3,678
Accretion of put premium 452,308 200,410
Changes in Assets and Liabilities:    
GST receivable 1,660 (2,147)
Prepaid expenses and other assets (8,620)
Accounts payable 18,870 178,311
Deferred rent (3,695)
Employee benefit liability 29,907 33,134
Accrued expenses and other payables 65,017 152,861
Accrued interest 63,878 80,582
Operating lease liability (3,277)
NET CASH USED IN OPERATING ACTIVITIES (1,436,304) (1,145,264)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes, net of original issue discounts and issue costs 766,500 325,000
Repayments of convertible promissory notes (43,000)
Proceeds from the sale of common stock 99,285
Proceeds from the exercise of warrants 625,001 776,044
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,490,786 1,058,044
Effect of exchange rate changes on cash (52,670) 22,468
NET INCREASE (DECREASE) IN CASH 1,812 (64,752)
CASH AT BEGINNING OF YEAR 2,255 67,007
CASH AT END OF YEAR 4,067 2,255
Supplemental Disclosure of Cash Flow Information    
Interest 2,392 13,621
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Common stock issued for offering cost applied against proceeds received 20,000
Subscription receivable 23,758
Reduction of put premium related to conversions of convertible notes 335,677 590,504
Conversion of convertible notes and accrued interest to common stock 635,303 1,142,205
Discounts related to derivative liability
Operating lease right-of-use asset and operating lease liability recorded pursuant to ASC 842 66,201
Reversal of common stock issuable and put premium due to cancellation of conversions of convertible debt and accrued interest 31,801
Accounts payable reclass to convertible notes 25,000
Common stock issued for accrued services 448,440
Deemed dividend upon alternate cashless exercise of warrants $ 700,340 $ 391,749