Investors

Financials

v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Jun. 30, 2019
CURRENT ASSETS:    
Cash $ 26,957 $ 2,394
GST tax receivable 4,543 5,439
Prepaid expenses and other current assets 83,299
TOTAL CURRENT ASSETS 31,500 91,132
Security deposit - related party 1,831 2,103
Operating lease right-of-use assets, net - related party 24,959
Property and equipment, net 5,648 8,417
TOTAL ASSETS 63,938 101,652
CURRENT LIABILITIES:    
Accounts payable 1,005,700 917,337
Accrued expenses and other payables 470,847 723,042
Convertible notes and related accrued interest, net of discounts and premiums 2,711,173 1,657,377
Operating lease liability - current portion - related party 7,290
Embedded conversion option liabilities 318,368 698,264
Due to former director - related parties 27,131 31,164
Loans from directors and officer - related parties 45,155 51,867
Employee benefit liability 305,136 323,837
TOTAL CURRENT LIABILITIES 4,890,800 4,402,888
NON-CURRENT LIABILITIES:    
Operating lease liability - long-term portion - related party 20,045
TOTAL NON-CURRENT LIABILITIES 20,045
TOTAL LIABILITIES 4,910,845 4,402,888
Commitments and Contingencies (See Note 7)
STOCKHOLDERS' DEFICIT:    
Common stock, $0.001 par value; 1,000,000,000 shares authorized; 18,481,459 and 968,042 shares issued; 18,481,410 and 967,993 outstanding as of March 31, 2020 and June 30, 2019, respectively 18,481 968
Additional paid-in capital 48,879,086 45,713,322
Accumulated other comprehensive income 3,282,760 1,066,998
Accumulated deficit (56,985,758) (51,041,047)
Treasury stock (49 shares) (46,477) (46,477)
TOTAL STOCKHOLDERS' DEFICIT (4,846,908) (4,301,236)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 63,938 101,652
Series A Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock, 1,500,005 shares authorized, $0.01 par value: 5,000 5,000
TOTAL STOCKHOLDERS' DEFICIT 5,000 5,000
Series B Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock, 1,500,005 shares authorized, $0.01 par value:
TOTAL STOCKHOLDERS' DEFICIT

Source

v3.20.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
REVENUE        
Revenue
OPERATING EXPENSES        
Administration expenses 542,093 511,822 2,751,478 1,553,016
Occupancy expenses 7,591 7,248 25,815 21,775
Research and development 57,484 52,655 122,893 203,625
TOTAL OPERATING EXPENSES 607,168 571,725 2,900,186 1,778,416
LOSS FROM OPERATIONS (607,168) (571,725) (2,900,186) (1,778,416)
OTHER INCOME (EXPENSE)        
Interest expense (384,804) (189,809) (1,506,111) (1,309,336)
Interest income 137 2 143 29
Change in fair value of derivative liabilities 454,442 16,666 298,374 (1,914,980)
Gain (loss) on debt settlements, net (89) 14,200
Gain (loss) on extinguishment of debt, net 60,835 38,726 81,011 1,204,242
Foreign currency transaction gain (loss) (2,135,421) 125,099 (2,053,010) (488,813)
TOTAL OTHER INCOME (EXPENSE) (2,004,811) (9,405) (3,179,593) (2,494,658)
LOSS BEFORE TAXES (2,611,979) (581,130) (6,079,779) (4,273,074)
TAX (EXPENSE) BENEFIT 26,317 (726) 135,068 116,244
NET LOSS $ (2,585,662) $ (581,856) $ (5,944,711) $ (4,156,830)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.35) $ (0.89) $ (1.79) $ (9.87)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 7,413,551 650,513 3,312,400 421,252
NET LOSS $ (2,585,662) $ (581,856) $ (5,944,711) $ (4,156,830)
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized foreign currency translation gain (loss) 2,281,569 (115,567) 2,215,762 518,928
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 2,281,569 (115,567) 2,215,762 518,928
TOTAL COMPREHENSIVE INCOME (LOSS) $ (304,093) $ (697,423) $ (3,728,949) $ (3,637,902)

Source

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,944,711) $ (4,156,830)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock and warrants for services 1,045,610 197,247
(Gain) loss on settlements, net (14,200)
Foreign currency transaction loss (gain) 2,053,010 488,813
Depreciation expense 1,859 1,661
Amortization of debt discounts 537,868 363,420
Change in fair value of derivative liabilities (298,374) 1,914,980
Gain on extinguishment of debt (81,011) (1,296,376)
Gain on extinguishment of debt (81,011) (1,204,242)
Stock option and restricted stock expense 225,312
Non-cash interest expense 3,000
Accretion of put premium 836,724 767,000
Changes in Assets and Liabilities:    
GST receivable 192 1,652
Prepaid expenses and other assets 82,211 (130,851)
Accounts payable 207,071 (245,642)
Deferred rent 2,379
Employee benefit liability 23,205 185,510
Accrued expenses (167,074) (16,792)
Accrued interest 122,798 146,603
NET CASH USED IN OPERATING ACTIVITIES (1,349,931) (1,793,805)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (2,874)
NET CASH USED IN INVESTING ACTIVITIES (2,874)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes, net of original issue discounts and issue costs 1,465,250 1,175,150
Repayments of convertible promissory notes (272,000)
Proceeds from the issuance of common stock 1,031,979
Fees associated with offering costs (15,000)
Proceeds from the exercise of warrants 30
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,465,250 1,920,159
Effect of exchange rate changes on cash (90,756) (36,191)
NET INCREASE IN CASH 24,563 87,289
CASH AT BEGINNING OF PERIOD 2,394 19,921
CASH AT END OF PERIOD 26,957 107,210
Supplemental Disclosure of Cash Flow Information    
Interest 6,337 100,719
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 383,186 1,670,003
Conversion of convertible notes and accrued interest to common stock 922,754 3,091,749
Discounts related to warrants issued with convertible notes 375,905
Deferred financing costs associated with equity purchase agreement 318,059
Discounts related to derivative liability 227,000 50,000
Issue and amortization of common stock and warrants for services 1,024,610
Operating lease right-of-use asset and operating lease liability recorded on adoption of ASC 842 $ 46,696

Source

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