Investors

Financials

v3.19.3
Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Jun. 30, 2018
CURRENT ASSETS:    
Cash $ 2,394 $ 19,921
GST tax receivable 5,439 6,257
Prepaid expenses and other current assets 83,299 34,712
TOTAL CURRENT ASSETS 91,132 60,890
Security deposit - related party 2,103 2,220
Property and equipment, net 8,417 8,277
TOTAL ASSETS 101,652 71,387
CURRENT LIABILITIES:    
Accounts payable 917,337 1,157,369
Accrued expenses and other payables 723,042 364,404
Convertible notes and related accrued interest, net of discounts and premiums 1,657,377 4,699,299
Embedded conversion option liabilities 698,264 371,532
Due to former director - related parties 31,164 32,898
Loans from directors and officer - related parties 51,867 54,753
Employee benefit liability 323,837 143,052
TOTAL CURRENT LIABILITIES 4,402,888 6,823,307
Commitments and Contingencies (See Note 9)
STOCKHOLDERS' DEFICIT:    
Preferred stock, 1,500,005 shares authorized, $0.01 par value:
Common stock, $0.001 par value; 100,000,000 shares authorized; 968,042 and 92,859 shares issued; 967,993 and 92,810 outstanding as of June 30, 2019 and 2018, respectively 968 93
Additional paid-in capital 45,713,322 38,214,213
Accumulated other comprehensive income (loss) 1,066,998 357,929
Accumulated deficit (51,041,047) (45,282,678)
Treasury stock (49 shares) (46,477) (46,477)
TOTAL STOCKHOLDERS' DEFICIT (4,301,236) (6,751,920)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 101,652 71,387
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

v3.19.3
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
REVENUE    
Revenue
OPERATING EXPENSES    
Administration expenses 2,326,350 2,103,684
Occupancy expenses 28,062 30,521
Research and development 260,335 1,825,728
TOTAL OPERATING EXPENSES 2,614,747 3,959,933
LOSS FROM OPERATIONS (2,614,747) (3,959,933)
OTHER INCOME (EXPENSE)    
Interest expense (1,314,539) (2,789,196)
Interest income 31 87
Change in fair value of derivative liabilities (2,472,146) (7,612)
Gain (loss) on debt settlements, net 14,101 (18,585)
Gain on extinguishment of debt, net 1,204,242 251,392
Foreign currency transaction loss (690,748) (694,614)
TOTAL OTHER EXPENSE (3,259,059) (3,258,528)
LOSS BEFORE TAXES (5,873,806) (7,218,461)
TAX BENEFIT 115,437 179,306
NET LOSS $ (5,758,369) $ (7,039,155)
BASIC AND DILUTED NET LOSS PER SHARE $ (10.97) $ (178.75)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 524,939 39,381
NET LOSS $ (5,758,369) $ (7,039,155)
OTHER COMPREHENSIVE INCOME (LOSS)    
Unrealized foreign currency translation gain 709,069 499,678
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 709,069 499,678
TOTAL COMPREHENSIVE INCOME (LOSS) $ (5,049,300) $ (6,539,477)

Source

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,758,369) $ (7,039,155)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 245,145 130,000
Issuance of convertible promissory notes for services 310,000
(Gain) loss on settlements, net (14,101) 18,585
Foreign currency transaction loss (gain) 690,748 694,614
Depreciation expense 2,306 2,225
Amortization of debt discounts 389,673 853,459
Change in fair value of derivative liabilities 2,472,146 7,612
Gain on extinguishment of debt (1,296,376) (251,392)
Stock option expense 516,148
Reduction of put premium due to payment of debt (80,769)
Accretion of put premium 706,154 1,784,231
Changes in Assets and Liabilities:    
GST receivable 489 1,636
Prepaid expenses and other assets (83,296) (29,842)
Accounts payable (164,926) 732,794
Employee benefit liability 188,326 28,052
Accrued expenses 377,846 (70,537)
Accrued interest 184,198 214,694
NET CASH USED IN OPERATING ACTIVITIES (2,060,037) (2,177,645)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (2,874)
NET CASH USED IN INVESTING ACTIVITIES (2,874)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Loan repayments (2,326)
Proceeds from convertible promissory notes 1,369,000 2,890,080
Repayments of convertible promissory notes (272,000) (490,181)
Proceeds from the issuance of common stock 1,100,380
Fees associated with offering costs (15,000)
Debt issuance cost (63,850)
Proceeds from the exercise of warrants 30
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,118,560 2,396,488
Effect of exchange rate changes on cash (73,175) (267,965)
NET DECREASE IN CASH (17,527) (49,122)
CASH AT BEGINNING OF YEAR 19,921 69,043
CASH AT END OF YEAR 2,394 19,921
Supplemental Disclosure of Cash Flow Information    
Interest 100,719 16,899
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 1,824,317 948,129
Conversion of convertible notes and accrued interest to common stock 3,350,783 2,770,187
Deferred financing costs associated with equity purchase agreement 318,059
Discounts related to derivative liability $ 180,000 $ 543,744

Source

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