Investors

Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Jun. 30, 2018
CURRENT ASSETS:    
Cash $ 124,538 $ 19,921
GST tax receivable 8,639 6,257
Prepaid expenses and other current assets 254,878 34,712
TOTAL CURRENT ASSETS 388,055 60,890
Deferred offering costs 313,923
Security deposit - related party 2,114 2,220
Property and equipment, net 8,505 8,277
TOTAL ASSETS 712,597 71,387
CURRENT LIABILITIES:    
Accounts payable 1,062,609 1,157,369
Accrued expenses and other payables 296,922 364,404
Convertible notes and related accrued interest, net of discounts and premiums 2,798,624 4,699,299
Embedded conversion option liabilities 66,490 371,532
Due to directors - related parties 31,329 32,898
Loans from directors and officer - related parties 52,140 54,753
Employee benefit liability 308,519 143,052
TOTAL CURRENT LIABILITIES 4,616,633 6,823,307
Commitments and Contingencies (See Note 7)
STOCKHOLDERS' DEFICIT:    
Common stock, $0.001 par value; 4,000,000,000 shares authorized; 273,276,784 and 46,429,423 shares issued, and 273,252,306 and 46,404,945 shares outstanding as of December 31, 2018 and June 30, 2018, respectively 273,277 46,429
Additional paid-in capital 43,729,392 38,167,877
Accumulated other comprehensive income (loss) 992,424 357,929
Accumulated deficit (48,857,652) (45,282,678)
Treasury stock (24,478 shares) (46,477) (46,477)
TOTAL STOCKHOLDERS' DEFICIT (3,904,036) (6,751,920)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 712,597 71,387
Series A Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock, 1,500,005 shares authorized, $0.01 par value: 5,000 5,000
Series B Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock, 1,500,005 shares authorized, $0.01 par value:

Source

v3.10.0.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
REVENUE        
Revenue
OPERATING EXPENSES        
Administration expenses 656,594 395,442 1,041,194 1,026,848
Occupancy expenses 6,449 6,899 14,527 15,729
Research and development 94,777 1,034,729 150,970 1,598,468
TOTAL OPERATING EXPENSES 757,820 1,437,070 1,206,691 2,641,045
LOSS FROM OPERATIONS (757,820) (1,437,070) (1,206,691) (2,641,045)
OTHER INCOME (EXPENSE)        
Interest expense (494,989) (486,754) (1,119,527) (1,379,186)
Interest income 23 39 27 67
Change in fair value of derivative liabilities 39,470 (260,045) (1,931,646) (229,771)
Gain (loss) on debt settlements, net (132) 28,244 14,289 36,814
Gain (loss) on extinguishment of debt, net (20,355) (83,727) 1,165,516 (83,727)
Foreign currency transaction loss (333,205) (142,944) (613,912) (9,152)
TOTAL OTHER INCOME (EXPENSE) (809,188) (945,187) (2,485,253) (1,664,955)
LOSS BEFORE TAXES (1,567,008) (2,382,257) (3,691,944) (4,306,000)
TAX BENEFIT 116,970 180,278 116,970 180,278
NET LOSS $ (1,450,038) $ (2,201,979) $ (3,574,974) $ (4,125,722)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.08) $ (0.20) $ (0.02) $ (0.49)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 17,540,299 10,955,901 154,556,976 8,399,687
NET LOSS $ (1,450,038) $ (2,201,979) $ (3,574,974) $ (4,125,722)
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized foreign currency translation gain (loss) 358,279 19,329 634,495 (170,264)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 358,279 19,329 634,495 (170,264)
TOTAL COMPREHENSIVE INCOME (LOSS) $ (1,091,759) $ (2,182,650) $ (2,940,479) $ (4,295,986)

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,574,974) $ (4,125,722)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 69,000 40,419
Issuance of convertible promissory notes for services 310,000
(Gain) loss on settlements, net (14,289) (36,814)
Foreign currency transaction loss (gain) 613,912 9,152
Depreciation expense 1,068 1,128
Amortization of debt discounts 303,813 400,284
Change in fair value of derivative liabilities 1,931,646 229,771
Gain on extinguishment of debt (1,165,516) 83,727
Stock option expense 329,761
Accretion of put premium 699,230 876,462
Changes in Assets and Liabilities:    
GST receivable (2,757) 3,862
Prepaid expenses and other assets (53,104) 4,897
Accounts payable (26,388) 952,931
Employee benefit liability 177,232 12,160
Accrued expenses (51,533) (265,568)
Accrued interest 107,643 102,224
NET CASH USED IN OPERATING ACTIVITIES (1,056,786) (1,071,326)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (1,662)
NET CASH USED IN INVESTING ACTIVITIES (1,662)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes 1,054,089 1,274,000
Repayments of convertible promissory notes (219,000)
Proceeds from the issuance of common stock 405,773
Fees associated with offering costs (15,000)
Proceeds from the exercise of warrants 30
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,225,892 1,274,000
Effect of exchange rate changes on cash (62,827) (159,221)
NET INCREASE IN CASH 104,617 43,453
CASH AT BEGINNING OF PERIOD 19,921 69,043
CASH AT END OF PERIOD 124,538 112,496
Supplemental Disclosure of Cash Flow Information    
Interest 8,585
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 1,308,393 337,437
Conversion of convertible notes and accrued interest to common stock 2,508,417 1,377,928
Proceeds receivable from the issuance of common stock 168,787
Deferred financing costs associated with equity purchase agreement 298,923
Discounts related to derivative liability $ 50,000 $ 310,000

Source

Sign up for email alerts

Be the first to receive breaking news

Sign up today