Investors

Financials

v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Jun. 30, 2023
CURRENT ASSETS:    
Cash $ 6,222 $ 10,047
GST tax receivable 5,265 2,867
Prepaid expenses and other current assets 1,368 6,125
TOTAL CURRENT ASSETS 12,855 19,039
Security deposit - related party 1,955 1,999
Property and equipment, net 302
TOTAL ASSETS 37,337 60,328
CURRENT LIABILITIES:    
Accounts payable 1,187,714 966,718
Accrued expenses and other payables 765,828 579,707
Accrued interest 83,310 44,709
Note payable, net of discount 132,000
Convertible notes, net of discounts and including put premiums 582,951 390,539
Embedded conversion option liabilities 128,432 423,209
Employee benefit liability 610,340 587,618
TOTAL CURRENT LIABILITIES 3,687,984 3,158,229
NON-CURRENT LIABILITIES:    
TOTAL NON-CURRENT LIABILITIES 48,870 19,278
TOTAL LIABILITIES 3,736,854 3,177,507
Commitments and Contingencies (See Note 8)
STOCKHOLDERS’ DEFICIT:    
Common stock, $0.001 par value; 10,000,000,000 shares authorized; 109,706,411 and 6,031,250 shares issued and outstanding as of March 31, 2024 and June 30, 2023, respectively 109,706 6,031
Common stock issuable (0 and 1,621,653 shares as of March 31, 2024 and June 30, 2023, respectively) 1,621
Additional paid-in capital 61,237,446 60,311,502
Accumulated other comprehensive income 1,339,450 1,294,876
Accumulated deficit (66,339,642) (64,684,732)
Treasury stock ($0.001 share) (46,477) (46,477)
TOTAL STOCKHOLDERS’ DEFICIT (3,699,517) (3,117,179)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 37,337 60,328
Series A Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIT:    
Preferred stock, value
Series B Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIT:    
Preferred stock, value
Related Party [Member]    
CURRENT ASSETS:    
Operating lease right-of-use assets, net - related party 22,527 38,988
CURRENT LIABILITIES:    
Loan from former director - related party 32,616
Operating lease liability - related party, current portion 22,323 21,505
NON-CURRENT LIABILITIES:    
Loan payable - long-term - related party, net of discount 46,928
Operating lease liability - long-term portion - related party 1,942 19,278
Nonrelated Party [Member]    
CURRENT LIABILITIES:    
Loan from former director - related party 65,280 65,280
Former Director [Member]    
CURRENT LIABILITIES:    
Loan from former director - related party 48,218 49,314
Due to former director - related party $ 28,972 $ 29,630

Source

v3.24.1.1.u2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
REVENUE        
Revenue
OPERATING EXPENSES        
Administration expenses 348,841 311,824 1,060,854 1,302,576
Occupancy expenses - related party 6,578 8,365 19,584 22,244
Research and development 65,448 66,020 195,712 242,223
TOTAL OPERATING EXPENSES 420,867 386,209 1,276,150 1,567,043
LOSS FROM OPERATIONS (420,867) (386,209) (1,276,150) (1,567,043)
OTHER INCOME (EXPENSE)        
Interest expense (133,141) (157,208) (575,837) (418,579)
Interest income 27 8 60 27
Derivative expense (123,379)
Change in fair value of derivative liabilities 70,213 (238,367) 372,371 (110,859)
Gain from settlement of accounts payable 17,499
Gain (loss) on extinguishment of debt, net (6,781) (10,724) 27,318 32,186
Foreign currency transaction gain (loss) (36,426) (19,025) (15,228) 3,210
TOTAL OTHER INCOME (EXPENSE), NET (106,108) (425,316) (314,695) (476,516)
LOSS BEFORE TAXES (526,975) (811,525) (1,590,845) (2,043,559)
Tax benefit 275 1,716 128,895 131,037
NET LOSS (526,700) (809,809) (1,461,950) (1,912,522)
Deemed Dividend (15,800) (192,960) (408,557)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS $ (542,500) $ (809,809) $ (1,654,910) $ (2,321,079)
BASIC NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS $ (0.01) $ (0.42) $ (0.05) $ (2.08)
DILUTED NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS $ (0.01) $ (0.42) $ (0.05) $ (2.08)
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 59,639,618 1,924,074 31,378,516 1,115,848
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 59,639,618 1,924,074 31,378,516 1,115,848
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized foreign currency translation gain (loss) $ 105,380 $ 40,614 $ 44,574 $ 59,198
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 105,380 40,614 44,574 59,198
TOTAL COMPREHENSIVE LOSS $ (437,120) $ (769,195) $ (1,610,336) $ (2,261,881)

Source

v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2024
Mar. 31, 2023
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net loss $ (526,700) $ (350,866) $ (809,809) $ (617,295) $ (1,461,950) $ (1,912,522)  
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:              
Issuance and amortization of common stock for services         56,811  
Stock option, stock warrants and restricted stock expense         2,408  
Foreign currency transaction (gain) loss         15,228 (3,210)  
Depreciation expense 49   450   297 1,345  
Amortization of debt discounts         246,612 138,014  
Amortization of right-of-use assets         15,595 16,029  
Change in fair value of derivative liabilities (70,213)   238,367   (372,371) 110,859  
Derivative expense     123,379  
Gain on extinguishment of debt, net 6,781   10,724   (27,318) (32,186)  
Gain from settlement of accounts payable     (17,499)  
Non-cash interest expense         2,236  
Accretion of put premium         261,538 232,674  
Changes in Assets and Liabilities:              
GST receivable         (2,462) (1,065)  
Prepaid expenses and other assets         4,620 8,348  
Accounts payable         242,466 27,953  
Employee benefit liability         35,772 177,198  
Accrued expenses and other payables         198,995 236,034  
Accrued interest         57,823 46,347  
Operating lease liability         (15,612) (14,816)  
NET CASH USED IN OPERATING ACTIVITIES         (675,152) (927,278)  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Proceeds from convertible promissory notes, net of original issue discounts and issue costs         516,875 590,250  
Repayment of convertible note         (142,909)  
Proceeds from the sale of common stock         11,082 24,711  
Proceeds from note payable         120,000  
Proceeds from loan payable - related party         185,872  
Collection of subscription receivable         23,758  
Proceeds from the exercise of warrants         375,000  
NET CASH PROVIDED BY FINANCING ACTIVITIES         690,920 1,013,719  
Effect of exchange rate changes on cash         (19,593) 2,733  
NET (DECREASE) INCREASE IN CASH         (3,825) 89,174  
CASH AT BEGINNING OF PERIOD   $ 10,047   $ 4,067 10,047 4,067 $ 4,067
CASH AT END OF PERIOD $ 6,222   $ 93,241   6,222 93,241 $ 10,047
Supplemental Disclosure of Cash Flow Information              
Interest         7,559 1,544  
Income Tax          
Supplemental Disclosure of Non-Cash Investing and Financing Activities              
Reduction of put premium related to conversions of convertible notes         166,535 351,992  
Conversion of convertible notes and accrued interest to common stock         370,635 823,206  
Debt discounts related to derivative liability         125,000 93,668  
Relative fair value of warrant granted in connection with a loan payable - related party         141,084  
Warrant grant for settlement of accounts payable         37,500  
Warrants issued for accrued services         5,551  
Deemed dividend upon alternate cashless exercise of warrants         $ 192,960 $ 408,557  

Source

Sign up for email alerts

Be the first to receive breaking news

Sign up today