Investors

Financials

v3.19.3.a.u2
Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Jun. 30, 2019
CURRENT ASSETS:    
Cash $ 12,022 $ 2,394
GST tax receivable 2,432 5,439
Prepaid expenses and other current assets 6,334 83,299
TOTAL CURRENT ASSETS 20,788 91,132
Security deposit - related party 2,109 2,103
Operating lease right-of-use assets, net - related party 35,391
Property and equipment, net 7,137 8,417
TOTAL ASSETS 65,425 101,652
CURRENT LIABILITIES:    
Accounts payable 826,853 917,337
Accrued expenses and other payables 590,246 723,042
Convertible notes and related accrued interest, net of discounts and premiums 2,934,340 1,657,377
Operating lease liability - current portion - related party 14,216
Embedded conversion option liabilities 924,744 698,264
Due to former director - related parties 31,257 31,164
Loans from directors and officer - related parties 52,022 51,867
Employee benefit liability 340,637 323,837
TOTAL CURRENT LIABILITIES 5,714,315 4,402,888
NON-CURRENT LIABILITIES:    
Operating lease liability - long-term portion - related party 23,094
TOTAL NON-CURRENT LIABILITIES 23,094
TOTAL LIABILITIES 5,737,409 4,402,888
Commitments and Contingencies (See Note 7)
STOCKHOLDERS' DEFICIT:    
Common stock, $0.001 par value; 1,00,000,000 shares authorized; 2,234,901 and 968,042 shares issued; 2,234,852 and 967,993 outstanding as of December 31, 2019 and June 30, 2019, respectively 2,235 968
Additional paid-in capital 47,766,162 45,713,322
Accumulated other comprehensive income (loss) 1,001,191 1,066,998
Accumulated deficit (54,400,096) (51,041,047)
Treasury stock (49 shares) (46,477) (46,477)
TOTAL STOCKHOLDERS' DEFICIT (5,671,985) (4,301,236)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 65,425 101,652
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

v3.19.3.a.u2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
REVENUE        
Revenue
OPERATING EXPENSES        
Administration expenses 1,375,971 656,594 2,209,385 1,041,194
Occupancy expenses 7,592 6,449 18,224 14,527
Research and development 37 94,777 65,409 150,970
TOTAL OPERATING EXPENSES 1,383,600 757,820 2,293,018 1,206,691
LOSS FROM OPERATIONS (1,383,600) (757,820) (2,293,018) (1,206,691)
OTHER INCOME (EXPENSE)        
Interest expense (446,082) (494,989) (1,121,307) (1,119,527)
Interest income 3 23 6 27
Change in fair value of derivative liabilities (675,024) 39,470 (156,068) (1,931,646)
Gain (loss) on debt settlements, net (132) 14,289
Gain (loss) on extinguishment of debt, net 20,176 (20,355) 20,176 1,165,516
Foreign currency transaction gain (loss) 617,561 (333,205) 82,411 (613,912)
TOTAL OTHER INCOME (EXPENSE) (483,366) (809,188) (1,174,782) (2,485,253)
LOSS BEFORE TAXES (1,866,966) (1,567,008) (3,467,800) (3,691,944)
TAX (EXPENSE) BENEFIT (143) 116,970 108,751 116,970
NET LOSS $ (1,867,109) $ (1,450,038) $ (3,359,049) $ (3,574,974)
BASIC AND DILUTED NET LOSS PER SHARE $ (1.25) $ (41.33) $ (2.64) $ (11.57)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 1,492,757 35,081 1,273,029 309,114
NET LOSS $ (1,867,109) $ (1,450,038) $ (3,359,049) $ (3,574,974)
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized foreign currency translation gain (loss) (629,494) 358,279 (65,807) 634,495
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) (629,494) 358,279 (65,807) 634,495
TOTAL COMPREHENSIVE INCOME (LOSS) $ (2,496,603) $ (1,091,759) $ (3,424,856) $ (2,940,479)

Source

v3.19.3.a.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,359,049) $ (3,574,974)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock and warrants for services 1,024,610 69,000
(Gain) loss on settlements, net (14,289)
Foreign currency transaction loss (gain) (82,411) 613,912
Depreciation expense 1,270 1,068
Amortization of debt discounts 307,085 303,813
Change in fair value of derivative liabilities 156,068 1,931,646
Gain on extinguishment of debt (20,176) (1,165,516)
Stock option and restricted stock expense 150,208
Accretion of put premium 698,307 699,230
Changes in Assets and Liabilities:    
GST receivable 3,024 (2,757)
Prepaid expenses and other assets 76,990 (53,104)
Accounts payable (93,233) (26,388)
Deferred rent 1,921
Employee benefit liability 15,829 177,232
Accrued expenses (134,768) (51,533)
Accrued interest 111,448 107,643
NET CASH USED IN OPERATING ACTIVITIES (1,142,877) (1,056,786)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes, net of original issue discounts and issue costs 1,130,000 1,054,089
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 1,130,000 1,225,892
Effect of exchange rate changes on cash 22,505 (62,827)
NET INCREASE IN CASH 9,628 104,617
CASH AT BEGINNING OF PERIOD 2,394 19,921
CASH AT END OF PERIOD 12,022 124,538
Supplemental Disclosure of Cash Flow Information    
Interest 4,467 8,585
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 160,205 1,308,393
Conversion of convertible notes and accrued interest to common stock 318,768 2,508,421
Proceeds receivable from the issuance of common stock 168,787
Discounts related to warrants issued with convertible notes 375,904
Deferred financing costs associated with equity purchase agreement 298,923
Discounts related to derivative liability 115,000 50,000
Settlement of accounts payable for shares of common stock
Issue and amortization of common stock and warrants for services 1,024,610 69,000
Operating lease right-of-use asset and operating lease liability recorded on adoption of ASC 842 $ 46,696

Source

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