Q3 2017

Latest Quarterly Results
Ended March 31, 2017

$714,889

Research and development YTD

$1,449,080

Net cash used in operations YTD

Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Jun. 30, 2016
CURRENT ASSETS:    
Cash $ 69,043 $ 121,070
GST tax receivable 8,111 29,355
Prepaid expenses and other current assets 4,822 210,122
Prepaid rent - related party 2,220
TOTAL CURRENT ASSETS 81,976 362,767
Security deposit 1,628
Security deposit - related party 2,303 2,220
Property and equipment, net 10,790 12,527
TOTAL ASSETS 95,069 379,142
CURRENT LIABILITIES:    
Accounts payable 483,513 370,093
Accrued expenses and other payables 477,347 137,487
Convertible notes and related accrued interest, net of discount and premiums 3,479,845 1,202,523
Loans payable 2,303 2,220
Embedded conversion option liabilities 877,403 994,343
Warrant derivative liability 3,769 55,839
Due to directors - related parties 35,204 33,943
Loans from directors and officer - related parties 56,802 54,767
Employee benefit liability 120,634 93,220
TOTAL CURRENT LIABILITIES 5,536,820 2,944,435
Commitments and Contingencies (See Note 9)
STOCKHOLDERS' DEFICIT:    
Common stock, $0.001 par value; 100,000,000 shares authorized; 4,578,284 and 2,914,465 shares issued and outstanding as of June 30, 2017 and June 30, 2016, respectively 4,578 2,914
Additional paid-in capital 32,980,420 27,671,552
Accumulated other comprehensive income (loss) (141,749) 131,264
Accumulated deficit (38,243,523) (30,376,023)
Treasury stock (46,477)
TOTAL STOCKHOLDERS' DEFICIT (5,441,751) (2,565,293)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 95,069 379,142
Series A Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock value 5,000 5,000
Series B Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock value

Source

v3.7.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
REVENUE    
Revenue
OPERATING EXPENSES    
Administration expenses 4,739,431 5,426,056
Occupancy expenses 28,992 24,550
Research and development 971,769 1,446,948
TOTAL OPERATING EXPENSES 5,740,192 6,897,554
LOSS FROM OPERATIONS (5,740,192) (6,897,554)
OTHER INCOME (EXPENSE)    
Interest expense (3,202,774) (4,485,596)
Interest income 685 2,027
Change in fair value of derivative liabilities 820,153 2,743,676
Loss on debt settlements, net (195,650) (670,893)
Foreign currency transaction gain (loss) 144,605 (174,550)
TOTAL OTHER INCOME (EXPENSE) (2,432,981) (2,585,336)
LOSS BEFORE INCOME TAXES (8,173,173) (9,482,890)
INCOME TAX BENEFIT 305,673 72,538
NET LOSS $ (7,867,500) $ (9,410,352)
BASIC AND DILUTED NET LOSS PER SHARE $ (2.24) $ (4.83)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 3,508,532 1,948,204
NET LOSS $ (7,867,500) $ (9,410,352)
OTHER COMPREHENSIVE INCOME (LOSS)    
Unrealized foreign currency translation gain (loss) (273,013) 30,296
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) (273,013) 30,296
TOTAL COMPREHENSIVE INCOME LOSS $ (8,140,513) $ (9,380,056)

Source

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,867,500) $ (9,410,352)
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 670,037 1,504,914
Issuance of convertible promissory notes for services 500,000
Fair value of warrants issued for services 47,560
Warrant modification expense 23,495
Gain on note forgiveness (50,000)
Loss on settlements, net 195,650
Foreign currency transaction gain (144,605)
Depreciation expense 2,166 877
Amortization of debt discount 1,969,514 3,534,817
Change in fair value of derivative liabilities (820,153) (2,743,676)
Stock option expense 1,686,444 1,722,288
Accretion of put premium 1,109,167 658,420
Changes in Assets and Liabilities:    
GST receivable 21,951 (17,804)
Prepaid expenses and other assets (4,739) 18,142
Prepaid expenses and other assets - related parties 2,263
Accounts payable 147,951 139,201
Employee benefit liability 23,538 23,780
Payment for security deposit 1,660
Payment for security deposit - related party (2,185)
Accrued expenses 331,660 (228,040)
Accrued interest 100,865 300,559
NET CASH USED IN OPERATING ACTIVITIES (2,050,636) (4,501,499)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (9,879)
NET CASH USED IN INVESTING ACTIVITIES (9,879)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Loan repayments to principal stockholder (13,582)
Loan repayments to director (8,078)
Loan repayments (24,031)
Proceeds from convertible promissory notes 1,634,500 4,982,500
Repayments of convertible promissory notes (401,476)
Proceeds from note payable 20,000
Repayment of note payable (20,000)
Proceeds from the exercise of warrants 464,286
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,098,786 4,535,333
Effect of exchange rate changes on cash (100,177) (10,512)
NET INCREASE (DECREASE) IN CASH (52,027) 13,443
CASH AT BEGINNING OF YEAR 121,070 107,627
CASH AT END OF YEAR 69,043 121,070
Cash paid during the period:    
Interest 537 10,757
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Treasury stock re-purchased for reversal of debt conversion 46,477
Cancellation of shares for convertible note payable 112,500
Prepaid common stock issued for services 767,562
Reduction of put premium related to conversions of convertible note 266,287 1,253,318
Conversion of convertible notes and accrued interest to common stock 1,406,736 4,899,244
Discounts related to warrants issued with convertible debenture 910,178 712,110
Discounts related to derivative liability 650,000 2,462,355
Settlement of accounts payable for shares of common stock $ 50,000

Source

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