Investors

Financials

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Jun. 30, 2018
CURRENT ASSETS:    
Cash $ 107,210 $ 19,921
GST tax receivable 4,379 6,257
Prepaid expenses and other current assets 137,013 34,712
TOTAL CURRENT ASSETS 248,602 60,890
Security deposit - related party 2,131 2,220
Property and equipment, net 9,183 8,277
TOTAL ASSETS 259,916 71,387
CURRENT LIABILITIES:    
Accounts payable 854,954 1,157,369
Accrued expenses and other payables 334,706 364,404
Convertible notes and related accrued interest, net of discounts and premiums 2,067,717 4,699,299
Embedded conversion option liabilities 11,097 371,532
Due to directors - related parties 31,587 32,898
Loans from directors and officer - related parties 52,570 54,753
Employee benefit liability 320,308 143,052
TOTAL CURRENT LIABILITIES 3,672,939 6,823,307
Commitments and Contingencies (See Note 7)
STOCKHOLDERS' DEFICIT:    
Common stock, $0.001 par value; 4,000,000,000 shares authorized; 385,213,469 and 46,429,423 shares issued; 385,188,991 and 46,404,945 outstanding as of March 31, 2019 and June 30, 2018, respectively 385,213 46,429
Additional paid-in capital 44,805,892 38,167,877
Accumulated other comprehensive income 876,857 357,929
Accumulated deficit (49,439,508) (45,282,678)
Treasury stock (24,478 shares) (46,477) (46,477)
TOTAL STOCKHOLDERS' DEFICIT (3,413,023) (6,751,920)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 259,916 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

v3.19.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
REVENUE        
Revenue
OPERATING EXPENSES        
Administration expenses 511,822 723,992 1,553,016 1,750,840
Occupancy expenses 7,248 8,005 21,775 23,734
Research and development 52,655 75,138 203,625 1,673,606
TOTAL OPERATING EXPENSES 571,725 807,135 1,778,416 3,448,180
LOSS FROM OPERATIONS (571,725) (807,135) (1,778,416) (3,448,180)
OTHER INCOME (EXPENSE)        
Interest expense (189,809) (830,911) (1,309,336) (2,210,097)
Interest income 2 15 29 82
Change in fair value of derivative liabilities 16,666 207,736 (1,914,980) (22,035)
Gain (loss) on debt settlements, net (89) (71,151) 14,200 (34,337)
Gain (loss) on extinguishment of debt, net 38,726 240,301 1,204,242 156,574
Foreign currency transaction gain (loss) 125,099 (230,346) (488,813) (239,498)
TOTAL OTHER INCOME (EXPENSE) (9,405) (684,356) (2,494,658) (2,349,311)
LOSS BEFORE TAXES (581,130) (1,491,491) (4,273,074) (5,797,491)
TAX BENEFIT (726) 485 116,244 180,763
NET LOSS $ (581,856) $ (1,491,006) $ (4,156,830) $ (5,616,728)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.00) $ (0.06) $ (0.02) $ (0.42)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 325,256,274 23,426,370 210,626,088 13,247,004
NET LOSS $ (581,856) $ (1,491,006) $ (4,156,830) $ (5,616,728)
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized foreign currency translation gain (loss) (115,567) 198,634 518,928 28,370
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) (115,567) 198,634 518,928 28,370
TOTAL COMPREHENSIVE INCOME (LOSS) $ (697,423) $ (1,292,372) $ (3,637,902) $ (5,588,358)

Source

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,156,830) $ (5,616,728)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 197,247 139,845
Issuance of convertible promissory notes for services 310,000
(Gain) loss on settlements, net (14,200) 34,337
Foreign currency transaction loss (gain) 488,813 239,498
Depreciation expense 1,661 1,684
Amortization of debt discounts 363,420 628,066
Change in fair value of derivative liabilities 1,914,980 22,035
Gain on extinguishment of debt (1,204,242) (156,574)
Stock option expense 491,058
Reduction of put premium due to payment of debt (80,769)
Accretion of put premium 767,000 1,492,516
Changes in Assets and Liabilities:    
GST receivable 1,652 5,864
Prepaid expenses and other assets (130,851) (83,305)
Accounts payable (245,642) 745,659
Employee benefit liability 185,510 20,076
Accrued expenses (16,792) (76,514)
Accrued interest 146,603 153,167
NET CASH USED IN OPERATING ACTIVITIES (1,793,805) (1,730,085)
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 (2,345)
Proceeds from convertible promissory notes 1,236,000 2,385,781
Repayments of convertible promissory notes (272,000) (490,181)
Proceeds from the issuance of common stock 1,031,979
Fees associated with offering costs (15,000)
Debt issuance cost (60,850)
Proceeds from the exercise of warrants 30
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,920,159 1,893,255
Effect of exchange rate changes on cash (36,191) (222,917)
NET INCREASE (DECREASE) IN CASH 87,289 (59,747)
CASH AT BEGINNING OF PERIOD 19,921 69,043
CASH AT END OF PERIOD 107,210 9,296
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 1,670,003 678,806
Conversion of convertible notes and accrued interest to common stock 3,091,749 2,174,699
Deferred financing costs associated with equity purchase agreement 318,059
Discounts related to derivative liability $ 50,000 $ 510,000

Source

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