Investors

Financials

v3.19.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Jun. 30, 2019
CURRENT ASSETS:    
Cash $ 96,123 $ 2,394
GST tax receivable 5,874 5,439
Prepaid expenses and other current assets 45,838 83,299
TOTAL CURRENT ASSETS 147,835 91,132
Security deposit - related party 2,024 2,103
Operating lease right-of-use assets, net - related party 40,329
Property and equipment, net 7,475 8,417
TOTAL ASSETS 197,663 101,652
CURRENT LIABILITIES:    
Accounts payable 959,971 917,337
Accrued expenses and other payables 535,684 723,042
Convertible notes and related accrued interest, net of discounts and premiums 2,547,085 1,657,377
Operating lease liability - current portion - related party 19,132
Embedded conversion option liabilities 254,308 698,264
Due to former director - related parties 29,995 31,164
Loans from directors and officer - related parties 49,920 51,867
Employee benefit liability 321,139 323,837
TOTAL CURRENT LIABILITIES 4,717,234 4,402,888
NON-CURRENT LIABILITIES:    
Operating lease liability - long-term portion - related party 22,161
TOTAL NON-CURRENT LIABILITIES 22,161
TOTAL LIABILITIES 4,739,395 4,402,888
Commitments and Contingencies (See Note 7)
STOCKHOLDERS' DEFICIT:    
Preferred stock, 1,500,005 shares authorized, $0.01 par value:
Common stock, $0.001 par value; 100,000,000 shares authorized; 1,169,981 and 968,042 shares issued; 1,169,932 and 967,993 outstanding as of September 30, 2019 and June 30, 2019, respectively 1,170 968
Additional paid-in capital 46,400,877 45,713,322
Accumulated other comprehensive income (loss) 1,630,685 1,066,998
Accumulated deficit (52,532,987) (51,041,047)
Treasury stock (49 shares) (46,477) (46,477)
TOTAL STOCKHOLDERS' DEFICIT (4,541,732) (4,301,236)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 197,663 101,652
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
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
REVENUE    
Revenue
OPERATING EXPENSES    
Administration expenses 833,414 384,600
Occupancy expenses 10,632 8,078
Research and development 65,372 56,193
TOTAL OPERATING EXPENSES 909,418 448,871
LOSS FROM OPERATIONS (909,418) (448,871)
OTHER INCOME (EXPENSE)    
Interest expense (675,225) (624,538)
Interest income 3 4
Change in fair value of derivative liabilities 518,956 (1,971,116)
Gain (loss) on debt settlements, net 14,421
Gain on extinguishment of debt, net 1,185,871
Foreign currency transaction loss (535,150) (280,707)
TOTAL OTHER (EXPENSE) (691,416) (1,676,065)
LOSS BEFORE TAXES (1,600,834) (2,124,936)
TAX BENEFIT 108,894
NET LOSS $ (1,491,940) $ (2,124,936)
BASIC AND DILUTED NET LOSS PER SHARE $ (1.41) $ (10.00)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 1,054,433 224,965
NET LOSS $ (1,491,940) $ (2,124,936)
OTHER COMPREHENSIVE INCOME (LOSS)    
Unrealized foreign currency translation gain 563,687 276,216
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 563,687 276,216
TOTAL COMPREHENSIVE INCOME (LOSS) $ (928,253) $ (1,848,720)

Source

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,491,940) $ (2,124,936)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
(Gain) loss on settlements, net (14,421)
Foreign currency transaction loss (gain) 535,150 280,707
Depreciation expense 636 529
Amortization of debt discounts 104,406 217,928
Change in fair value of derivative liabilities (518,956) 1,971,116
Gain on extinguishment of debt (1,185,871)
Stock based compensation expense 114,904
Accretion of put premium 538,974 343,771
Changes in Assets and Liabilities:    
GST receivable (640) 4,469
Prepaid expenses and other assets 37,145 2,102
Accounts payable 77,057 16,378
Deferred rent 976
Employee benefit liability 9,453 4,183
Accrued expenses (162,676) 4,179
Accrued interest 29,180 60,670
NET CASH USED IN OPERATING ACTIVITIES (726,331) (419,196)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes 948,000 533,389
Repayments of convertible promissory notes (53,000)
Debt issuance cost (83,000)
Proceeds from the exercise of warrants 30
NET CASH PROVIDED BY FINANCING ACTIVITIES 865,000 480,419
Effect of exchange rate changes on cash (44,939) (42,230)
NET INCREASE IN CASH 93,729 18,993
CASH AT BEGINNING OF PERIOD 2,394 19,921
CASH AT END OF PERIOD 96,123 38,914
Supplemental Disclosure of Cash Flow Information    
Interest 2,665
Income Tax  
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 73,235 600,209
Conversion of convertible notes and accrued interest to common stock 123,713 1,413,318
Discounts related to derivative liability 75,000 50,000
Discounts related to warrants issued with convertible note 375,905
Operating lease right-of-use assets and operating lease liabilities recorded upon adoption of ASC 842 $ 46,696

Source

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