Investors

Financials

v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Jun. 30, 2021
CURRENT ASSETS:    
Cash $ 133,885 $ 2,255
GST tax receivable 2,216 4,341
Prepaid expenses and other current assets 8,405
TOTAL CURRENT ASSETS 144,506 6,596
Deferred offering costs 20,000
Security deposit - related party 2,248 2,250
Property and equipment, net 2,706 4,255
TOTAL ASSETS 169,460 13,101
CURRENT LIABILITIES:    
Accounts payable 967,213 1,002,335
Accrued expenses and other payables 486,558 892,151
Convertible notes and related accrued interest, net of discounts and premiums 1,075,702 624,583
Embedded conversion option liabilities 56,612 54,220
Due to former director - related party 33,321 33,347
Loan from former director - related party 55,456 55,500
Employee benefit liability 442,018 418,538
TOTAL CURRENT LIABILITIES 3,116,880 3,080,674
TOTAL LIABILITIES 3,116,880 3,080,674
Commitments and Contingencies (See Note 8)  
STOCKHOLDERS’ DEFICIT:    
Common stock, $0.001 par value; 1,000,000,000 shares authorized; 85,030,026 and 14,055,393 shares issued and outstanding as of March 31, 2022 and June 30, 2021, respectively 85,030 14,056
Common stock issuable (1,149,635 and 59 shares as of March 31, 2022 and June 30, 2021, respectively) 1,149
Additional paid-in capital 56,319,693 54,074,110
Accumulated other comprehensive income 1,086,604 1,085,204
Accumulated deficit (60,398,419) (58,199,466)
Treasury stock (1 share) (46,477) (46,477)
TOTAL STOCKHOLDERS’ DEFICIT (2,947,420) (3,067,573)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 169,460 13,101
Series A Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIT:    
Preferred stock, 1,500,005 shares authorized, $0.01 par value: 5,000 5,000
Series B Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIT:    
Preferred stock, 1,500,005 shares authorized, $0.01 par value:

Source

v3.22.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2022
Mar. 31, 2021
REVENUE        
Revenue
OPERATING EXPENSES        
Administration expenses 443,629 373,834 1,221,533 913,124
Occupancy expenses 8,157 9,231 22,443 26,185
Research and development 50,395 44,887 147,702 145,898
TOTAL OPERATING EXPENSES 502,181 427,952 1,391,678 1,085,207
LOSS FROM OPERATIONS (502,181) (427,952) (1,391,678) (1,085,207)
OTHER INCOME (EXPENSE)        
Interest expense (167,375) (102,901) (455,133) (420,017)
Interest income 1
Change in fair value of derivative liabilities 165,365 (55,158) (2,392) (7,156)
Gain from settlement of debt, net 48,390 48,390
Gain on extinguishment of debt, net 622 50,607
Foreign currency transaction gain 41,717 6,984 40,631 54,179
TOTAL OTHER INCOME (EXPENSE), NET 39,707 (102,063) (416,894) (273,996)
LOSS BEFORE TAXES (462,474) (530,015) (1,808,572) (1,359,203)
Tax (expense) benefit (213) 112,277 55,250 112,277
NET LOSS (462,687) (417,738) (1,753,322) (1,246,926)
Deemed Dividend (237,389) (445,631)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS $ (700,076) $ (417,738) $ (2,198,953) $ (1,246,926)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.01) $ (0.12) $ (0.05) $ (0.76)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 66,353,881 3,452,810 47,561,123 1,631,175
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS $ (700,076) $ (417,738) $ (2,198,953) $ (1,246,926)
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized foreign currency translation gain (loss) (55,096) 29,723 1,400 (213,797)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) (55,096) 29,723 1,400 (213,797)
TOTAL COMPREHENSIVE LOSS $ (755,172) $ (388,015) $ (2,197,553) $ (1,460,723)

Source

v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2022
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Mar. 31, 2022
Mar. 31, 2021
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net loss $ (462,687) $ (490,658) $ (417,738) $ (425,545) $ (1,753,322) $ (1,246,926)  
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:              
Issuance and amortization of common stock for services         222,452 67,511  
Foreign currency transaction gain (512,000)   (165,000)   (40,631) (54,179)  
Depreciation expense 490   523   1,503 1,467  
Amortization of debt discounts 13,647   4,119   24,942 130,418  
Change in fair value of derivative liabilities (165,365)   55,158   2,392 7,156  
Gain on extinguishment of debt, net   (622)   (50,607)  
Gain from settlement of debt, net   (48,390)   (48,390)  
Stock option and restricted stock expense 20,718   20,718   62,154 62,154  
Non-cash interest expense         2,250 12,750  
Accretion of put premium         380,962 200,410  
Changes in Assets and Liabilities:              
GST receivable         2,120 (1,852)  
Prepaid expenses and other assets         (8,405)  
Accounts payable         (34,319) 110,878  
Deferred rent         1,684  
Employee benefit liability         23,816 32,685  
Accrued expenses and other payables         43,285 (195,158)  
Accrued interest         45,495 61,022  
NET CASH USED IN OPERATING ACTIVITIES         (1,025,306) (908,977)  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Proceeds from convertible promissory notes, net of original issue discounts and issue costs         641,500 325,000  
Repayments of convertible promissory notes         (43,000)  
Proceeds from the exercise of warrants         475,000 526,044  
NET CASH PROVIDED BY FINANCING ACTIVITIES         1,116,500 808,044  
Effect of exchange rate changes on cash         40,436 48,365  
NET INCREASE (DECREASE) IN CASH         131,630 (52,568)  
CASH AT BEGINNING OF PERIOD   $ 2,255   $ 67,007 2,255 67,007 $ 67,007
CASH AT END OF PERIOD $ 133,885   $ 14,439   133,885 14,439 $ 2,255
Supplemental Disclosure of Cash Flow Information              
Interest         1,485 13,601  
Income Tax          
Supplemental Disclosure of Non-Cash Investing and Financing Activities              
Common stock issued for deferred offering cost         20,000  
Reduction of put premium related to conversions of convertible notes         227,150 460,358  
Conversion of convertible notes and accrued interest to common stock         414,630 921,085  
Reversal of common stock issuable and put premium due to cancellation of conversions of convertible debt and accrued interest         31,801  
Accounts payable reclass to convertible notes         25,000  
Common stock issued for accrued services         448,440  
Deemed dividend upon alternate cashless exercise of warrants         $ 445,631  

Source

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