Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS
6 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,400,961) $ (1,128,779)
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 1,122,322 112,268
Issuance of preferred stock for services 0 1,067
(Gain) loss on settlement 58,893 355,000
Settlement fees paid in the form of debt 0 125,000
Other 0 100
Foreign currency transaction loss (20,509) 0
Depreciation expense 340 0
Amortization of debt discount 1,224,235 117,231
Change in fair value of derivative liabilities 551,890 (122,742)
Accretion of put premium 755,927 165,428
Changes in Assets and Liabilities:    
GST receivable 4,296 (1,226)
Prepaid expenses and other assets (343,259) 0
Accounts payable (118,305) 46,849
Employee benefit liability 12,447 3,915
Accrued expenses (324,789) 46,585
Accrued interest (10,005) 7,308
Other (744) 0
NET CASH USED IN OPERATING ACTIVITIES (1,488,222) (271,996)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (676) 0
NET CASH USED IN INVESTING ACTIVITIES (676) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Loan repayments to principal stockholder (21,500) (20,000)
Loan repayments (23,852) 0
Proceeds from convertible promissory notes 2,977,500 90,000
Repayments of convertible promissory notes (463,976) 0
Proceeds from issuance of common stock for cash 0 29,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,468,172 99,000
Effect of exchange rate changes on cash 81,217 99,785
NET INCREASE (DECREASE) IN CASH 1,060,491 (73,211)
CASH AT BEGINNING OF PERIOD 107,627 87,799
CASH AT END OF PERIOD 1,168,118 14,588
Cash paid during the period:    
Interest 0 0
Income Tax 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Prepaid common stock issued for services 187,532 134,373
Reduction of put premium related to conversions of convertible note 636,348 37,032
Conversion of convertible notes and accrued interest to common stock 1,762,430 177,567
Discounts related to warrants issued with convertible debenture 1,619,075 0
Discounts related to lender costs 0 33,500
Discounts related to derivative liability 1,005,925 0
Conversion of loan payable to common stock $ 0 $ 66,389