Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,101,969) $ (838,894)
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock for services 84,076 458,331
Warrant modification expense 21,007 0
Foreign currency transaction (gain) loss (173,989) 210,739
Depreciation expense 549 171
Amortization of debt discount 444,835 206,935
Change in fair value of derivative liabilities (369,373) (795,853)
Stock option expense 494,642 0
Accretion of put premium 0 154,198
Changes in Assets and Liabilities:    
GST receivable 20,244 (4,495)
Prepaid expenses and other assets 29 8,192
Accounts payable (56,687) 87,636
Employee benefit liability 5,916 6,797
Payment for security deposit 1,669 0
Accrued expenses (58,457) 77,152
Accrued interest 3,910 23,379
NET CASH USED IN OPERATING ACTIVITIES (683,598) (405,712)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment 0 (679)
NET CASH USED IN INVESTING ACTIVITIES 0 (679)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Loan repayments to principal stockholder 0 (13,549)
Loan repayments 0 (19,613)
Proceeds from convertible promissory notes 150,000 552,500
Repayments of convertible promissory notes 0 (104,000)
Proceeds from the exercise of warrants 464,286 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 614,286 415,338
Effect of exchange rate changes on cash (26,845) (39,116)
NET DECREASE IN CASH (96,157) (30,169)
CASH AT BEGINNING OF PERIOD 121,070 107,627
CASH AT END OF PERIOD 24,913 77,458
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 0 18,139
Reduction of put premium related to conversions of convertible note 40,909 122,727
Conversion of convertible notes and accrued interest to common stock 153,610 278,487
Discounts related to warrants issued with convertible debenture 910,178 0
Discounts related to derivative liability $ 165,000 $ 200,000