Financials

v3.7.0.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2017
Jun. 30, 2016
Current assets:    
Cash $ 5,174 $ 47,350
Accounts receivable 26,372 21,894
Prepaid expense 54,175 90,329
Total current assets 85,721 159,573
Deposit 2,500 2,500
Property and equipment, net 75,065 74,689
Total Assets 163,286 236,762
Current liabilities:    
Accounts payable and accrued expenses 1,781,403 1,004,550
Related party payable 397,243 30,000
Loans payable 16,800 148,022
Deferred revenue 50,000 50,000
Convertible debentures 1,151,373 664,621
Derivative liabilities 186,968 142,797
Warrant liability 32,800 87,500
Total current liabilities 3,616,587 2,127,490
Non-current liabilities:    
Deferred revenue, net of current portion 283,333 320,833
Total Liabilities 3,899,920 2,448,323
Commitments and Contingencies
Stockholders' Deficit    
Preferred stock and paid-in capital in excess of $0.001 par value, 20,000,000 shares authorized, 0 (June 30, 2016 - 0) issued and outstanding
Common stock and paid in capital in excess of $0.001 par value, 150,000,000 shares authorized, 140,402,603 (June 30, 2016 - 133,506,044) issued and outstanding 56,110,035 55,024,270
Share subscriptions and obligations to issue shares 382,244 340,184
Accumulated other comprehensive income 46,267 46,267
Accumulated deficit (60,275,180) (57,622,282)
Total stockholders' deficit (3,736,634) (2,211,561)
Total Liabilities and Stockholders' Deficit $ 163,286 $ 236,762
v3.7.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2016
Revenue $ 24,001 $ 15,350 $ 75,087 $ 57,793
Operating expenses:        
Selling, general, and administrative expenses 629,582 717,841 1,829,327 2,228,549
Research and development 120,753 155,379 371,667 500,628
Total operating expenses 750,335 873,220 2,200,994 2,729,177
Fair value gain (loss) on derivative financial liabilities (4,995) (848,208) 29,143 (887,707)
Fair value gain on warrant liability 16,400 54,700
(Loss) gain on extinguishment of debt (42,580) 142,297 (76,486) 144,224
Other income 364 4,908 473 5,091
Interest expense (433,801) (177,920) (534,821) (402,817)
Net Loss $ (1,190,946) $ (1,736,793) $ (2,652,898) $ (3,812,593)
Net loss per share – basic and diluted (in dollars per share) $ (0.01) $ (0.01) $ (0.02) $ (0.03)
Weighted average number of common shares outstanding (in shares) 138,081,400 118,844,465 141,333,616 116,950,725
v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (2,652,898) $ (3,812,593)
Items not involving cash    
Accrued interest 55,720 2,750
Amortization of debt issuance costs 40,500 10,230
Deferred revenues (37,500) (37,500)
Depreciation 3,124 3,436
Fair value gain on warrant liability (54,700)
Fair value (gain) loss on derivative financial liabilities (29,143) 887,707
Interest on convertible debentures 433,945 380,577
Loss (gain) on extinguishment of debt 76,486 (144,224)
Obligation to issue shares for services 212,720 23,340
Stock-based compensation 111,165 134,688
Stock issued for consulting fees 6,220
Changes in working capital 1,175,772 622,905
Net cash used in operating activities: (664,809) (1,922,464)
Cash flows from investing activities:    
Purchase of property and equipment (3,500) (13,756)
Net cash used in investing activities: (3,500) (13,756)
Cash flows from financing activities:    
Proceeds from loans 92,000 130,000
Repayment of loans (110,022) (66,641)
Proceeds from issuance of common stock 554,155 28,000
Proceeds from warrants exercised 889,771
Proceeds from convertible debentures 90,000 838,950
Net cash provided Financing activities: 626,133 1,820,080
(Decrease) increase in cash (42,176) (116,140)
Cash, beginning of year 47,350 117,307
Cash, end of year 5,174 1,167
Supplemental cash flow information:    
Interest paid $ 4,655 $ 3,004