Financials

v3.6.0.2
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Dec. 31, 2016
Jun. 30, 2016
Current assets:    
Cash $ 43,615 $ 47,350
Accounts receivable 33,154 21,894
Prepaid expense 63,762 90,329
Total current assets 140,531 159,573
Deposit 2,500 2,500
Property and equipment, net 75,957 74,689
Total Assets 218,988 236,762
Current liabilities:    
Accounts payable and accrued expenses 1,687,690 1,004,550
Related party payable 127,500 30,000
Loans payable 98,560 148,022
Deferred revenue 50,000 50,000
Convertible debentures 686,408 664,621
Derivative liabilities 44,000 142,797
Warrant liability 49,200 87,500
Total current liabilities 2,743,358 2,127,490
Non-current liabilities:    
Deferred revenue, net of current portion 295,833 320,833
Total Liabilities 3,039,191 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 55,768,860 55,024,270
Share subscriptions and obligations to issue shares 448,904 340,184
Accumulated other comprehensive income 46,267 46,267
Accumulated deficit (59,084,234) (57,622,282)
Total stockholders' deficit (2,820,203) (2,211,561)
Total Liabilities and Stockholders' Deficit $ 218,988 $ 236,762
v3.6.0.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Revenue $ 27,841 $ 29,743 $ 51,086 $ 42,443
Operating expenses:        
Selling, general, and administrative expenses 543,316 714,255 1,199,745 1,510,708
Research and development 121,075 162,252 250,914 345,249
Total operating expenses 664,391 876,507 1,450,659 1,855,957
Fair value gain (loss) on derivative financial liabilities 4,900 17,351 34,138 (39,499)
Fair value gain on warrant liability 5,500 38,300
(Loss) gain on extinguishment of convertible debenture (33,906) (33,906) 1,927
Other income 97 157 109 183
Interest expense (71,218) (164,159) (101,020) (224,897)
Net Loss $ (731,177) $ (993,415) $ (1,461,952) $ (2,075,800)
Net loss per share – basic and diluted (in dollars per share) $ (0.01) $ (0.01) $ (0.01) $ (0.02)
Weighted average number of common shares outstanding (in shares) 137,839,288 117,022,424 136,591,909 115,613,819
v3.6.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (1,461,952) $ (2,075,800)
Items not involving cash    
Depreciation 2,232 2,291
Amortization of debt issuance costs 61,060
Deferred revenues (25,000) (25,000)
Fair value gain on warrant liability (38,300)
Fair value (gain) loss on derivative financial liabilities (34,138) 39,499
Interest on convertible debentures 37,167 204,304
Loss (gain) on extinguishment of convertible debentures 33,906 (1,927)
Obligation to issue shares for consulting services 12,720 18,060
Stock-based compensation 89,790 89,792
Settlement of debt 6,220
Changes in working capital 795,947 278,693
Net cash used in operating activities: (526,568) (1,463,868)
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
Repayment of loans (110,022) (32,335)
Proceeds from issuance of common stock 530,355 28,000
Proceeds from warrants exercised 882,271
Subscriptions received 14,000
Proceeds from convertible debentures 763,950
Net cash provided Financing activities: 526,333 1,641,886
(Decrease) increase in cash (3,735) 164,262
Cash, beginning of year 47,350 117,307
Cash, end of year 43,615 281,569
Supplemental cash flow information:    
Interest paid $ 2,793 $ 13,110