Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (5,737,907) $ (4,639,698)
Items not involving cash    
Accrued interest 55,720 5,500
Amortization of debt issuance costs 40,500
Amortization of deferred finance costs 8,568
Deferred revenues (50,000) (50,000)
Depreciation 7,865 4,581
Fair value loss on derivative financial liabilities 3,604,620 815,491
Fair value loss (gain) on warrant liability 101,116 (37,500)
Interest on convertible debentures 737,916 511,623
Gain on extinguishment of debt (1,535,752) (142,974)
Obligation to issue shares for consulting services 237,720 55,710
Stock-based compensation 196,576 179,584
Changes in working capital 1,479,839 782,437
Net cash used in operating activities (853,219) (2,515,246)
Cash flows from investing activities:    
Purchase of property, equipment and intangible assets (3,500) (13,756)
(3,500) (13,756)
Cash flows from financing activities:    
Proceeds from loans 92,000 130,000
Repayment of loans (110,022) (221,034)
Proceeds from issuance of common stock 554,155 28,000
Proceeds from warrants exercised 889,771
Proceeds from convertible debentures 290,000 1,863,950
Repayment of convertible debentures (231,642)
826,133 2,459,045
Decrease in cash (30,586) (69,957)
Cash, beginning of year 47,350 117,307
Cash, end of year 16,764 47,350
Supplemental cash flow information:    
Interest paid $ 6,449 $ 31,355