Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Jun. 30, 2016
Current assets:    
Cash $ 16,764 $ 47,350
Accounts receivable 425 21,894
Prepaid expenses 11,979 90,329
Total current assets 29,168 159,573
Deposit 2,500
Deferred financial costs 201,432
Property and Equipment, net 70,324 74,689
Total assets 300,924 236,762
Current Liabilities:    
Accounts payable and accrued expenses 1,928,983 1,004,550
Related party payable 483,087 30,000
Loans payable 16,800 148,022
Deferred revenue 50,000 50,000
Convertible debentures 162,821 664,621
Derivative liabilities 988,463 142,797
Warrant liability 87,500
Total current liabilities 3,630,154 2,127,490
Deferred revenue, net of current portion 270,833 320,833
Total liabilities 3,900,987 2,448,323
Commitment and Contingencies (Note 15)
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, 250,000,000 shares authorized, 202,210,516 (June 30, 2016 - 133,506,044) issued and outstanding 59,672,609 55,024,270
Share subscriptions and obligations to issue shares 41,250 340,184
Accumulated other comprehensive income 46,267 46,267
Accumulated deficit (63,360,189) (57,622,282)
Total stockholders’ deficit (3,600,063) (2,211,561)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 300,924 $ 236,762
v3.10.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Revenue $ 72,360 $ 96,713
Cost of goods sold 18,692
Gross profit 72,360 78,021
Operating expenses:    
Selling, general, and administrative expenses 2,229,577 2,885,753
Research and development 497,224 661,371
Total operating expenses (2,789,801) (3,547,124)
Fair value loss on derivative liabilities (3,604,620) (815,491)
Fair value (loss) gain on warrant liability (101,116) 37,500
Gain on extinguishment of debt 1,535,752 142,974
Other income 174 6,680
Interest expense (850,656) (548,478)
Net Loss $ (5,737,907) $ (4,639,698)
Net loss per share – basic and diluted (in dollars per share) $ (0.04) $ (0.04)
Weighted average number of common shares outstanding (in shares) 142,213,989 120,011,421
v3.10.0.1
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