Financials

v3.10.0.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Dec. 31, 2017
Jun. 30, 2017
Current assets:    
Cash $ 49,988 $ 16,764
Accounts receivable 425 425
Prepaid expenses 11,979 11,979
Total current assets 62,392 29,168
Deferred financial costs 165,794 201,432
Property and Equipment, net 66,560 70,324
Total assets 294,746 300,924
Current Liabilities:    
Accounts payable and accrued expenses 2,274,727 1,928,983
Related party payable 236,750 483,087
Loans payable 428,758 16,800
Deferred revenue 50,000 50,000
Convertible debentures 597,242 162,821
Derivative liabilities 836,117 988,463
Warrant derivative 357,009
Total current liabilities 4,780,603 3,630,154
Deferred revenue, net of current portion 245,833 270,833
Total liabilities 5,026,436 3,900,987
Stockholders’ deficit:    
Preferred stock and paid-in capital in excess of $0.001 par value, 20,000,000 shares authorized, 0 (June 30, 2017 - 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, 2017 - 133,506,044) issued and outstanding 60,463,082 59,672,609
Share subscriptions and obligations to issue shares 41,250 41,250
Accumulated other comprehensive income 46,267 46,267
Accumulated deficit (65,282,289) (63,360,189)
Total stockholders’ deficit (4,731,690) (3,600,063)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 294,746 $ 300,924
v3.10.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Revenue $ 41,075 $ 27,841 $ 74,393 $ 51,086
Operating expenses:        
Selling, general, and administrative expenses 369,965 543,316 793,183 1,199,745
Research and development 120,249 121,075 239,649 250,914
Total operating expenses (490,214) (664,391) (1,032,832) (1,450,659)
Fair value gain (loss) on derivative financial liabilities 40,416 4,900 (504,946) 34,138
Fair value gain (loss) on warrant liability (157,009) 5,500 (157,009) 38,300
(Loss) gain on extinguishment of debt 58,645 (33,906) 208,041 (33,906)
Gain on extinguishment of liabilities 408,009
Other income 14 97 19 109
Interest expense (398,630) (71,218) (917,775) (101,020)
Net Loss $ (905,703) $ (731,177) $ (1,922,100) $ (1,461,952)
Net loss per share – basic and diluted (in dollars per share) $ 0 $ (0.01) $ (0.01) $ (0.01)
Weighted average number of common shares outstanding (in shares) 222,879,831 137,839,288 216,357,085 136,591,909
v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows used in operating activities:    
Net loss $ (1,922,100) $ (1,461,952)
Items not involving cash    
Accrued interest 16,363
Amortization of debt issuance costs 49,995 61,060
Amortization of deferred finance costs 35,638
Deferred revenues (25,000) (25,000)
Depreciation 3,764 2,232
Fair value loss on derivative financial liabilities 504,946 (34,138)
Fair value loss (gain) on warrant liability 157,009 (38,300)
Interest on convertible debentures 814,822 37,167
Gain on extinguishment of debt (208,041) 33,906
Gain on extinguishment of liabilities (408,009)
Stock-based compensation 89,790
Changes in working capital 507,416 795,947
(443,197) (526,568)
Cash flows used in investing activities:    
Purchase of property, equipment and intangible assets (3,500)
(3,500)
Cash flows from financing activities:    
Proceeds from loans 562,400 92,000
Repayment of loans (110,022)
Proceeds from issuance of common stock 530,355
Repayment of convertible debentures (85,979)
Subscriptions received 14,000
476,421 526,333
Increase (decrease) in cash 33,224 (3,735)
Cash, beginning of period 16,764 47,350
Cash, end of period 49,988 43,615
Supplemental cash flow information:    
Interest paid 957 2,793
Consulting Services [Member]    
Items not involving cash    
Issue shares for services 12,720
Services Other Than Consulting [Member]    
Items not involving cash    
Issue shares for services $ 30,000