Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (4,740,723)
|
$ (5,758,369)
|
| Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
| Issuance and amortization of common stock and warrants for services |
1,098,452
|
245,145
|
| (Gain) loss on settlements, net |
|
(14,101)
|
| Foreign currency transaction loss (gain) |
143,808
|
690,748
|
| Depreciation expense |
2,473
|
2,306
|
| Amortization of debt discounts |
734,130
|
389,673
|
| Derivative income (expense) |
(385,293)
|
2,472,146
|
| Gain on extinguishment of debt |
(67,123)
|
(1,204,242)
|
| Stock option and restricted stock expense |
300,416
|
|
| Non-cash interest expense |
15,000
|
|
| Put premiums on convertible debt issued |
836,724
|
706,154
|
| Changes in Assets and Liabilities: |
|
|
| GST receivable |
3,332
|
489
|
| Prepaid expenses and other assets |
83,157
|
(83,296)
|
| Accounts payable |
(59,737)
|
(164,926)
|
| Deferred rent |
3,394
|
|
| Employee benefit liability |
35,724
|
188,326
|
| Put premiums on convertible debt issued |
(9,740)
|
377,846
|
| Accrued interest |
156,417
|
184,198
|
| NET CASH USED IN OPERATING ACTIVITIES |
(1,849,589)
|
(2,060,037)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Purchase of equipment |
|
(2,874)
|
| NET CASH USED IN INVESTING ACTIVITIES |
|
(2,874)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Proceeds from convertible promissory notes |
1,591,250
|
1,369,000
|
| Repayments of convertible promissory notes |
|
(272,000)
|
| Proceeds from the sale of common stock |
450,000
|
1,100,380
|
| Fees associated with offering costs |
(25,010)
|
(15,000)
|
| Debt issuance costs |
(126,000)
|
(63,850)
|
| Proceeds from the exercise of warrants |
|
30
|
| NET CASH PROVIDED BY FINANCING ACTIVITIES |
1,890,240
|
2,118,560
|
| Effect of exchange rate changes on cash |
23,962
|
(73,176)
|
| NET INCREASE (DECREASE) IN CASH |
64,613
|
(17,527)
|
| CASH AT BEGINNING OF YEAR |
2,394
|
19,921
|
| CASH AT END OF YEAR |
67,007
|
2,394
|
| Supplemental Disclosure of Cash Flow Information |
|
|
| Interest |
6,110
|
100,719
|
| Income Tax |
|
|
| Supplemental Disclosure of Non-Cash Investing and Financing Activities |
|
|
| Reduction of put premium related to conversions of convertible notes |
874,924
|
1,824,317
|
| Conversion of convertible notes and accrued interest to common stock |
1,814,336
|
3,350,783
|
| Discounts related to warrants issued with convertible notes |
375,905
|
|
| Deferred financing costs associated with equity purchase agreement |
|
318,059
|
| Discounts related to derivative liability |
227,000
|
180,000
|
| Operating lease right-of-use asset and operating lease liability recorded on adoption of ASC 842 |
$ 48,662
|
|