XML 46 R6.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (2,659,132) $ (3,017,984)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,314 1,744
Accrued interest on loan payable, deferred compensation and other 448,690 395,659
Stock-based compensation 721,084 2,129,112
Gain on extinguishment of liabilities (875,852)
Conversion inducement 10,784
Increase in prepaid expenses (531) (1,048)
Increase in accounts payable and accrued expenses 8,858 76,604
Increase in deferred compensation 668,600 813,600
Net cash used in operating activities (811,117) (467,381)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (2,482)
Net cash used by investing activities (2,482)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of units 896,801 350,496
Commissions on sale of units (63,880) (14,875)
Proceeds from exercise of warrants 67,841
Repayment of loans and note payable - affiliates (17,500)
Proceeds from loans payable - affiliates 30,500
Net cash provided by financing activities 832,921 416,462
Net increase (decrease) in cash 19,322 (50,919)
Cash at beginning of period 22,013 72,932
Cash at end of period 41,335 22,013
Supplemental disclosure of cash flow information:    
Cash paid for interest
Non-cash investing and financing transactions:    
Shares issued for warrant exercise commissions 514
Warrants issued for unit commissions 4,850
Purchase of warrants for subscription receivable - affiliates 330,000 134,650
Forgiveness of deferred compensation - related parties 1,685,252
Conversion of debt and liabilities 100,000 213,718
Conversion of deferred compensation into note payable - affiliate $ 150,000