Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended |
Jun. 30, 2017 | Jun. 30, 2016 |
CASH FLOWS FROM OPERATING ACTIVITIES | | |
Net loss | $ (329,606) | $ (446,360) |
Adjustments to reconcile net loss to net cash used by operating activities: | | |
Gain on change in derivative liability | | (28,057) |
Amortization of deferred finance fees | | 50,000 |
Amortization of debt discount | | (50,000) |
Common stock issued for services | 9,620 | |
Foreign currency transaction gain/loss | $ 3,169 | |
Changes in operating assets and liabilities | | |
Trade accounts receivable | 48 | (6,989) |
Prepaid expenses and other current assets | 4,294 | 7,040 |
Tax refunds receivable | 929 | 12,619 |
Related party receiveables | (803) | |
Accounts payable and accrued expenses | (14,546) | 69,683 |
Related parties accounts payable | 3,792 | (102,693) |
Net Cash Used in Operating Activities | (323,103) | (394,757) |
CASH FLOWS FROM INVESTING ACTIVITIES | | |
Proceeds from sale of interest in joint venture | | 6,941 |
Net Cash Provided by Investing Activities | | 6,941 |
CASH FLOWS FROM FINANCING ACTIVITIES | | |
Proceeds from resell of treasury stock | | 22,210 |
Prepayment of convertible debt | | (26,300) |
Proceeds from common stock issued | 307,590 | 432,456 |
Net Cash Provided by Financing Activities | 307,590 | 428,366 |
EFFECTS OF EXCHANGE RATE | 2,428 | 11,352 |
NET INCREASE (DECREASE) IN CASH | (13,084) | 52,402 |
CASH AT BEGINNING OF PERIOD | 70,074 | 17,672 |
CASH AT END OF PERIOD | 56,990 | 70,074 |
CASH PAID FOR: | | |
Interest | $ 1,542 | 9,820 |
NON CASH INVESTING AND FINANCING ACTIVITIES | | |
Debt discount on convertible note and related derivative liability | | $ 50,000 |
Conversion of debt and interest into common stock | | 2647400.00% |
Change in derivative due to conversion | | $ 21,943 |
Treasury stock reissued | | 320,000 |
Forgiveness of liabilities owed to Director | | $ 23,329 |