Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Feb. 14, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Propanc Health Group Corp | |
Entity Central Index Key | 1,517,681 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | PPCH | |
Entity Common Stock, Shares Outstanding | 914,482,130 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
CURRENT ASSETS: | ||
Cash | $ 42,918 | $ 121,070 |
GST tax receivable | 10,368 | 29,355 |
Prepaid expenses and other current assets | 69,252 | 210,122 |
Prepaid rent - related party | 0 | 2,220 |
TOTAL CURRENT ASSETS | 122,538 | 362,767 |
Security deposit | 0 | 1,628 |
Security deposit - related party | 2,159 | 2,220 |
Property and equipment, net | 11,141 | 12,527 |
TOTAL ASSETS | 135,838 | 379,142 |
CURRENT LIABILITIES: | ||
Accounts payable | 441,769 | 250,403 |
Accounts payable - related parties | 76,435 | 119,690 |
Accrued expenses and other payables | 323,901 | 137,487 |
Convertible notes and related accrued interest, net of discount and premiums | 1,824,170 | 1,202,523 |
Loans payable | 2,159 | 2,220 |
Embedded conversion option liabilities | 1,100,368 | 994,343 |
Warrant derivative liability | 19,543 | 55,839 |
Due to directors - related parties | 33,008 | 33,943 |
Loans from directors and officer - related parties | 53,258 | 54,767 |
Employee benefit liability | 101,879 | 93,220 |
TOTAL CURRENT LIABILITIES | 3,976,490 | 2,944,435 |
Commitments and Contingencies (See Note 7) | ||
STOCKHOLDERS' DEFICIT: | ||
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 867,281,734 and 728,616,312 shares issued and outstanding as of December 31, 2016 and June 30, 2016, respectively | 867,282 | 728,617 |
Additional paid-in capital | 30,137,809 | 26,945,849 |
Accumulated other comprehensive income | 388,162 | 131,264 |
Accumulated deficit | (35,238,905) | (30,376,023) |
TOTAL STOCKHOLDERS' DEFICIT | (3,840,652) | (2,565,293) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 135,838 | 379,142 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' DEFICIT: | ||
Preferred stock value | 5,000 | 5,000 |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS' DEFICIT: | ||
Preferred stock value | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Jun. 30, 2016 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 2,000,000,000 | 2,000,000,000 |
Common stock, issued shares | 867,281,734 | 728,616,312 |
Common stock, outstanding shares | 867,281,734 | 728,616,312 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 500,000 | 500,000 |
Preferred stock, outstanding shares | 500,000 | 500,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 5 | 5 |
Preferred stock, issued shares | 1 | 1 |
Preferred stock, outstanding shares | 1 | 1 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUE | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES | ||||
Administration expenses | 1,735,893 | 996,129 | 2,740,396 | 1,845,108 |
Occupancy expenses | 5,991 | 4,889 | 14,588 | 9,827 |
Research and development | 167,202 | 142,803 | 328,399 | 296,277 |
TOTAL OPERATING EXPENSES | 1,909,086 | 1,143,821 | 3,083,383 | 2,151,212 |
LOSS FROM OPERATIONS | (1,909,086) | (1,143,821) | (3,083,383) | (2,151,212) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (1,255,627) | (1,155,645) | (1,727,014) | (1,574,289) |
Interest income | 5 | 0 | 13 | 2,027 |
Change in fair value of derivative liabilities | (38,980) | (1,347,743) | 330,393 | (551,890) |
Gain (loss) on debt settlements, net | (131,902) | (58,893) | (131,557) | (58,893) |
Foreign currency transaction gain (loss) | (425,323) | 72,035 | (251,334) | (138,704) |
TOTAL OTHER INCOME (EXPENSE) | (1,851,827) | (2,490,246) | (1,779,499) | (2,321,749) |
LOSS BEFORE INCOME TAXES | (3,760,913) | (3,634,067) | (4,862,882) | (4,472,961) |
INCOME TAX BENEFIT | 0 | 72,000 | 0 | 72,000 |
NET LOSS | (3,760,913) | (3,562,067) | (4,862,882) | (4,400,961) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Foreign currency translation gain (loss) | 481,717 | (146,551) | 256,898 | 111,879 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 481,717 | (146,551) | 256,898 | 111,879 |
TOTAL COMPREHENSIVE LOSS | $ (3,279,196) | $ (3,708,618) | $ (4,605,984) | $ (4,289,082) |
BASIC AND DILUTED NET LOSS PER SHARE | $ 0 | $ (0.01) | $ (0.01) | $ (0.01) |
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 831,755,755 | 399,822,354 | 799,533,647 | 375,025,485 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,862,882) | $ (4,400,961) |
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities: | ||
Issuance and amortization of common stock for services | 437,235 | 1,122,322 |
Issuance of convertible promissory notes for services | 250,000 | 0 |
Warrant modification expense | 23,495 | 0 |
Loss (gain) on settlement | 131,900 | 58,893 |
Foreign currency transaction loss | 251,334 | (20,509) |
Depreciation expense | 1,091 | 340 |
Amortization of debt discount | 1,371,171 | 1,224,235 |
Change in fair value of derivative liabilities | (330,393) | 551,890 |
Stock option expense | 989,285 | 0 |
Accretion of put premium | 319,103 | 755,927 |
Changes in Assets and Liabilities: | ||
GST receivable | 19,047 | 4,296 |
Prepaid expenses and other assets | 0 | (343,259) |
Prepaid expenses and other assets - related parties | 2,262 | 0 |
Accounts payable | 85,790 | (118,305) |
Accounts payable - related parties | 80,089 | 0 |
Employee benefit liability | 11,765 | 12,447 |
Payment for security deposit | 1,659 | 0 |
Accrued expenses | 199,295 | (324,789) |
Accrued interest | 14,126 | (10,005) |
Other | 0 | (744) |
NET CASH USED IN OPERATING ACTIVITIES | (1,004,628) | (1,488,222) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | 0 | (676) |
NET CASH USED IN INVESTING ACTIVITIES | 0 | (676) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Loan repayments to principal stockholder | 0 | (21,500) |
Loan repayments | 0 | (23,852) |
Proceeds from convertible promissory notes | 495,000 | 2,977,500 |
Repayments of convertible promissory notes | 0 | (463,976) |
Proceeds from the exercise of warrants | 464,285 | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 959,285 | 2,468,172 |
Effect of exchange rate changes on cash | (32,809) | 81,217 |
NET INCREASE (DECREASE) IN CASH | (78,152) | 1,060,491 |
CASH AT BEGINNING OF PERIOD | 121,070 | 107,627 |
CASH AT END OF PERIOD | 42,918 | 1,168,118 |
Cash paid during the period: | ||
Interest | 0 | 0 |
Income Tax | 0 | 0 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Prepaid common stock issued for services | 0 | 187,532 |
Cancellation of shares for convertible note payable | 112,500 | 0 |
Reduction of put premium related to conversions of convertible note | 89,591 | 636,348 |
Conversion of convertible notes and accrued interest to common stock | 577,984 | 1,762,430 |
Discounts related to warrants issued with convertible debenture | 910,178 | 1,619,075 |
Discounts related to derivative liability | $ 400,000 | $ 1,005,925 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature Of Operations, Basis Of Presentation And Summary Of Significant Accounting And Reporting Policies [Text Block] | NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES Propanc PTY LTD was incorporated in Melbourne, Victoria Australia on October 15, 2007, and is based in Camberwell, Victoria Australia. Since inception, substantially all of the efforts of the Company have been the development of new cancer treatments targeting high risk patients who need a follow up, nontoxic, long term therapy which prevents the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes acting synergistically. It is currently in the preclinical phase of development. On November 23, 2010, Propanc Health Group Corporation (the “Company,” “we,” “us,” “our”) was incorporated in the state of Delaware. In January 2011, to reorganize the Company, Propanc Health Group Corporation acquired all of the outstanding shares of Propanc PTY LTD on a one-for-one basis making it a wholly-owned subsidiary. The interim unaudited consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to present fairly our results of operations for the three and six months ended December 31, 2016 and 2015 and cash flows for the six months ended December 31, 2016 and 2015 and our financial position as of December 31, 2016 have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year. Certain information and disclosures normally included in the notes to the annual audited consolidated financial statements have been condensed or omitted from these interim unaudited consolidated financial statements. Accordingly, these interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2016. The June 30, 2016 balance sheet is derived from those statements. The unaudited consolidated financial statements include the accounts of Propanc Health Group Corporation and its wholly-owned subsidiary, Propanc PTY LTD. All inter-company balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates in the accompanying unaudited consolidated financial statements include the estimates of useful lives for depreciation, valuation of derivatives, valuation of beneficial conversion features on convertible debt, allowance for uncollectable receivables, valuation of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation due to certain average exchange rates applied in lieu of spot rates on transaction dates. The Company’s functional currency is the Australian dollar (AUD). For financial reporting purposes, the Australian dollar has been translated into United States dollars ($) and/or (USD) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity (deficit) as “accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive loss as other income (expense). There have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after the balance sheet date. Other Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses). Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the consolidated results of operations as incurred. December 31, June 30, 2016 2016 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7197 0.7401 Average exchange rate for the period USD : AUD exchange rate 0.7541 0.7282 Foreign Currency Items: Beginning balance, June 30, 2016 $ 131,264 Foreign currency translation gain 256,898 Ending balance, December 31, 2016 $ 388,162 The Company measures its financial assets and liabilities in accordance with US GAAP. For certain of the Company’s financial instruments, including cash and cash equivalents, accounts and other receivables, accounts payable and accrued expenses and other liabilities, the carrying amounts approximate fair value due to their short maturities. Amounts recorded for loans payable, also approximate fair value because current interest rates available to us for debt with similar terms and maturities are substantially the same. The Company adopted accounting guidance for fair value measurements of financial assets and liabilities. The adoption did not have a material impact on the Company’s results of operations, financial position or liquidity. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into six broad levels. The following is a brief description of those six levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of six months or less with financial institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the balance sheets. There were no cash equivalents as of December 31, 2016 or June 30, 2016. Patents Patents are stated at cost and reclassified to intangible assets and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by a regulatory agency. However, the Company will expense any product costs as long as we are in the startup stage. Accordingly, as the Company's products were and are not currently approved for market, all patent costs incurred from 2013 through 2016 were expensed immediately. This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency. The Company has filed six patent applications relating to its lead product, PRP. The first application was filed in October 2010 in each of the countries listed in the table below. This application has been granted and remains in force in Australia, Japan, Indonesia, Israel, New Zealand, Singapore and South Africa. In the United States, the application has been allowed by the U.S. Patent and Trademark Office but has not yet been issued pending the payment of the issue fee. In Brazil, Canada, China, Europe, Malaysia, Mexico and South Korea, the patent application remains under examination. In 2016 and early 2017 we filed five other patent applications, as indicated below. Two applications were filed in Spain, where one is currently under examination, and one was filed in the United States. Two others were filed under the Patent Cooperation Treaty (the “PCT”). The PCT assists applicants in seeking patent protection by filing one international patent application under the PCT, applicants can simultaneously seek protection for an invention in over 150 countries. Once filed, the application is placed under the control of the national or regional patent offices, as applicable, in what is called the national phase. No. Title Country Case Status Date Filed 1. A pharmaceutical composition for treating cancer comprising trypsinogen and/or chymotrypsinogen and an active agent selected from a selenium compound, a vanilloid compound and a cytoplasmic reduction agent. Australia, Japan, Indonesia, Israel, New Zealand, Singapore and South Africa Brazil, Canada, China, Europe, Malaysia, Mexico, Republic of Korea, USA Granted Under Examination Oct-22-2010 2. Proenzyme composition PCT Application filed and pending Nov-11-2016 3. Compositions and their use for manufacturing a medicament for treating cancer Spain Application filed and pending Dec-22-2016 4. Compositions and their use for manufacturing a medicament for treating cancer Spain Under examination Jan-29-2016 5. Cancer Treatment PCT Application filed and pending Jan-27-2017 6. Composition of proenzymes for cancer treatment USA Application filed and pending Apr-12-2016 Further patent applications are expected to be filed to capture and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions of proenzymes for treating cancer. In accordance with ASC 360-10, “ Long-lived assets,” Revenues, expenses and balance sheet items are recognized net of the amount of GST except payable and receivable balances which are shown inclusive of GST. The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office. Cash flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. As of December 31, 2016 and June 30, 2016, the Company was owed $ 10,368 29,355 ASC Topic 815, “ Derivatives and Hedging” The Company has entered into convertible notes, some of which contain variable conversion options, whereby the outstanding principal and accrued interest may be converted, by the holder, into common shares at a fixed discount to the price of the common stock at the time of conversion. The Company treats these convertible notes as stock settled debt under ASC 480, “ Distinguishing Liabilities from Equity The Company is governed by Australia and United States income tax laws, which are administered by the Australian Taxation Office and the United States Internal Revenue Service, respectively. The Company follows Financial Accounting Standards Board (“FASB”) ASC 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. The Company adopted provisions of ASC 740, Sections 25 through 60, “Accounting for Uncertainty in Income Taxes.” In accordance with ASC 730-10, “Research and Development-Overall,” 328,399 296,277 The Company may apply for research and development tax concessions with the Australian Taxation Office on an annual basis. Although the amount is possible to estimate at year end, the Australian Taxation Office may reject or materially alter the claim amount. Accordingly, the Company does not recognize the benefit of the claim amount until cash receipt since collectability is not certain until such time. The tax concession is a refundable credit. If the Company has net income then the Company can receive the credit which reduces its income tax liability. If the Company has net losses, then the Company may still receive a cash payment for the credit, however, the Company's net operating loss carryforwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate is applied to that gross amount. The concession is recognized as an income tax benefit, in operations, upon receipt. The Company records stock based compensation in accordance with ASC Topic 718, “ Stock Compensation Share Based Payment The Company accounts for non-employee share-based awards in accordance with the measurement and recognition criteria of ASC 505-50 “ Equity-Based Payments to Non-Employees In accordance with SEC Staff Accounting Bulletin No. 104, Revenue Recognition Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share amounts for all periods presented are identical. For the six months ended December 31, 2016, there were 37,379,158 143,000,000 362,227,236 FASB, Accounting Standard Updates (“ASU”) which are not effective until after December 31, 2016 are not expected to have a significant effect on the Company’s consolidated financial position or results of operations. The Company is evaluating or has implemented the following at December 31, 2016: In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” In February 2016, the FASB issued ASU 2016-02, “Leases,” On May 8, 2015, the FASB issued ASU 2015-08, “Business Combinations (Topic 805) Pushdown Accounting, In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” In November 2015, the FASB issued ASU No. 2015-17, “ Balance Sheet Classification of Deferred Taxes In August 2014, the FASB issued ASU 2014-15, “ Presentation of Financial Statements Going Concern |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Going Concern [Text Block] | NOTE 2 GOING CONCERN The accompanying unaudited consolidated financial statements have been prepared in conformity with US GAAP, which contemplate continuation of the Company as a going concern. For the six months ended December 31, 2016, the Company had no revenues, had a net loss of $ 4,862,882 1,004,628 3,853,952 3,840,652 35,238,905 It is management’s opinion that these The unaudited consolidated financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing to fulfill its development activities, acceptance of the Company's International patent applications and achieving a level of sales adequate to support the Company’s cost structure. However, there can be no assurances that the Company will be able to secure additional equity investments or achieve an adequate sales level. |
DUE TO DIRECTORS - RELATED PART
DUE TO DIRECTORS - RELATED PARTIES | 6 Months Ended |
Dec. 31, 2016 | |
Due to Related Parties [Abstract] | |
Due To Directors Related Party [Text Block] | NOTE 3 DUE TO DIRECTORS - RELATED PARTIES Due to directors - related parties represents unsecured advances made primarily by a former director for operating expenses on behalf of the Company such as intellectual property and formation expenses. The expenses were paid for on behalf of the Company and are due upon demand. The Company is currently not being charged interest under these advances. The total amount owed the former director at December 31, 2016 and June 30, 2016 is $ 33,008 33,943 |
LOANS AND NOTES PAYABLE
LOANS AND NOTES PAYABLE | 6 Months Ended |
Dec. 31, 2016 | |
Notes and Loans Payable [Abstract] | |
Loans And Notes Payable Disclosure [Text Block] | NOTE 4 LOANS AND NOTES PAYABLE Loans from Directors and Officer - Related Parties Loans from Directors and Officer at December 31, 2016 and June 30, 2016 were $ 53,258 54,767 Other Loans from Unrelated Parties As of December 31, 2016 and June 30, 2016, other loans from unrelated parties had a balance of $ 2,159 2,220 80 |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 6 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 5 CONVERTIBLE NOTES Convertible notes and debenture $ 2,184,694 Unamortized discounts (735,436) Accrued interest 12,446 Premium 362,466 Convertible notes, net $ 1,824,170 May 2015 Securities Purchase Agreement On May 19, 2015, the Company entered into a Securities Purchase Agreement with a third-party lender (the “SPA”). Pursuant to the SPA, on the date of the agreement the Company issued convertible promissory notes to the lender in return for cash. The Company also issued nine convertible promissory notes in the principal amount of $ 782,500 Back-End Notes On July 14, 2015, the lender redeemed three of its promissory notes totaling $ 352,500 On October 14 and October 15, 2015, the lender redeemed the remaining six of its promissory notes totaling $ 430,000 Through June 30, 2016, the lender converted $ 620,000 109,500 53,000 Since the Back-End Notes the Company issued were not convertible until the notes the lender issued were redeemed in cash, the Back-End Notes and accrued interest receivable and payable have been netted for presentation purposes on the accompanying balance sheet. October 2015 Securities Purchase Agreement and Debenture On October 28, 2015 (the “Closing Date”), the Company entered into a securities purchase agreement dated as of the Closing Date (the “Purchase Agreement”) with Delafield Investments Limited ” or “Delafield 4,000,000 4,400,000 26,190,476 0.001 0.60 4 Under the terms of the Purchase Agreement, the Purchaser agreed to deliver a promissory note entered into by the Company and Purchaser on September 24, 2015 with a principal amount of $ 1,200,000 Under the terms of the Purchase Agreement and Debenture, $ 2,800,000 25,000 25,000 50,000 4,350,000 The Purchase Agreement contains customary representations, warranties and covenants by, among and for the benefit of the parties. The Company also agreed to pay up to $50,000 of reasonable attorneys’ fees and expenses incurred by the Purchaser in connection with the transaction. The Purchase Agreement also provides for indemnification of the Purchaser and its affiliates in the event that the Purchaser incurs losses, liabilities, obligations, claims, contingencies, damages, costs and expenses related to a breach by the Company of any of its representations, warranties or covenants under the Purchase Agreement. The Debenture has a 10 5 4,350,000 217,500 payable quarterly in cash (or if certain conditions are met, in stock at the Company’s option) on January 1, April 1, July 1 and October 1. The Debenture was, prior to the Addendum (as defined below), convertible at any time, in whole or in part, at the Purchaser’s option into shares of the Company’s Common Stock at a conversion price equal to $0.042, which is the volume weighted average price (“VWAP”) of the Company’s Common Stock five days prior to the execution of the Debenture (subject to adjustment) (the “Conversion Price”). At any time after the effective date of the registration statement, the Purchaser has the opportunity to convert up to an aggregate of $2,090,000 of the Debenture, at one or more conversion dates, into shares of Common Stock at a conversion price equal to the VWAP of the Common Stock over the five (5) trading days prior to such Effective Date. The Purchaser option to convert at such a conversion price expires when the Purchaser converts an aggregate of $2,090,000 of the Debenture using such conversion price. If the VWAP of the Company Common Stock on any trading day is less than the Conversion Price, the Purchaser may convert at a price per share equal to a twenty percent (20%) discount to the average of the two lowest closing prices during the five trading days prior to the date of conversion. At no time will the Purchaser be entitled to convert any portion of the Debenture to the extent that after such conversion, the Purchaser (together with its affiliates) would beneficially own more than 4.99% of the outstanding shares of Common Stock as of such date. During the year ended June 30, 2016, the Company withdrew a principal amount of $2,800,000 from the deposit control account of which $269,976 was paid directly as partial payment of a note dated June 4, 2015 and $33,437 was paid directly to legal fees resulting in net cash proceeds of $2,496,587 received by the Company. An aggregate total of $1,955,300 was bifurcated with the embedded conversion option recorded as a derivative liability at fair value (See Note 10). During the year ended June 30, 2016, the Purchaser converted $2,790,806 of principal and $108,750 of accrued interest into shares of the Company’s common stock (See Note 6). During the six months ended December 31, 2016, the holder converted $350,000 of principal and accrued interest of $108,750 into shares of the Company’s common stock (See Note 6). Accrued interest as of December 31, 2016 was $0. The Debenture includes customary event of default provisions and provides for a default interest rate of 18 The Warrants were exercisable in whole or in part, at an initial exercise price per share of $ 0.60 would have increased. 26,190,476 712,110 In connection with the execution of the Purchase Agreement, on the Closing Date, the Company and the Purchaser also entered into a registration rights agreement dated as of the Closing Date (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Company has agreed to file an initial registration statement (“Registration Statement”) with the SEC to register the resale of the Common Stock into which the Debenture may be converted or the Warrant may be exercised, within 30 days following the Closing Date. The Registration Statement had to be declared effective by the 100th calendar day after the Closing Date, subject to a 20-day extension as requested by the Company and consented to by the Purchaser. On November 23, 2015, the Company filed the Registration Statement with the SEC and on December 10, 2015, the registration statement was declared effective. If at any time all of the shares of Common Stock underlying the Debenture or the Warrant are not covered by the initial Registration Statement, the Company agreed to file with the SEC one or more additional Registration Statements so as to cover all of the shares of Common Stock underlying the Debenture or the Warrant not covered by such initial Registration Statement, in each case, as soon as practicable, but in no event later than the applicable filing deadline for such additional Registration Statements as provided in the Registration Rights Agreement. In connection with the Purchase Agreement, the Company entered into a Security Agreement dated as of even date therewith with the Purchaser whereby the Company agreed to grant to Purchaser an unconditional and continuing, first priority security interest in all of the assets and property of the Company to secure the prompt payment, performance and discharge in full of all of the Company’s obligations under the Debentures, Warrants and the other transaction documents until ten days following such time as the Registration Statement is declared effective by the SEC and the equity conditions set forth in the Debenture are met. On March 11, 2016, the Company entered into an Addendum (the “Addendum”) as discussed below with the Purchaser pursuant to which the Company and the Purchaser agreed to new terms with respect to the Purchase Agreement. Addendum Under the Addendum, the Company and the Purchaser agreed that the balance of the deposit control account, after giving effect to the amounts released from such account as of the date of the Addendum, would be released to the Company in two installments as follows: (1) up to $ 1,200,000 which occurred on March 16, 2016, 375,000 , which occurred on May 19, 2016 The Company and the Purchaser agreed that the new conversion price would be $ 0.03 22.5 10 Under the Addendum, the Purchaser agreed to limit the number of shares of common stock it sells on any trading day to an amount of shares that is less than 25% of the trading volume of the common stock on that same trading day. The Purchaser and the Company may agree otherwise with respect to this trading limitation. The Company also agreed to reserve an additional 300,000,000 The Company and the Purchaser agreed that the October Financing Documents, as applicable, will continue in effect and remain in place, except to the extent modified by the Addendum. July and August Letter Agreements On July 1, 2016, the Company entered into a Letter Agreement (the “July Letter Agreement”) with the Purchaser, and the parties then entered in a second letter agreement dated August 3, 2016 (the “August Letter Agreement”), pursuant to the Purchase Agreement. Pursuant to the original 4,000,000 26,190,476 Under the July Letter Agreement, the Purchaser agreed to exercise the 2015 Warrant with respect to all 26,190,476 0.60 0.012 On July 8, 2016, the 2015 Warrant for 26,190,476 shares was fully exercised at a price of $ 0.012 314,286 21,000 Pursuant to the August Letter Agreement, the Maturity Date of the Debenture was extended until February 28, 2017 and will not accrue interest from October 28, 2016 through the Maturity Date (provided that all accrued but unpaid interest prior to October 28, 2016 (the original maturity date) will be due and payable pursuant to the terms of the Debenture). The Debenture is convertible at any time, in whole or in part, at the Purchaser’s option into shares of Common Stock at a conversion price equal to $ 0.03 Warrants Pursuant to the August Letter Agreement and in consideration for extending the Maturity Date of the Debenture as noted above, the Company issued the Purchaser warrants to purchase up to 240,000,000 200,000,000 0.012 0.020 40,000,000 0.10 240,000,000 910,178 The 2016 Warrants were immediately exercisable. On August 18, 2016, the Purchaser notified us of its exercise of 12,500,000 0.012 150,000 Pursuant to the Five Month Warrant, if the Volume Weighted Average Price (as defined in the Five Month Warrant , the “VWAP”) 350,000 200 600,000 The exercise price and number of shares of the Common Stock issuable under the 2016 Warrants were subject to adjustments for stock dividends, splits, combinations and pro rata distributions. Any adjustment to the exercise price could similarly cause the number of shares underlying the 2016 Warrants to be adjusted so that the total value of the 2016 Warrants could have increased. The Purchaser was subject to a beneficial ownership limitation under the 2016 Warrants such that the Company and the Purchaser would not affect any exercise of the 2016 Warrants that would cause the Purchaser (together with its affiliates) to beneficially own in excess of 4.99 9.99 The Five Month Warrant required us to file a registration statement covering the resale of the shares underlying the warrant within 15 days after August 3, 2016, and to use our commercially reasonable efforts to have the registration statement declared effective by the SEC promptly thereafter and to remain effective for a period of at least twelve months from the date of effectiveness. The initial registration statement was filed on August 19, 2016. In the event that a registration statement registering the resale of the shares underlying the Five Month Warrant was not effective on or before October 15, 2016, or was not maintained effective thereafter, the termination date of the Five Month Warrant would have been extended until such date that the shares were registered for at least a period of 90 days, but in no event later than April 30, 2017. The Two Year Warrant required us to file a registration statement covering the resale of the shares underlying the warrant within 15 days after August 3, 2016, and to use our commercially reasonable efforts to have the registration statement declared effective by the SEC promptly thereafter and to remain effective for a period of at least six years from the date of effectiveness. The initial registration statement was filed on August 19, 2016 and subsequently withdrawn as described below. Additional Issuance Debenture As of September 13, 2016, the Company entered into an Additional Issuance Agreement (the “Additional Issuance Agreement”) with the Purchaser pursuant to the Purchase Agreement. Pursuant to the Additional Issuance Agreement, Delafield agreed to loan an additional $ 150,000 5 165,000 199,585 10 4,125 The rights and obligations of the Purchaser and the Company with respect to the Additional Issuance Debenture and the shares of Common Stock issuable under the Additional Issuance Debenture (the “New Underlying Shares”) are identical in all respects to the rights and obligations of the Purchaser and the Company with respect to the Debenture and the shares of Common Stock issued and issuable thereunder, except that the Purchaser will not receive any registration rights with respect to the New Underlying Shares and except as otherwise noted in the governing documents. The Additional Issuance Agreement contains customary representations, warranties and covenants by, among and for the benefit of the parties. We also agreed to pay all reasonable out-of-pocket costs or expenses (including, without limitation, reasonable legal fees and disbursements) incurred or sustained by the Purchaser, in connection with the transaction. The Additional Issuance Debenture has a 10% original issue discount and matures on September 13, 2017. The principal amount of the Additional Issuance Debenture accrues interest at the rate of 5% per annum, payable quarterly in cash (or if certain conditions are met, in stock at the Company’s option) on January 1, April 1, July 1 and October 1. The Additional Issuance Debenture is convertible at any time, in whole or in part, at Delafield’s option into shares of Common Stock at a conversion price equal to $ 0.03 22.5 The Purchaser is subject to the same ownership limitation in connection with the Additional Issuance Debenture as for the 2016 Warrants as described above. The Additional Issuance Debenture includes customary event of default provisions and provides for a default interest rate of 18 30 Subject to the conditions set forth in the Additional Issuance Debenture, we have the right at any time after the earlier of (i) the six month anniversary of the original issuance of the Additional Issuance Debenture or (ii) the date on which the New Underlying Shares are registered pursuant to an effective registration statement, to redeem some or all of the total outstanding amount then remaining under the Additional Issuance Debenture in cash at a price equal to 125% of the total amount of the Additional Issuance Debenture outstanding on the twentieth (20th) trading date following the date the Company delivers notice of such redemption to Delafield. At the sole election of the Purchaser, in lieu of receiving a cash payment for any principal amounts due on the Additional Issuance Debenture, the Purchaser may use all or any portion of any principal amounts owed to it to exercise outstanding warrants of the Company held by the Purchaser. The issuance of the Additional Issuance Debenture to the Purchaser under the Additional Issuance Agreement was exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act. The Company made this determination based on the representations of the Purchaser that it was acquiring the Additional Issuance Debenture for its own account with no intent to distribute the Additional Issuance Debenture. No general solicitation or general advertising was used in connection with the sale of the Additional Issuance Debenture and the Company had a pre-existing relationship with the Purchaser. Our obligations under the Additional Issuance Debenture are secured by an unconditional and continuing, first priority security interest in all of the assets and property (as originally stated in the October 2015 agreement) of the Company until ten days following such time as the equity conditions set forth in the Additional Issuance Debenture are met, pursuant to the terms of the existing Security Agreement. December Letter Agreement On December 2, 2016, the Company entered into a Letter Agreement (the “December Letter Agreement”) with the Purchaser pursuant to which the parties agreed to cancel both the Two Year Warrant to purchase up to 40,000,000 0.10 0.012 0.020 200,000,000 Pursuant to the December Letter Agreement, the 12,500,000 0.012 150,000 112,500 8 150,000 37,500 cancellation of shares and 65 The Delafield Note may be prepaid at any time at 135% of the principal amount plus any accrued interest. 18 80,769 986 In addition, the Company issued the Purchaser a two-year common stock purchase warrant to purchase 26,000,000 0.05 910,178 1,524,194 October 31, 2016 Securities Purchase Agreement On October 31, 2016, the Company entered into a Securities Purchase Agreement with Eagle Equities, LLC (“Eagle Equities”), pursuant to which Eagle Equities purchased two 8 100,000 66,667 1,359 100,000 The First Note may be prepaid with certain penalties within 180 days of issuance. The Eagle Back-End Note may not be prepaid. However, in the event the First Note is redeemed within the first six months of issuance, the Eagle Back-End Note will be deemed cancelled and of no further effect. The Eagle Back-End Note will not be cash funded and such note, along with the Note Receivable, will be immediately cancelled if the shares do not maintain a minimum trading price during the five days prior to such funding and a certain aggregate dollar trading volume during such period. Upon an event of default, principal and accrued interest will become immediately due and payable under the notes. Additionally, upon an event of default, both notes will accrue interest at a default interest rate of 24 Since the Eagle Back-End Note is not convertible until the Note Receivable is paid, and the Note Receivable and Eagle Back-End Note have a right of setoff, the Note Receivable and Eagle Back-End Note and related accrued interest receivable and payable will be netted for purposes of presentation on the balance sheet. November 2016 Consulting Agreement On November 18, 2016 (the “Effective Date”), the Company entered into a consulting agreement with Regal Consulting. As compensation for services rendered, the Company is to issue two $ 250,000 The Company issued the first $ 250,000 0.01 65 255,757 3,014 250,000 December 12, 2016 Securities Purchase Agreement On December 12, 2016, the Company entered into a Securities Purchase Agreement, with Eagle Equities, LLC, pursuant to which Eagle Equities purchased two 8% convertible redeemable junior subordinated promissory notes, each in the principal amount of $100,000. The first note (the “First Note”) was funded with cash and the second note (the “Eagle Back-End Note”) was initially paid for by an offsetting promissory note issued by Eagle Equities to the Company (the “Note Receivable”). The terms of the Eagle Back-End Note require cash funding prior to any conversion thereunder. The Note Receivable is due December 12, 2017, unless certain conditions are not met, in which case both the Eagle Back-End Note and the Note Receivable may both be cancelled. Both the First Note and the Eagle Back-End Note have a maturity date one year from the date of issuance upon which any outstanding principal and interest is due and payable. The amounts cash funded plus accrued interest under both the First Note and the Eagle Back-End Note are convertible into common stock at a conversion price equal to 60 66,667 438 100,000 The First Note may be prepaid with certain penalties within 180 days of issuance. The Eagle Back-End Note may not be prepaid. However, in the event the First Note is redeemed within the first six months of issuance, the Eagle Back-End Note will be deemed cancelled and of no further effect. The Eagle Back-End Note will not be cash funded and such note, along with the Note Receivable, will be immediately cancelled if the shares do not maintain a minimum trading price during the five days prior to such funding and a certain aggregate dollar trading volume during such period. Upon an event of default, principal and accrued interest will become immediately due and payable under the notes. Additionally, upon an event of default, both notes will accrue interest at a default interest rate of 24% per annum or the highest rate of interest permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. Since the Eagle Back-End Note is not convertible until the Note Receivable is paid, and the Note Receivable and Eagle Back-End Note have a right of setoff, the Note Receivable and Eagle Back-End Note and related accrued interest receivable and payable will be netted for purposes of presentation on the balance sheet. December 21, 2016 Securities Purchase Agreement On December 21, 2016, the Company entered into a Securities Purchase Agreement (the “Eagle SPA”), with Eagle Equities (“Eagle Equities”), pursuant to which Eagle Equities purchased two 8 157,500 60 105,000 380 157,500 The First Note may be prepaid with certain penalties within 180 days of issuance. The Eagle Back-End Note may not be prepaid. However, in the event the First Note is redeemed within the first six months of issuance, the Eagle Back-End Note will be deemed cancelled and of no further effect. The Eagle Back-End Note will not be cash funded and such note, along with the Note Receivable, will be immediately cancelled if the shares do not maintain a minimum trading price during the five days prior to such funding and a certain aggregate dollar trading volume during such period. Upon an event of default, principal and accrued interest will become immediately due and payable under the notes. Additionally, upon an event of default, both notes will accrue interest at a default interest rate of 24% per annum or the highest rate of interest permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. Since the Eagle Back-End Note is not convertible until the Note Receivable is paid, and the Note Receivable and Eagle Back-End Note have a right of setoff, the Note Receivable and Eagle Back-End Note and related accrued interest receivable and payable will be netted for purposes of presentation on the balance sheet. The Company recorded $ 400,000 1,371,171 961,735 |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 6 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 6 STOCKHOLDERS’ DEFICIT Preferred Stock: The total number of preferred shares authorized and that may be issued by the Company is 10,000,000 0.01 Of the total preferred shares authorized, pursuant to the Certificate of Designation filed on December 9, 2014, 500,000 0.01 Of the total preferred shares authorized, pursuant to the Certificate of Designation filed on June 16, 2015, up to five shares have been designated as Series B preferred stock, with a par value of $ 0.01 Common Stock: Shares issued for services On November 1, 2015, the Company entered into an agreement with a consultant to provide services over a nine month period. On August 8, 2016, the Board of Directors authorized the issuance of 2,120,000 0.015 3,495 as the majority of the expense was recorded in fiscal 2016 On January 31, 2016, the Company entered into an agreement with a consultant to provide services over a five month period in exchange for 9,000,000 9,000,000 0.0104 On July 14, 2016, the Company agreed to an addendum with a consultant to two consulting agreements entered into on May 7, 2015 and April 22, 2016, respectively. The Company currently owed the consultant $ 60,000 100,000 10,000 90,000 6,000,000 60,000 6,000,000 95,400 10,000,000 100,000 94,400 349,800 22,000,000 0.0159 On October 27, 2016, the Company entered into an agreement with a third party for professional services over a six month period commencing on October 10, 2016 in exchange for a monthly fee of $ 22,500 10,000 12,500 20,500 37,500 The Company recorded $ 140,841 Shares issued for conversion of convertible debt On August 18, 2016, pursuant to a conversion notice, $ 32,500 2,885 0.00825 4,289,082 On August 25, 2016, pursuant to a conversion notice, $ 54,375 0.011625 4,677,420 On September 21, 2016, pursuant to a conversion notice, $ 25,000 0.010928 2,287,702 On September 28, 2016, pursuant to a conversion notice, $ 20,000 0.010928 1,830,162 On September 30, 2016, pursuant to a conversion notice, $ 17,500 1,350 0.00781 2,413,590 On October 4, 2016, pursuant to a conversion notice, $ 25,000 0.010153 2,462,327 On October 6, 2016, pursuant to a conversion notice, $ 1,000 79 0.007095 152,034 On October 7, 2016, pursuant to a conversion notice, $ 25,000 0.009455 2,644,104 On October 7, 2016, pursuant to a conversion notice, $ 1,000 79 0.00671 160,790 On October 14, 2016, pursuant to a conversion notice, $ 25,000 0.009455 2,644,104 On October 19, 2016, pursuant to a conversion notice, $ 25,000 0.008138 3,072,008 On October 21, 2016, pursuant to a conversion notice, $ 50,000 0.00775 6,451,613 On November 9, 2016, pursuant to a conversion notice, $ 54,375 0.008293 6,556,735 On November 21, 2016, pursuant to a conversion notice, $ 50,000 0.008138 6,144,016 On December 2, 2016, pursuant to a conversion notice, $ 25,000 0.007518 3,325,353 On December 8, 2016, pursuant to a conversion notice, $ 25,000 0.005193 4,814,173 On December 8, 2016, pursuant to a conversion notice, $ 36,500 3,368 0.004235 9,413,932 On December 9, 2016, pursuant to a conversion notice, $ 1,000 93 0.004235 258,019 On December 15, 2016, pursuant to a conversion notice, $ 35,000 0.005193 6,739,843 On December 16, 2016, pursuant to a conversion notice, $ 20,000 1,881 0.004235 5,166,600 On December 23, 2016, pursuant to a conversion notice, $ 20,000 0.005193 3,851,339 Options: On April 14, 2016 (“Grant Date”), the Board of Directors of the Company, through unanimous written consent, granted 71,500,000 0.03 23,833,333 23,833,334 71,500,000 1,962,440 3,924,880 The Company expensed $ 989,285 Warrants: On July 8, 2016, the 2015 Warrant for 26,190,476 0.012 314,286 On August 3, 2016, pursuant to the August Letter Agreement, the Company issued 240,000,000 200,000,000 0.012 0.020 40,000,000 0.10 cancelled as discussed in Note 5. On August 18, 2016, pursuant to the August Letter Agreement, 12,500,000 0.012 150,000 37,500 On November 9, 2016, the Company entered into an agreement (the “November Agreement”) to adjust the exercise price of a warrant, issued September 30, 2013, to purchase 3,000,000 0.015 0.0115 3,299 As of December 31, 2016, there were 240,000,000 37,379,158 |
COMMITMENTS AND CONTINGIENCIES
COMMITMENTS AND CONTINGIENCIES | 6 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 7 COMMITMENTS AND CONTINGIENCIES Legal Matters From time to time, the Company may be involved in litigation relating to claims arising out of the Company’s operations in the normal course of business. As of December 31, 2016, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company’s operations. Operating Agreements In November 2009, the Company entered into a commercialization agreement whereby the Company agreed to pay royalties of 2 5 Operating Leases On May 4, 2016, the Company entered into a new five-year operating lease agreement with a related party with monthly rent of $ 3,300 Year Ended December 31, Amount (USD) 2017 $ 28,500 2018 $ 28,500 2019 $ 28,500 2020 $ 28,500 2021 $ 9,500 Rent expense for the six months ended December 31, 2016 and 2015 were $ 14,588 9,827 Q-Biologicals Agreement The Company entered into a Manufacturing Services Agreement (the “MSA”) and Quality Assurance Agreement (the “QAA”), each with an effective date of August 12, 2016, with Q-Biologicals NV (“Q-Biologicals”), a contract manufacturing organization located in Belgium. Pursuant to the MSA, Q-Biologicals will produce certain drug substances and product containing certain enzymes at its facility in Belgium. The Company will use these substances and products for development purposes, including but not limited to clinical trials. The MSA contemplates payment to Q-Biologicals pursuant to a pre-determined fee schedule based on the completion of certain milestones that depend on our manufacturing requirements and final batch yield. We anticipate that our payments to Q-Biologicals under the MSA will range between $ 2.5 5.0 124,158 On February 9, 2017 the Company paid $ 62,079 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 8 RELATED PARTY TRANSACTIONS Since inception, Propanc Health Group Corporation has conducted transactions with directors and director related entities. These transactions included the following: As of December 31, 2016 and June 30, 2016, the Company owed a current and former director a total of $ 53,258 54,767 As of December 31, 2016 and June 30, 2016, the Company owed its two current directors a total of $ 33,008 33,943 Effective May 5, 2016, we entered into an agreement for the lease of our principal executive offices with North Horizon Pty Ltd., of which Mr. Nathanielsz and his wife are owners and directors. The lease has a five year term and provides for annual rental payments of $ 39,600 3,600 198,000 171,600 Mr. Nathanielsz’s wife, Sylvia Nathanielsz, is and has been an employee of ours since October 2015. Mrs. Nathanielsz receives an annual salary of $ 53,978 According to a February 25, 2016 board resolution, James Nathanielsz shall be paid $ 4,480.55 20,273 As per the unanimous written consent of the Board of Directors, on August 15, 2016, James Nathanielsz was granted a $ 250,000 During the six months ended December 31, 2016, the Company expensed $ 152,289 57,784 During the six months ended December 31, 2016, the Company expensed $ 18,304 16,492 |
CONCENTRATIONS AND RISKS
CONCENTRATIONS AND RISKS | 6 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 9 CONCENTRATIONS AND RISKS Concentration of Credit Risk The Company maintains its cash in banks and financial institutions in Australia. Bank deposits in Australian banks are uninsured. The Company has not experienced any losses in such accounts through December 31, 2016. Receivable Concentration As of December 31, 2016 and June 30, 2016, the Company’s receivables were 100 Patent and Patent Concentration Patents are stated at cost and reclassified to intangible assets and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by a regulatory agency. However, the Company will expense any product costs as long as we are in the startup stage. Accordingly, as the Company's products were and are not currently approved for market, all patent costs incurred from 2013 through 2016 were expensed immediately. This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency. The Company has filed six patent applications relating to its lead product, PRP. This application has been granted and remains in force in Australia, Japan, Indonesia, Israel, New Zealand, Singapore and South Africa. In the United States, the application has been allowed by the U.S. Patent and Trademark Office but has not yet been issued pending the payment of the issue fee. In Brazil, Canada, China, Europe, Malaysia, Mexico and South Korea, the patent application remains under examination. In 2016 and early 2017 we filed five other patent applications. Two applications were filed in Spain, where one is currently under examination, and one was filed in the United States. Two others were filed under the Patent Cooperation Treaty (the “PCT”). The PCT assists applicants in seeking patent protection by filing one international patent application under the PCT, applicants can simultaneously seek protection for an invention in over 150 countries. Once filed, the application is placed under the control of the national or regional patent offices, as applicable, in what is called the national phase. Further patent applications are expected to be filed to capture and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions of proenzymes for treating cancer. Foreign Operations As of December 31, 2016 and June 30, 2016, the Company's operations are based in Australia. On July 22, 2016, the Company formed a wholly owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise. As of December 31, 2016, there has been no activity within this entity. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS | 6 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 10 - DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS Derivative Financial Instruments: The Company applies the provisions of ASC Topic 815-40, Contracts in Entity’s Own Equity 3,000,000 1,624,194 , which are treated as a derivative instruments The Company calculates the estimated fair values of the liabilities for derivative instruments using the Black Scholes (“BSM”) option pricing model. Along with the below BSM value, the Company also computed the fair value using the Monte-Carlo model noting no material difference between the valuations. The closing price of the Company’s common stock at December 31, 2016 was $ 0.0086 December 31, 2016 Volatility 174 % Expected remaining term (in years) 1.75 Risk-free interest rate 1.2 % Expected dividend yield None Convertible Debt Initial Valuations (on new derivative instruments entered into during the six months ended December 31, December 31, 2016) 2016 Volatility 135% - 261 % 126.7% 247.77% Expected Remaining Term (in years) 1.00 - 2.00 .16 - 1.88 Risk Free Interest Rate .63% - 1.07 % 0.85% - 1.2% Expected dividend yield None None Fair Value Measurements: The Company measures and reports at fair value the liability for derivative instruments. The fair value liabilities for price adjustable warrants and embedded conversion options have been recorded as determined utilizing the BSM option pricing model. Quoted Prices Significant Balance at in Active Other Significant December 31, Markets for Observable Unobservable 2016 Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 1,100,368 $ $ $ 1,100,368 Fair value of liability for warrant derivative instruments $ 19,543 $ $ $ 19,543 Total $ 1,119,911 $ $ $ 1,119,911 Fair Value of Liability for Derivative Instruments Balance at June 30, 2016 $ 1,050,182 Effects of foreign currency exchange rate changes 122 Initial fair value of embedded conversion option derivative liability recorded as debt discount 400,000 Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option 55,342 Change in fair value included in statements of operations (385,735) Balance at December 31, 2016 $ 1,119,911 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 11 SUBSEQUENT EVENTS On January 30, 2017, Propanc Health Group Corporation (the “Company”) entered into a Securities Purchase Agreement (the “Eagle SPA”) dated as of January 27, 2017, with Eagle Equities, LLC (“Eagle Equities”), pursuant to which Eagle Equities purchased two 8 230,000 0.001 The First Note may be prepaid with certain penalties within 180 days of issuance. The Eagle Back-End Note may not be prepaid. However, in the event the First Note is redeemed within the first six months of issuance, the Eagle Back-End Note will be deemed cancelled and of no further effect. The Eagle Back-End Note will not be cash funded and such note, along with the Note Receivable, will be immediately cancelled if the shares do not maintain a minimum trading price during the five days prior to such funding and a certain aggregate dollar trading volume during such period. Upon an event of default, principal and accrued interest will become immediately due and payable under the notes. Additionally, upon an event of default, both notes will accrue interest at a default interest rate of 24 Conversions On January 10, 2017, pursuant to a conversion notice, $ 16,500 0.004675 3,881,386 On January 11, 2017, pursuant to a conversion notice, $ 136,400 0.006278 21,726,665 On January 19, 2017, pursuant to a conversion notice, $ 36,500 3,712 0.004675 8,601,497 On January 20, 2017, pursuant to a conversion notice, $ 31,500 0.006278 5,017,522 On January 25, 2017, pursuant to a conversion notice, $ 55,000 0.006898 7,973,326 |
NATURE OF OPERATIONS AND SUMM17
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Policies) | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations, Policy [Policy Text Block] | Nature of Operations Propanc PTY LTD was incorporated in Melbourne, Victoria Australia on October 15, 2007, and is based in Camberwell, Victoria Australia. Since inception, substantially all of the efforts of the Company have been the development of new cancer treatments targeting high risk patients who need a follow up, nontoxic, long term therapy which prevents the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes acting synergistically. It is currently in the preclinical phase of development. On November 23, 2010, Propanc Health Group Corporation (the “Company,” “we,” “us,” “our”) was incorporated in the state of Delaware. In January 2011, to reorganize the Company, Propanc Health Group Corporation acquired all of the outstanding shares of Propanc PTY LTD on a one-for-one basis making it a wholly-owned subsidiary. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The interim unaudited consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to present fairly our results of operations for the three and six months ended December 31, 2016 and 2015 and cash flows for the six months ended December 31, 2016 and 2015 and our financial position as of December 31, 2016 have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year. Certain information and disclosures normally included in the notes to the annual audited consolidated financial statements have been condensed or omitted from these interim unaudited consolidated financial statements. Accordingly, these interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2016. The June 30, 2016 balance sheet is derived from those statements. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The unaudited consolidated financial statements include the accounts of Propanc Health Group Corporation and its wholly-owned subsidiary, Propanc PTY LTD. All inter-company balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates in the accompanying unaudited consolidated financial statements include the estimates of useful lives for depreciation, valuation of derivatives, valuation of beneficial conversion features on convertible debt, allowance for uncollectable receivables, valuation of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation due to certain average exchange rates applied in lieu of spot rates on transaction dates. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Other Comprehensive Income (Loss) The Company’s functional currency is the Australian dollar (AUD). For financial reporting purposes, the Australian dollar has been translated into United States dollars ($) and/or (USD) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity (deficit) as “accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive loss as other income (expense). There have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after the balance sheet date. Other Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses). Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the consolidated results of operations as incurred. December 31, June 30, 2016 2016 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7197 0.7401 Average exchange rate for the period USD : AUD exchange rate 0.7541 0.7282 Foreign Currency Items: Beginning balance, June 30, 2016 $ 131,264 Foreign currency translation gain 256,898 Ending balance, December 31, 2016 $ 388,162 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments and Fair Value Measurements The Company measures its financial assets and liabilities in accordance with US GAAP. For certain of the Company’s financial instruments, including cash and cash equivalents, accounts and other receivables, accounts payable and accrued expenses and other liabilities, the carrying amounts approximate fair value due to their short maturities. Amounts recorded for loans payable, also approximate fair value because current interest rates available to us for debt with similar terms and maturities are substantially the same. The Company adopted accounting guidance for fair value measurements of financial assets and liabilities. The adoption did not have a material impact on the Company’s results of operations, financial position or liquidity. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into six broad levels. The following is a brief description of those six levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of six months or less with financial institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the balance sheets. There were no cash equivalents as of December 31, 2016 or June 30, 2016. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Patents Patents are stated at cost and reclassified to intangible assets and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by a regulatory agency. However, the Company will expense any product costs as long as we are in the startup stage. Accordingly, as the Company's products were and are not currently approved for market, all patent costs incurred from 2013 through 2016 were expensed immediately. This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency. The Company has filed six patent applications relating to its lead product, PRP. The first application was filed in October 2010 in each of the countries listed in the table below. This application has been granted and remains in force in Australia, Japan, Indonesia, Israel, New Zealand, Singapore and South Africa. In the United States, the application has been allowed by the U.S. Patent and Trademark Office but has not yet been issued pending the payment of the issue fee. In Brazil, Canada, China, Europe, Malaysia, Mexico and South Korea, the patent application remains under examination. In 2016 and early 2017 we filed five other patent applications, as indicated below. Two applications were filed in Spain, where one is currently under examination, and one was filed in the United States. Two others were filed under the Patent Cooperation Treaty (the “PCT”). The PCT assists applicants in seeking patent protection by filing one international patent application under the PCT, applicants can simultaneously seek protection for an invention in over 150 countries. Once filed, the application is placed under the control of the national or regional patent offices, as applicable, in what is called the national phase. No. Title Country Case Status Date Filed 1. A pharmaceutical composition for treating cancer comprising trypsinogen and/or chymotrypsinogen and an active agent selected from a selenium compound, a vanilloid compound and a cytoplasmic reduction agent. Australia, Japan, Indonesia, Israel, New Zealand, Singapore and South Africa Brazil, Canada, China, Europe, Malaysia, Mexico, Republic of Korea, USA Granted Under Examination Oct-22-2010 2. Proenzyme composition PCT Application filed and pending Nov-11-2016 3. Compositions and their use for manufacturing a medicament for treating cancer Spain Application filed and pending Dec-22-2016 4. Compositions and their use for manufacturing a medicament for treating cancer Spain Under examination Jan-29-2016 5. Cancer Treatment PCT Application filed and pending Jan-27-2017 6. Composition of proenzymes for cancer treatment USA Application filed and pending Apr-12-2016 Further patent applications are expected to be filed to capture and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions of proenzymes for treating cancer. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | In accordance with ASC 360-10, “ Long-lived assets,” |
Goods And Service Tax [Policy Text Block] | Australian Goods and Services Tax (GST) Revenues, expenses and balance sheet items are recognized net of the amount of GST except payable and receivable balances which are shown inclusive of GST. The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office. Cash flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. As of December 31, 2016 and June 30, 2016, the Company was owed $ 10,368 29,355 |
Derivatives, Policy [Policy Text Block] | Derivative Instruments ASC Topic 815, “ Derivatives and Hedging” |
Convertible Notes [Policy Text Block] | The Company has entered into convertible notes, some of which contain variable conversion options, whereby the outstanding principal and accrued interest may be converted, by the holder, into common shares at a fixed discount to the price of the common stock at the time of conversion. The Company treats these convertible notes as stock settled debt under ASC 480, “ Distinguishing Liabilities from Equity |
Income Tax, Policy [Policy Text Block] | The Company is governed by Australia and United States income tax laws, which are administered by the Australian Taxation Office and the United States Internal Revenue Service, respectively. The Company follows Financial Accounting Standards Board (“FASB”) ASC 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. The Company adopted provisions of ASC 740, Sections 25 through 60, “Accounting for Uncertainty in Income Taxes.” |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs and Tax Credits In accordance with ASC 730-10, “Research and Development-Overall,” 328,399 296,277 The Company may apply for research and development tax concessions with the Australian Taxation Office on an annual basis. Although the amount is possible to estimate at year end, the Australian Taxation Office may reject or materially alter the claim amount. Accordingly, the Company does not recognize the benefit of the claim amount until cash receipt since collectability is not certain until such time. The tax concession is a refundable credit. If the Company has net income then the Company can receive the credit which reduces its income tax liability. If the Company has net losses, then the Company may still receive a cash payment for the credit, however, the Company's net operating loss carryforwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate is applied to that gross amount. The concession is recognized as an income tax benefit, in operations, upon receipt. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | The Company records stock based compensation in accordance with ASC Topic 718, “ Stock Compensation Share Based Payment The Company accounts for non-employee share-based awards in accordance with the measurement and recognition criteria of ASC 505-50 “ Equity-Based Payments to Non-Employees |
Revenue Recognition, Policy [Policy Text Block] | In accordance with SEC Staff Accounting Bulletin No. 104, Revenue Recognition |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Net Loss Per Common Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share amounts for all periods presented are identical. For the six months ended December 31, 2016, there were 37,379,158 143,000,000 362,227,236 |
New Accounting Pronouncements, Policy [Policy Text Block] | FASB, Accounting Standard Updates (“ASU”) which are not effective until after December 31, 2016 are not expected to have a significant effect on the Company’s consolidated financial position or results of operations. The Company is evaluating or has implemented the following at December 31, 2016: In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” In February 2016, the FASB issued ASU 2016-02, “Leases,” On May 8, 2015, the FASB issued ASU 2015-08, “Business Combinations (Topic 805) Pushdown Accounting, In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” In November 2015, the FASB issued ASU No. 2015-17, “ Balance Sheet Classification of Deferred Taxes In August 2014, the FASB issued ASU 2014-15, “ Presentation of Financial Statements Going Concern |
NATURE OF OPERATIONS AND SUMM18
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule Of Translation Exchange Rates [Table Text Block] | As of December 31, 2016 and June 30, 2016, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the unaudited consolidated financial statements were as follows: December 31, June 30, 2016 2016 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7197 0.7401 Average exchange rate for the period USD : AUD exchange rate 0.7541 0.7282 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in Accumulated Other Comprehensive Income (Loss) by Component during the six months ended December 31, 2016 was as follows: Foreign Currency Items: Beginning balance, June 30, 2016 $ 131,264 Foreign currency translation gain 256,898 Ending balance, December 31, 2016 $ 388,162 |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of convertible debenture [Table Text Block] | Convertible notes at December 31, 2016 were as follows: Convertible notes and debenture $ 2,184,694 Unamortized discounts (735,436) Accrued interest 12,446 Premium 362,466 Convertible notes, net $ 1,824,170 |
COMMITMENTS AND CONTINGIENCIES
COMMITMENTS AND CONTINGIENCIES (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum operating lease commitments consisted of the following at December 31, 2016: Year Ended December 31, Amount (USD) 2017 $ 28,500 2018 $ 28,500 2019 $ 28,500 2020 $ 28,500 2021 $ 9,500 |
DERIVATIVE FINANCIAL INSTRUME21
DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016: Quoted Prices Significant Balance at in Active Other Significant December 31, Markets for Observable Unobservable 2016 Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 1,100,368 $ $ $ 1,100,368 Fair value of liability for warrant derivative instruments $ 19,543 $ $ $ 19,543 Total $ 1,119,911 $ $ $ 1,119,911 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | The following is a roll forward for the six months ended December 31, 2016 of the fair value liability of price adjustable derivative instruments: Fair Value of Liability for Derivative Instruments Balance at June 30, 2016 $ 1,050,182 Effects of foreign currency exchange rate changes 122 Initial fair value of embedded conversion option derivative liability recorded as debt discount 400,000 Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option 55,342 Change in fair value included in statements of operations (385,735) Balance at December 31, 2016 $ 1,119,911 |
Warrant [Member] | Convertible Debt [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Warrants December 31, 2016 Volatility 174 % Expected remaining term (in years) 1.75 Risk-free interest rate 1.2 % Expected dividend yield None Convertible Debt Initial Valuations (on new derivative instruments entered into during the six months ended December 31, December 31, 2016) 2016 Volatility 135% - 261 % 126.7% 247.77% Expected Remaining Term (in years) 1.00 - 2.00 .16 - 1.88 Risk Free Interest Rate .63% - 1.07 % 0.85% - 1.2% Expected dividend yield None None |
NATURE OF OPERATIONS AND SUMM22
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Details) | Dec. 31, 2016 | Jun. 30, 2016 |
Exchange rate on balance sheet dates | ||
USD : AUD exchange rate | 0.7197 | 0.7401 |
Weighted Average [Member] | ||
Exchange rate on balance sheet dates | ||
USD : AUD exchange rate | 0.7541 | 0.7282 |
NATURE OF OPERATIONS AND SUMM23
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 131,264 | |||
Foreign currency translation gain | $ 481,717 | $ (146,551) | 256,898 | $ 111,879 |
Ending balance | $ 388,162 | $ 388,162 |
NATURE OF OPERATIONS AND SUMM24
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Value Added Tax Receivable, Current | $ 10,368 | $ 10,368 | $ 29,355 | ||
Research and development | $ 167,202 | $ 142,803 | $ 328,399 | $ 296,277 | |
Employee Stock Option [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 143,000,000 | ||||
Common Stock [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 362,227,236 | ||||
Warrant [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 37,379,158 |
GOING CONCERN (Details Textual)
GOING CONCERN (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Going Concern [Line Items] | |||||
Net loss | $ (3,760,913) | $ (3,562,067) | $ (4,862,882) | $ (4,400,961) | |
Net Cash Used In Operating Activities | (1,004,628) | $ (1,488,222) | |||
Stockholders Equity | (3,840,652) | (3,840,652) | $ (2,565,293) | ||
Working Capital Deficit | 3,853,952 | 3,853,952 | |||
Retained Earnings (Accumulated Deficit) | $ (35,238,905) | $ (35,238,905) | $ (30,376,023) |
DUE TO DIRECTORS - RELATED PA26
DUE TO DIRECTORS - RELATED PARTIES (Details Textual) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Related Party Transaction [Line Items] | ||
Due to Related Parties, Current | $ 33,008 | $ 33,943 |
LOANS AND NOTES PAYABLE (Detail
LOANS AND NOTES PAYABLE (Details Textual) - USD ($) | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Long-term Debt, Gross | $ 100,000 | ||
Foreign Currency Transaction Gain (Loss), Unrealized | (251,334) | $ 20,509 | |
Unrelated Parties [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes Payable | 2,159 | $ 2,220 | |
Foreign Currency Transaction Gain (Loss), Unrealized | 80 | ||
Directors and Officer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Long-term Debt, Gross | $ 53,258 | $ 54,767 |
CONVERTIBLE NOTES (Details)
CONVERTIBLE NOTES (Details) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
Convertible notes and debenture | $ 100,000 |
Unamortized discounts | (400,000) |
Convertible Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Convertible notes and debenture | 2,184,694 |
Unamortized discounts | (735,436) |
Accrued interest | 12,446 |
Premium | 362,466 |
Convertible notes, net | $ 1,824,170 |
CONVERTIBLE NOTES (Details Text
CONVERTIBLE NOTES (Details Textual) | Jul. 14, 2015USD ($) | Oct. 28, 2016$ / shares | Jun. 30, 2016USD ($)$ / sharesshares | Oct. 28, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Nov. 09, 2016$ / shares | Nov. 09, 2016AUD / shares | Aug. 18, 2016$ / shares | Jul. 08, 2016USD ($)$ / sharesshares | May 19, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 4,000,000 | ||||||||||
Interest Payable | $ 4,125 | ||||||||||
Debt Instrument, Increase (Decrease), Other, Net | $ 105,000 | ||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | (per share) | $ 0.0115 | AUD 0.015 | $ 0.012 | $ 0.012 | |||||||
Long-term Debt, Gross | $ 100,000 | ||||||||||
Class of Warrant or Right, Outstanding | shares | 37,379,158 | ||||||||||
Receivable From Deposit Control Account Non Current | $ 1,200,000 | ||||||||||
Receivable From Deposit Control Account Current | $ 375,000 | ||||||||||
Percentage Of Conversion Rate Of Lowest Trading Bid Price | 8.00% | ||||||||||
Percentage of Consideration Received | 10.00% | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 300,000,000 | ||||||||||
Debt Instrument, Redemption, Description | Subject to the conditions set forth in the Debenture, the Company has the right at any time to redeem some or all of the total outstanding amount then remaining under the Debenture in cash at a price equal to 125% of the total amount of the Debenture outstanding on the twentieth (20th) trading date following the date the Company delivers notice of such redemption to the Purchaser. | ||||||||||
Conversion of Stock, Amount Converted | $ 89,591 | $ 636,348 | |||||||||
Convertible Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.03 | ||||||||||
Securities Purchase Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 4,400,000 | ||||||||||
Debt Instrument, Increase (Decrease), Other, Net | $ 25,000 | ||||||||||
Warrant Issued To Purchase Of Shares | shares | 26,190,476 | ||||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.60 | ||||||||||
Cancellation Of Debt | $ 1,200,000 | ||||||||||
Amount Will Be Deposited Into Deposit Control Account | 2,800,000 | ||||||||||
Debt Instrument Increase Decrease Reason For Registration Effective | 25,000 | ||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 50,000 | ||||||||||
Class of Warrant or Right, Outstanding | shares | 26,190,476 | 240,000,000 | |||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 712,110 | $ 910,178 | |||||||||
Warrants Term | 4 years | ||||||||||
Debenture [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||
Interest Payable | $ 217,500 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.60 | ||||||||||
Long-term Debt, Gross | 4,350,000 | ||||||||||
Discount On Debt Issued Percentage | 10.00% | ||||||||||
Debt Instrument, Debt Default, Interest Rate | 18.00% | ||||||||||
Debt Instrument, Description | payable quarterly in cash (or if certain conditions are met, in stock at the Companys option) on January 1, April 1, July 1 and October 1. The Debenture was, prior to the Addendum (as defined below), convertible at any time, in whole or in part, at the Purchasers option into shares of the Companys Common Stock at a conversion price equal to $0.042, which is the volume weighted average price (VWAP) of the Companys Common Stock five days prior to the execution of the Debenture (subject to adjustment) (the Conversion Price). At any time after the effective date of the registration statement, the Purchaser has the opportunity to convert up to an aggregate of $2,090,000 of the Debenture, at one or more conversion dates, into shares of Common Stock at a conversion price equal to the VWAP of the Common Stock over the five (5) trading days prior to such Effective Date. The Purchaser option to convert at such a conversion price expires when the Purchaser converts an aggregate of $2,090,000 of the Debenture using such conversion price. If the VWAP of the Company Common Stock on any trading day is less than the Conversion Price, the Purchaser may convert at a price per share equal to a twenty percent (20%) discount to the average of the two lowest closing prices during the five trading days prior to the date of conversion. At no time will the Purchaser be entitled to convert any portion of the Debenture to the extent that after such conversion, the Purchaser (together with its affiliates) would beneficially own more than 4.99% of the outstanding shares of Common Stock as of such date. During the year ended June 30, 2016, the Company withdrew a principal amount of $2,800,000 from the deposit control account of which $269,976 was paid directly as partial payment of a note dated June 4, 2015 and $33,437 was paid directly to legal fees resulting in net cash proceeds of $2,496,587 received by the Company. An aggregate total of $1,955,300 was bifurcated with the embedded conversion option recorded as a derivative liability at fair value (See Note 10). During the year ended June 30, 2016, the Purchaser converted $2,790,806 of principal and $108,750 of accrued interest into shares of the Companys common stock (See Note 6). During the six months ended December 31, 2016, the holder converted $350,000 of principal and accrued interest of $108,750 into shares of the Companys common stock (See Note 6). Accrued interest as of December 31, 2016 was $0. | ||||||||||
Nine Back End Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Convertible Notes Payable | $ 782,500 | ||||||||||
Three Back End Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Conversion, Converted Instrument, Amount | $ 352,500 | ||||||||||
Six Back End Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Conversion, Converted Instrument, Amount | $ 430,000 | ||||||||||
Back End Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Convertible Notes Payable | 53,000 | ||||||||||
Conversion of Stock, Amount Converted | $ 620,000 | $ 109,500 |
CONVERTIBLE NOTES (Details Te30
CONVERTIBLE NOTES (Details Textual 1) | Dec. 02, 2016USD ($)$ / sharesshares | Sep. 13, 2016USD ($)$ / shares | Nov. 18, 2016USD ($)$ / shares | Aug. 19, 2016USD ($) | Aug. 18, 2016USD ($)$ / sharesshares | Aug. 18, 2016USD ($)$ / shares | Jul. 08, 2016USD ($)$ / sharesshares | Oct. 28, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 21, 2016USD ($) | Dec. 12, 2016USD ($) | Nov. 09, 2016$ / sharesshares | Nov. 09, 2016AUD / sharesshares | Oct. 31, 2016USD ($) | Oct. 28, 2016$ / shares | Jul. 02, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)shares |
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 4,000,000 | |||||||||||||||||
Debt Instrument, Unamortized Discount | $ 400,000 | |||||||||||||||||
Amortization of debt discount | 1,371,171 | $ 1,224,235 | ||||||||||||||||
Interest Payable | 4,125 | |||||||||||||||||
Debt Instrument, Increase (Decrease), Other, Net | $ 105,000 | |||||||||||||||||
Secured Debt, Secured Percentage by Lender | 60.00% | |||||||||||||||||
Percentage Of Conversion Rate Of Lowest Trading Bid Price | 8.00% | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | (per share) | $ 0.012 | $ 0.012 | $ 0.012 | $ 0.0115 | AUD 0.015 | |||||||||||||
Long-term Debt, Gross | $ 100,000 | |||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 37,379,158 | |||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 19,543 | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 26,190,476 | 3,000,000 | 3,000,000 | |||||||||||||||
Share Price | $ / shares | $ 0.0086 | |||||||||||||||||
Cancellation Of Shares For Convertible Notes Payable | $ 112,500 | 0 | ||||||||||||||||
Gain (Loss) on Repurchase of Debt Instrument | (131,900) | (58,893) | ||||||||||||||||
Derivative Liability | 1,119,911 | $ 1,050,182 | ||||||||||||||||
Issuance of Convertible Promissory Notes for Services | 250,000 | 0 | ||||||||||||||||
Public Utility, Equities [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||
December Letter Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 65.00% | |||||||||||||||||
Additionally Debt Instrument Unamortized Premium | $ 80,769 | |||||||||||||||||
Interest Payable | $ 986 | |||||||||||||||||
Stock Redeemed or Called During Period, Shares | shares | 12,500,000 | |||||||||||||||||
Stock Redeemed or Called During Period, Value | $ 150,000 | |||||||||||||||||
Interest Percentage On Default | 18.00% | |||||||||||||||||
Gain (Loss) on Repurchase of Debt Instrument | $ 37,500 | |||||||||||||||||
Debt Instrument, Term | 2 years | |||||||||||||||||
Debt Instrument, Payment Terms | The Delafield Note may be prepaid at any time at 135% of the principal amount plus any accrued interest. | |||||||||||||||||
October Securities Purchase Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 24.00% | |||||||||||||||||
2016 Warrants [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 240,000,000 | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 12,500,000 | |||||||||||||||||
Share Price | $ / shares | $ 0.012 | $ 0.012 | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 150,000 | |||||||||||||||||
2016 Warrants [Member] | December Letter Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Share Price | $ / shares | $ 0.012 | |||||||||||||||||
Cancellation Of Shares For Convertible Notes Payable | $ 112,500 | |||||||||||||||||
Five Month Warrant [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 200,000,000 | |||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 600,000 | |||||||||||||||||
Volume Weighted Average Price Of Common Stock | 200.00% | 200.00% | ||||||||||||||||
Five Month Warrant [Member] | Additional Warrants [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 350,000 | |||||||||||||||||
Two Year Warrant [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.10 | $ 0.10 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 40,000,000 | 40,000,000 | ||||||||||||||||
Five Month Warrant and the Two Year Warrant [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 200,000,000 | |||||||||||||||||
New Warrant [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.05 | |||||||||||||||||
Long-term Debt, Gross | $ 1,524,194 | |||||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 910,178 | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 26,000,000 | |||||||||||||||||
Maximum [Member] | 2016 Warrants [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage Of Outstanding Shares Of Common Stock | 9.99% | |||||||||||||||||
Maximum [Member] | Five Month Warrant [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.012 | $ 0.020 | ||||||||||||||||
Minimum [Member] | 2016 Warrants [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage Of Outstanding Shares Of Common Stock | 4.99% | |||||||||||||||||
Minimum [Member] | Five Month Warrant [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.020 | 0.012 | ||||||||||||||||
Delafield Financing [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.03 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.012 | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 26,190,476 | |||||||||||||||||
Warrants and Rights Outstanding | $ 314,286 | |||||||||||||||||
Additional Expense, Warrants, Incremental Increase In Value | $ 21,000 | |||||||||||||||||
Debt Instrument, Unamortized Discount, Percentage | 22.50% | |||||||||||||||||
Delafield Financing [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | 0.60 | |||||||||||||||||
Delafield Financing [Member] | Minimum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.012 | |||||||||||||||||
Convertible Debt [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.03 | |||||||||||||||||
Convertible Debt [Member] | October Securities Purchase Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||||||||||
Convertible Debt [Member] | October Securities Purchase Agreement [Member] | Public Utility, Equities [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Additionally Debt Instrument Unamortized Premium | $ 66,667 | |||||||||||||||||
Interest Payable | 1,359 | |||||||||||||||||
Long-term Debt, Gross | 100,000 | |||||||||||||||||
Convertible Debt [Member] | Regal Consulting Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 250,000 | |||||||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 65.00% | |||||||||||||||||
Interest Payable | 3,014 | |||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.01 | |||||||||||||||||
Debt Instrument, Description | Both notes are junior and subordinate in all respects to the existing debt of the Company pursuant to that certain 5% Original Issue Discount Senior Secured Convertible Debenture with an original issue date of October 28, 2015 and the 5% Original Issue Discount Senior Secured Convertible Debenture with an original issue date of September 13, 2016. | |||||||||||||||||
Long-term Debt, Gross | 250,000 | |||||||||||||||||
Debt Instrument, Term | 2 years | |||||||||||||||||
Derivative Liability | 255,757 | |||||||||||||||||
Issuance of Convertible Promissory Notes for Services | $ 250,000 | |||||||||||||||||
Convertible Debt [Member] | December 12,2016 Securities Purchase Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Additionally Debt Instrument Unamortized Premium | $ 66,667 | |||||||||||||||||
Interest Payable | $ 438 | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 60.00% | |||||||||||||||||
Convertible Debt [Member] | December 21,2016 Securities Purchase Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest Payable | 380 | |||||||||||||||||
Long-term Debt, Gross | 157,500 | $ 157,500 | ||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | 4,400,000 | |||||||||||||||||
Debt Instrument, Increase (Decrease), Other, Net | $ 25,000 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.60 | |||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 240,000,000 | 26,190,476 | ||||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 910,178 | $ 712,110 | ||||||||||||||||
Securities Purchase Agreement [Member] | Delafield Financing [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 4,000,000 | |||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 150,000 | |||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.03 | |||||||||||||||||
Long-term Debt, Gross | $ 165,000 | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 26,190,476 | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | |||||||||||||||||
Debt Instrument, Unamortized Discount, Percentage | 10.00% | |||||||||||||||||
Securities Purchase Agreement [Member] | Delafield Financing [Member] | 2016 Warrants [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 18.00% | |||||||||||||||||
Debt Instrument, Unamortized Discount, Percentage | 30.00% | |||||||||||||||||
Debenture [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||||||||
Interest Payable | 217,500 | |||||||||||||||||
Debt Instrument, Description | payable quarterly in cash (or if certain conditions are met, in stock at the Companys option) on January 1, April 1, July 1 and October 1. The Debenture was, prior to the Addendum (as defined below), convertible at any time, in whole or in part, at the Purchasers option into shares of the Companys Common Stock at a conversion price equal to $0.042, which is the volume weighted average price (VWAP) of the Companys Common Stock five days prior to the execution of the Debenture (subject to adjustment) (the Conversion Price). At any time after the effective date of the registration statement, the Purchaser has the opportunity to convert up to an aggregate of $2,090,000 of the Debenture, at one or more conversion dates, into shares of Common Stock at a conversion price equal to the VWAP of the Common Stock over the five (5) trading days prior to such Effective Date. The Purchaser option to convert at such a conversion price expires when the Purchaser converts an aggregate of $2,090,000 of the Debenture using such conversion price. If the VWAP of the Company Common Stock on any trading day is less than the Conversion Price, the Purchaser may convert at a price per share equal to a twenty percent (20%) discount to the average of the two lowest closing prices during the five trading days prior to the date of conversion. At no time will the Purchaser be entitled to convert any portion of the Debenture to the extent that after such conversion, the Purchaser (together with its affiliates) would beneficially own more than 4.99% of the outstanding shares of Common Stock as of such date. During the year ended June 30, 2016, the Company withdrew a principal amount of $2,800,000 from the deposit control account of which $269,976 was paid directly as partial payment of a note dated June 4, 2015 and $33,437 was paid directly to legal fees resulting in net cash proceeds of $2,496,587 received by the Company. An aggregate total of $1,955,300 was bifurcated with the embedded conversion option recorded as a derivative liability at fair value (See Note 10). During the year ended June 30, 2016, the Purchaser converted $2,790,806 of principal and $108,750 of accrued interest into shares of the Companys common stock (See Note 6). During the six months ended December 31, 2016, the holder converted $350,000 of principal and accrued interest of $108,750 into shares of the Companys common stock (See Note 6). Accrued interest as of December 31, 2016 was $0. | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.60 | |||||||||||||||||
Long-term Debt, Gross | 4,350,000 | |||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 199,585 | |||||||||||||||||
Debt Discounts [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amortization of debt discount | $ 1,371,171 | $ 961,735 |
STOCKHOLDERS' DEFICIT (Details
STOCKHOLDERS' DEFICIT (Details Textual) | Dec. 15, 2016USD ($)$ / sharesshares | Dec. 09, 2016USD ($)$ / sharesshares | Dec. 08, 2016USD ($)$ / sharesshares | Dec. 02, 2016USD ($)$ / sharesshares | Nov. 09, 2016USD ($)$ / sharesshares | Nov. 09, 2016AUDshares | Oct. 27, 2016USD ($) | Oct. 14, 2016USD ($)$ / sharesshares | Oct. 07, 2016USD ($)$ / sharesshares | Oct. 06, 2016USD ($)$ / sharesshares | Oct. 04, 2016USD ($)$ / sharesshares | Aug. 03, 2016$ / sharesshares | Jul. 14, 2016USD ($)$ / sharesshares | Apr. 14, 2016USD ($)$ / sharesshares | Dec. 23, 2016USD ($)$ / sharesshares | Dec. 16, 2016USD ($)$ / sharesshares | Nov. 21, 2016USD ($)$ / sharesshares | Oct. 21, 2016USD ($)$ / sharesshares | Oct. 19, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 28, 2016USD ($)$ / sharesshares | Sep. 21, 2016USD ($)$ / sharesshares | Aug. 25, 2016USD ($)$ / sharesshares | Aug. 18, 2016USD ($)$ / sharesshares | Jan. 31, 2016shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Nov. 09, 2016AUD / sharesshares | Aug. 23, 2016$ / sharesshares | Aug. 08, 2016$ / sharesshares | Jul. 08, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 16, 2015$ / shares | Dec. 09, 2014$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares | 23,833,333 | |||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | (per share) | $ 0.0115 | $ 0.012 | AUD 0.015 | $ 0.012 | ||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 22,000,000 | |||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.0159 | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 12,500 | $ 349,800 | ||||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 37,379,158 | |||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 3,000,000 | 3,000,000 | 26,190,476 | |||||||||||||||||||||||||||||||
Accrued Professional Fees, Current | 20,500 | |||||||||||||||||||||||||||||||||
Consulting Expenses | $ 3,495 | |||||||||||||||||||||||||||||||||
Warrants To Purchase Of Common Stock | $ 12,500,000 | |||||||||||||||||||||||||||||||||
Stock or Unit Option Plan Expense | 989,285 | $ 0 | ||||||||||||||||||||||||||||||||
Warrants Issued | shares | 240,000,000 | |||||||||||||||||||||||||||||||||
Class of Warrant or Right, Value of Securities Called by Warrants or Rights | 150,000 | $ 314,286 | ||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Grant Date Fair Value | $ 3,924,880 | |||||||||||||||||||||||||||||||||
Additional Shares To Be Issued For Forgiveness Of Consulting Fees | shares | 6,000,000 | |||||||||||||||||||||||||||||||||
Additional Shares To Be Issued For Forgiveness Of Consulting Fees, Value | $ 95,400 | |||||||||||||||||||||||||||||||||
Gain (Loss) on Repurchase of Debt Instrument | (131,900) | $ (58,893) | ||||||||||||||||||||||||||||||||
Professional Fees | 22,500 | $ 37,500 | ||||||||||||||||||||||||||||||||
Payments for Fees | $ 10,000 | |||||||||||||||||||||||||||||||||
Warrant Repricing Expenses | AUD | AUD 3,299 | |||||||||||||||||||||||||||||||||
Number Of warrants Cancelled | shares | 240,000,000 | |||||||||||||||||||||||||||||||||
Loss On Cancellation Of Warrants Or Rights | $ 37,500 | |||||||||||||||||||||||||||||||||
Consultant Agreement 7-May-15 [Member] | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 6,000,000 | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 60,000 | |||||||||||||||||||||||||||||||||
Accrued Professional Fees, Current | $ 60,000 | |||||||||||||||||||||||||||||||||
Consultant Agreement 22-Apr-16 [Member] | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 10,000,000 | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 100,000 | |||||||||||||||||||||||||||||||||
Accrued Professional Fees, Current | 100,000 | |||||||||||||||||||||||||||||||||
Consultant Agreement 22-Apr-16 [Member] | Payable For Retainer [Member] | ||||||||||||||||||||||||||||||||||
Accrued Professional Fees, Current | 10,000 | |||||||||||||||||||||||||||||||||
Consultant Agreement 22-Apr-16 [Member] | Payable For Reports [Member] | ||||||||||||||||||||||||||||||||||
Accrued Professional Fees, Current | 90,000 | |||||||||||||||||||||||||||||||||
Consultant Agreement [Member] | ||||||||||||||||||||||||||||||||||
Gain (Loss) on Repurchase of Debt Instrument | $ 94,400 | |||||||||||||||||||||||||||||||||
Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 23,833,333 | |||||||||||||||||||||||||||||||||
Warrants Issued | shares | 200,000,000 | |||||||||||||||||||||||||||||||||
Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.10 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 23,833,334 | |||||||||||||||||||||||||||||||||
Warrants Issued | shares | 40,000,000 | |||||||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||||
Prepaid Expense | $ 140,841 | |||||||||||||||||||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||
Preferred stock, authorized shares | shares | 10,000,000 | |||||||||||||||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||||||
Director [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 71,500,000 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.03 | |||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 71,500,000 | |||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Grant Date Fair Value | $ 1,962,440 | |||||||||||||||||||||||||||||||||
Payments for Fees | $ 20,273 | |||||||||||||||||||||||||||||||||
Consultant [Member] | ||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.0104 | $ 0.015 | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 9,000,000 | 2,120,000 | ||||||||||||||||||||||||||||||||
Consultant [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 9,000,000 | |||||||||||||||||||||||||||||||||
Issue One [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.00825 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 32,500 | |||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 2,885 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 4,289,082 | |||||||||||||||||||||||||||||||||
Issue Two [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.011625 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 54,375 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 4,677,420 | |||||||||||||||||||||||||||||||||
Issue Three [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.010928 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,287,702 | |||||||||||||||||||||||||||||||||
Issue Four [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.010928 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 20,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 1,830,162 | |||||||||||||||||||||||||||||||||
Issue Five [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.00781 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 17,500 | |||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 1,350 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,413,590 | |||||||||||||||||||||||||||||||||
Issue Six [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.010153 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,462,327 | |||||||||||||||||||||||||||||||||
Issue Seven [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.007095 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 1,000 | |||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 79 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 152,034 | |||||||||||||||||||||||||||||||||
Issue Eight [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.009455 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,644,104 | |||||||||||||||||||||||||||||||||
Issue Nine [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.00671 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 1,000 | |||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 79 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 160,790 | |||||||||||||||||||||||||||||||||
Issue Ten [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.009455 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,644,104 | |||||||||||||||||||||||||||||||||
Issue Eleven [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.008138 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 3,072,008 | |||||||||||||||||||||||||||||||||
Issue Twelve [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.00775 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 50,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 6,451,613 | |||||||||||||||||||||||||||||||||
Issue Thirteen [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.008293 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 54,375 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 6,556,735 | 6,556,735 | ||||||||||||||||||||||||||||||||
Issue Fourteen [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.008138 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 50,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 6,144,016 | |||||||||||||||||||||||||||||||||
Issue Fifteen [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.007518 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 3,325,353 | |||||||||||||||||||||||||||||||||
Issue Sixteen [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.005193 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 4,814,173 | |||||||||||||||||||||||||||||||||
Issue Seventeen [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.004235 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 36,500 | |||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 3,368 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 9,413,932 | |||||||||||||||||||||||||||||||||
Issue Eighteen [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.004235 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 1,000 | |||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 93 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 258,019 | |||||||||||||||||||||||||||||||||
Issue Nineteen [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.005193 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 35,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 6,739,843 | |||||||||||||||||||||||||||||||||
Issue Twenty [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.004235 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 20,000 | |||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 1,881 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 5,166,600 | |||||||||||||||||||||||||||||||||
Issue Twenty One [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.005193 | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 20,000 | |||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 3,851,339 | |||||||||||||||||||||||||||||||||
Maximum [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.020 | |||||||||||||||||||||||||||||||||
Minimum [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.012 | |||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||
Preferred stock, authorized shares | shares | 10,000,000 | 10,000,000 | 500,000 | |||||||||||||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||
Preferred stock, authorized shares | shares | 5 | 5 | ||||||||||||||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
COMMITMENTS AND CONTINGIENCIE32
COMMITMENTS AND CONTINGIENCIES (Details) | Dec. 31, 2016USD ($) |
Commitments And Contingencies [Line Items] | |
2,017 | $ 28,500 |
2,018 | 28,500 |
2,019 | 28,500 |
2,020 | 28,500 |
2,021 | $ 9,500 |
COMMITMENTS AND CONTINGIENCIE33
COMMITMENTS AND CONTINGIENCIES (Details Textual) | Oct. 27, 2016USD ($) | May 04, 2016AUD | Nov. 30, 2009 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 09, 2017USD ($) | Aug. 12, 2016USD ($) |
Commitments And Contingencies [Line Items] | |||||||
Operating Leases, Rent Expense | $ 14,588 | $ 9,827 | |||||
Payments for Fees | $ 10,000 | ||||||
Q-Biologicals NV [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Pre-Payment To Be Made During First Two Years | $ 124,158 | ||||||
Q-Biologicals NV [Member] | Subsequent Event [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Pre-Payment To Be Made During First Two Years | $ 62,079 | ||||||
Maximum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Anticipated Payment | $ 5,000,000 | ||||||
Minimum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Anticipated Payment | $ 2,500,000 | ||||||
Lease Agreements [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Payments for Fees | AUD | AUD 3,300 | ||||||
Royalty Agreement Terms [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Operating Leases Income Statement Revenue Percentage | 2.00% | ||||||
License Agreement Terms [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Operating Leases Income Statement Revenue Percentage | 5.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) | Oct. 27, 2016USD ($) | May 05, 2016AUD | May 31, 2016USD ($) | Feb. 25, 2016AUD | Dec. 31, 2016USD ($) | Dec. 31, 2016AUD | Jun. 30, 2016USD ($) |
Related Party Transaction [Line Items] | |||||||
Due to Related Parties, Current | $ 33,008 | $ 33,943 | |||||
Loans From Related Party | 53,258 | 54,767 | |||||
Payments for Other Fees | $ 10,000 | ||||||
Accounts Payable, Current | 441,769 | 250,403 | |||||
North Horizon Pty Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Operating Leases, Rent Expense, Minimum Rentals | AUD | AUD 39,600 | ||||||
Operating Leases, Future Minimum Payments Due | AUD | AUD 198,000 | ||||||
Goods And Service Tax | $ 3,600 | ||||||
Sylvia Nathanielsz [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Compensation | 53,978 | ||||||
Nathanielsz [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Operating Leases, Future Minimum Payments Due | AUD | AUD 171,600 | ||||||
Director [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Loans From Related Party | 53,258 | 54,767 | |||||
Two Directors [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to Related Parties, Current | 33,008 | $ 33,943 | |||||
Chief Executive Officer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Payments for Other Fees | 20,273 | ||||||
Chief Executive Officer [Member] | Deferred Bonus [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Officers' Compensation | 250,000 | ||||||
Scientific Advisor [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Payments to Suppliers | 152,289 | ||||||
Chief Medical Officer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Payments to Suppliers | 18,304 | ||||||
Accounts Payable, Current | 16,492 | ||||||
Scientific Advisor One [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts Payable, Current | $ 57,784 | ||||||
James Nathanielsz [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Amounts of Transaction | AUD | AUD 4,480.55 |
CONCENTRATIONS AND RISKS (Detai
CONCENTRATIONS AND RISKS (Details Textual) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Jun. 30, 2016 | |
Reimbursement On Goods And Service Tax Receivable Percentage | 100.00% | 100.00% |
DERIVATIVE FINANCIAL INSTRUME36
DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Details) | 6 Months Ended |
Dec. 31, 2016 | |
Convertible Debt [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Expected dividend yield | 0.00% |
Convertible Debt [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Volatility | 247.77% |
Expected remaining term (in years) | 1 year 10 months 17 days |
Risk-free interest rate | 1.20% |
Convertible Debt [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Volatility | 126.70% |
Expected remaining term (in years) | 1 month 28 days |
Risk-free interest rate | 0.85% |
Warrants [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Volatility | 174.00% |
Expected remaining term (in years) | 1 year 9 months |
Risk-free interest rate | 1.20% |
Expected dividend yield | 0.00% |
Initial Valuations On Derivative [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Volatility | 261.00% |
Expected remaining term (in years) | 2 years |
Risk-free interest rate | 1.07% |
Initial Valuations On Derivative [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Volatility | 135.00% |
Expected remaining term (in years) | 1 year |
Risk-free interest rate | 0.63% |
DERIVATIVE FINANCIAL INSTRUME37
DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Details 1) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Derivative [Line Items] | ||
Embedded conversion option liabilities | $ 1,100,368 | |
Fair value of liability for warrant derivative instruments | 19,543 | |
Total | 1,119,911 | $ 1,050,182 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative [Line Items] | ||
Embedded conversion option liabilities | 0 | |
Fair value of liability for warrant derivative instruments | 0 | |
Total | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative [Line Items] | ||
Embedded conversion option liabilities | 0 | |
Fair value of liability for warrant derivative instruments | 0 | |
Total | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative [Line Items] | ||
Embedded conversion option liabilities | 1,100,368 | |
Fair value of liability for warrant derivative instruments | 19,543 | |
Total | $ 1,119,911 |
DERIVATIVE FINANCIAL INSTRUME38
DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Details 2) | 6 Months Ended |
Dec. 31, 2016USD ($) | |
Balance at Beginning | $ 1,050,182 |
Effects of foreign currency exchange rate changes | 122 |
Initial fair value of embedded conversion option derivative liability recorded as debt discount | 400,000 |
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option | 55,342 |
Change in fair value included in statements of operations | (385,735) |
Balance at Ending | $ 1,119,911 |
DERIVATIVE FINANCIAL INSTRUME39
DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Details Textual) | Dec. 31, 2016USD ($)$ / sharesshares |
Derivative Instruments And Hedging Activities [Line Items] | |
Class of Warrant or Right, Outstanding | 37,379,158 |
Share Price | $ / shares | $ 0.0086 |
Repricing option [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Convertible Debt | $ | $ 1,624,194 |
Variable conversion pricing [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Class of Warrant or Right, Outstanding | 3,000,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) | Jan. 11, 2017 | Jan. 10, 2017 | Jan. 25, 2017 | Jan. 20, 2017 | Jan. 19, 2017 | Jan. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Oct. 28, 2015 |
Subsequent Event [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 4,000,000 | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock, par value | $ 0.001 | ||||||||
Debt Instrument, Debt Default, Interest Rate Percentage | 24.00% | ||||||||
Subsequent Event [Member] | Convertible Debt [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 230,000 | ||||||||
Subsequent Event [Member] | Conversion Notice [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 21,726,665 | 3,881,386 | 7,973,326 | 5,017,522 | 8,601,497 | ||||
Debt Instrument, Convertible, Conversion Price | $ 0.006278 | $ 0.004675 | $ 0.006898 | $ 0.006278 | $ 0.004675 | ||||
Debt Conversion, Converted Instrument, Amount | $ 136,400 | $ 16,500 | $ 55,000 | $ 31,500 | $ 36,500 | ||||
Debt Conversion, Original Debt, Interest, Amount | $ 1,645 | $ 3,712 | |||||||
Subsequent Event [Member] | Eagle Equities, LLC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% |