v3.19.3
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,598,343) $ (5,239,493)
Adjustments to reconcile net loss to net cash used in operations activities:    
Stock issued for services 345,656 554,353
Amortization of debt discount and deferred financing fees 1,794,359 2,776,811
Warrants issued for services 44,826 20,759
Change in derivative liability 795,699 88,329
Stock issued for interest 95,805 20,487
Change in operating assets and liabilities:    
Accounts receivable (45,086) 382
Inventories (303,230) (7,344)
Other current assets 2,210 282
Accounts payable 344,878 9,823
Accrued expenses (44,001) 17,974
Net cash used in operating activities (1,567,227) (1,757,638)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the sale of common stock 50,000 60,000
Proceeds from the issuance of debt-net 1,602,005 2,316,093
Repayment of convertible debt (102,076) (581,250)
Repayment of short-term debt (1,000) (2,096)
Advance from shareholders 10,800
Repayment of related party advance (11,795)
Net cash provided by financing activities 1,548,929 1,791,752
NET INCREASE IN CASH AND CASH EQUIVALENTS 18,298 34,114
Cash and cash equivalents, beginning of year 48,440 14,326
Cash and cash equivalents, end of year 30,142 48,440
Cash Paid For:    
Interest 95,805 30,564
Income taxes
Summary of Non-Cash Investing and Financing Information:    
Debt discount due to beneficial conversion feature 1,482,314 1,559,886
Value of embedded derivative liabilities $ 1,327,953 $ 574,618

Source