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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 12 Months Ended
--- | ---
Jun. 30, 2016 | Jun. 30, 2015
REVENUE |  |
Revenue | $ 0 | $ 0
OPERATING EXPENSES |  |
Administration expenses | 5,426,056 | 1,567,549
Occupancy expenses | 24,550 | 3,719
Research and development | 1,446,948 | 134,319
TOTAL OPERATING EXPENSES | 6,897,554 | 1,705,587
LOSS FROM OPERATIONS | (6,897,554) | (1,705,587)
OTHER INCOME (EXPENSE) |  |
Interest expense | (4,485,596) | (1,323,902)
Interest income | 2,027 | 33
Other expense | 0 | (50,002)
Change in fair value of derivative liabilities | 2,743,676 | (541,981)
Gain (loss) on debt settlements, net | (670,893) | 375,547
Foreign currency transaction loss | (174,550) | (244,332)
TOTAL OTHER INCOME (EXPENSE) | (2,585,336) | (1,784,637)
LOSS BEFORE INCOME TAXES | (9,482,890) | (3,490,224)
INCOME TAX BENEFIT | 72,538 | 77,470
NET LOSS | (9,410,352) | (3,412,754)
OTHER COMPREHENSIVE INCOME |  |
Foreign currency translation gain | 30,296 | 403,831
TOTAL OTHER COMPREHENSIVE INCOME | 30,296 | 403,831
TOTAL COMPREHENSIVE LOSS | $ (9,380,056) | $ (3,008,923)
BASIC AND DILUTED NET LOSS PER SHARE | $ (0.02) | $ (0.02)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 487,050,997 | 177,633,496

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