Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Loss for the year $ (9,125,916) $ (8,048,221)
Adjustments to reconcile net loss to net cash used in operating activities    
Non-cash derivative issue costs   13,495
Amortization of intangible assets 9,953 16,349
Change in fair value of derivative liabilities   (433,503)
Shares issued for services 13,396 13,777
Warrants issued for services 193,482 23,715
Stock option expense 494,861 426,029
Performance stock unit expense   526,141
Changes in operating assets and liabilities    
Prepaid expenses and deposits (75,332) 754,682
Interest, taxes and other receivables 16,786 13,332
Accounts payable and accrued liabilities 206,597 202,000
Related party payables 338,657 164,779
Net cash used in operating activities (7,927,516) (6,327,425)
Cash flows from financing activities    
Net proceeds from the issuance of shares and warrants 6,582,966 3,362,379
Net proceeds from the exercise and exchange of warrants 51,550 720,165
Series A preferred stock dividend (8,356) (8,356)
Deferred financing costs (25,000)  
Net cash provided by financing activities 6,601,160 4,074,188
Decrease in cash and cash equivalents (1,326,356) (2,253,237)
Cash and cash equivalents – beginning of year 3,718,758 5,971,995
Cash and cash equivalents – end of year $ 2,392,402 $ 3,718,758