What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2020-10-01 compared with 2019-10-15 · 281 added, 142 removed, 409 unchanged (51% of the section changed)

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may be unable to resell his securities in our Company.

October 2, 2019, the last reported sales price per share of our common stock on the OTCQB was $0.98.

September 14, 2020, the last reported sales price per share of our common stock on the OTCQB was $0.0019.

SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks.

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have difficulty selling our securities.

of October, 2, 2019, we had 72 record holders of our common stock holding 1,170,026 shares, one holder of our Series A Preferred

Stock holding 500,000 shares and one holder of our Series B Preferred Stock holding one share.

As of September 28, 2020,

we had 74 record holders of our common stock holding 688,670,618 shares,

one holder of our Series A Preferred Stock holding 500,000 shares and one holder of our Series B Preferred Stock holding one share.

have not paid any cash dividends to our stockholders.

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disclosed in a Current Report on Form 8-K or Quarterly Report on Form 10-Q.

of Accounts Payable for Shares of Common Stock

February 13, 2017, we entered into an agreement with a third party whereby we agreed to issue and deliver to the third party,

in lieu of payment of $50,000 of existing accounts payable, shares of our common stock.

On March 2, 2017, we issued 34 shares

of its common stock at a per share price of $1,500.00 in consideration for the $50,000 in accounts payable.

of Shares of Common Stock upon Conversion

our first quarter ended September 30, 2015, we issued 64 shares of our common stock at an average conversion price of $2,445 as

a result of the conversion of principal and interest in the aggregate amount of $155,760 underlying certain convertible notes

converted during such period.

our second quarter ended December 31, 2015, we issued 501 shares of our common stock at an average conversion price of $2,170.00

as a result of the conversion of principal and interest in the aggregate amount of $970,322 underlying certain convertible notes

converted during such period.

our third quarter ended March 31, 2016, we issued 1,315 shares of our common stock at an average conversion price of $1,480.00

as a result of the conversion of principal and interest in the aggregate amount of $1,656,749 underlying certain notes converted

during such period.

our fourth quarter ended June 30, 2016, we issued 909 shares of our common stock at an average conversion price of $2,160 as a

result of the conversion of principal and interest in the aggregate amount of $2,116,413 underlying certain convertible notes

converted during such period.

our first quarter ended September 30, 2016, we issued 124 shares of our common stock at an average conversion price of $1,240

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underlying financing documents at June 30, 2019.

our first quarter ended September 30, 2019, we issued 181,939 shares of our common stock at an average conversion price of $0.68

as a result of the conversion of principal and interest in the aggregate amount of $123,712 underlying certain convertible

notes converted during such period.

our second quarter ended December 31, 2012, we issued 1,064,920 shares of our common stock at an average conversion price of $0.206

as a result of the conversion of principal and interest in the aggregate amount of $219,466 underlying certain outstanding convertible

notes converted during such period.

our third quarter ended March 31, 2020, we issued 16,096,509 shares of our common stock at an average conversion price of $0.053,

as a result of the conversion of principal and interest in the aggregate amount of $856,338 underlying certain outstanding convertible

notes converted during such period.

our fourth quarter ended June 30, 2020, we issued 230,275,879 shares of our common stock at an average conversion price of $0.004,

as a result of the conversion of principal and interest in the aggregate amount of $925,658 underlying certain outstanding convertible

notes converted during such period.

had 735,747,157 shares of our common stock reserved for future issuances based on lender note conversion requirements pursuant

to underlying financing documents at June 30, 2020.

Issuance of Shares of Common Stock

October 5, 2018, we issued 7,701 shares of our common stock to L2 Capital as the commitment fee under the L2 Equity Purchase Agreement.

July 19, 2019, we issued 20,000 shares of our common stock to Regal Consulting LLC for services rendered under a Consulting Agreement

entered into between the Company and Regal Consulting LLC.

March 3, 2020 we issued 150,000 shares of our common stock to Sylva International LLC for services rendered under a Consulting

Agreement entered into between the Company and Sylva International LLC.

April 6, 2020 we issued 804,518 shares of our common stock to Ionic Ventures LLC pursuant to a Securities Purchase Agreement.

April 8, 2020 we issued 1,151,682 shares of our common stock to Sylva International LLC for services rendered under a Consulting

Agreement entered into between the Company and Sylva International LLC.

June 26, 2020 we issued 7,406,892 shares of our common stock to Sylva International LLC for services rendered under a Consulting

Agreement entered into between the Company and Sylva International LLC.

of Restricted Stock Units

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price of the shares of our common stock on the date of the grant.

of June 30, 2019, we had entered into agreements to grant options to purchase 1,144 shares of our common stock, with a weighted

average exercise price per share of $76.

of June 30, 2020, the Company had outstanding agreements to grant options to purchase 59,644 shares of its common

stock, with a weighted average exercise price per share of $76.37.

May 14, 2019, our board of directors approved a grant of 39,000 stock options to Mr.

Nathanielsz, with an exercise price of $4.675

per share, which shall vest annually over a period of three years from the date of the grant, provided, that on each such vesting

Nathanielsz is employed by us and subject to the other provisions of his Amended and Restated Employment Agreement.

May 14, 2019, our board of directors also approved a grant of 19,500 stock options to Dr.

Kenyon, with an exercise price of $4.25

per share, which shall vest annually over a period of three years from the date of the grant, provided, that on each such vesting

Kenyon is employed by us and subject to the other provisions of his Amended and Restated Services Agreement.

April 14, 2016, our board of directors approved a grant of 572 stock options, with an exercise price of $3,750 (market value of

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of each grant of the 572 options at such grant date was $1,962,440 (aggregate total of $3,924,880).

May 14, 2019, our board of directors approved a grant of 39,000 stock options to Mr.

Nathanielsz, with an exercise price of $4.675

per share, which shall vest annually over a period of three years from the date of the grant, provided, that on each such vesting

Nathanielsz is employed by us and subject to the other provisions of his Amended and Restated Employment Agreement.

May 14, 2019, our board of directors also approved a grant of 19,500 stock options to Dr.

Kenyon, with an exercise price of $4.25

per share, which shall vest annually over a period of three years from the date of the grant, provided, that on each such vesting

Kenyon is employed by us and subject to the other provisions of his Amended and Restated Services Agreement.

stock options were issued during the fiscal year ended June 30, 2020.

connection with the consulting agreement, dated May 7, 2015, we issued to a consultant 5-year warrants to purchase 27 shares of

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through November 2020, with a weighted average exercise price per share of $4,765.

August 30, 2019, pursuant to a Securities Purchase Agreement, we issued to Auctus Fund LLC (i) a Common Stock Purchase Warrant

permitting the holder to purchase 450,000 shares of common stock of the Company for an exercise price of $2.25, (ii) a Common

Stock Purchase Warrant permitting the holder to purchase 300,000 shares of common stock of the Company for an exercise price of

$3.33, and (iii) a Common Stock Purchase Warrant permitting the holder to purchase 225,000 shares of common stock of the Company

for an exercise price of $4.50.

September 10, 2019, the Company entered into an agreement with a certain consultant to provide services over a three-month period

beginning September 10, 2019 and ending December 10, 2019 in exchange for 1,000,000 warrants to purchase the Company’s common

stock at $2.00 per share with an expiry date of September 10, 2022.

The Fair Market Value of the warrants was $984,810 on the

date of grant as calculated under the Black Scholes Option Pricing model.

The Company recorded $984,810 of share based compensation

expenses with respect to the grant of such warrants during the six months ended December 31, 2019.

March 30, 2020, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) whereby

an investor (the “Investor”) purchased from the Company, 7,500,000 units (the “Units”), each consisting

of (i) 1.5 shares of the Company’s common stock (the “Common Stock”), or pre-funded warrants (the “Prefunded

Warrants”) and (ii) 1.5 warrants to purchase one share of Common Stock (“Series A Warrants”, and collectively

with the Common Stock the “Units”).

In addition to the Units, the Investor was issued 63,750,000 warrants to purchase

one share of Common Stock (the “Series B Warrants”) and an additional 63,750,000 warrants to purchase one share of

Common Stock, subject to a vesting schedule (the “Series C Warrants”

and, together with the Prefunded Warrants, the

Series A Warrants, and the Series B Warrants, the “Warrants”).

The aggregate purchase price for the Units, the Series

A Warrants, the Series B Warrants and the Series C Warrants of $450,000 was paid at closing (the “Purchase Price”).

The 11,250,000 shares of Common Stock underlying the Units issuable at closing of the Securities Purchase Agreement are comprised

of 804,518 shares of restricted Common Stock and 10,445,482 Prefunded Warrants.

of June 30, 2020, there were 151,170,514 warrants outstanding and exercisable with expiration dates commencing August 2020

and continuing through August 2024, with a weighted average exercise price per share of $0.15.

as otherwise noted, the securities in the transactions describe above were sold in reliance on the exemption from registration

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a result of positive early indications of the anti-cancer effects of our technology over the last 12-24 months we have conducted

successful pre-clinical studies on PRP.

Subject to us receiving sufficient financing, we plan to begin our Investigational Medicinal

Product Dossier, study proposal and Investigator’s Brochure in the second half of 2019 calendar year.

Our plan is to then

commence our study preparation process with the contract research organization, analytical lab and trial site(s) selection and

to begin our clinical trial application for PRP (“CTA”) compilation in the third calendar quarter of 2019 and complete

the CTA compilation and submit the CTA in the fourth calendar quarter of 2019.

In January 2020, we plan to begin the preparation

of logistics and trial site initiation visits.

Subject to raising additional sufficient capital, we subsequently plan to commence

a First-In-Human (FIH), Phase Ib study in patients with advanced solid tumors, evaluating the safety, pharmacokinetics and anti-tumor

efficacy of PRP in the first half of 2020 calendar year, which study we hope to complete within twelve months thereafter.

to develop our PRP to treat early-stage cancer and pre-cancerous diseases and as a preventative measure for patients at risk of

developing cancer based on genetic screening.

successful pre-clinical studies on PRP and also commenced preparation for a clinical study in advanced cancer patients.

to us receiving sufficient financing, we plan to begin our Investigational Medicinal Product Dossier, study proposal and Investigator’s

Brochure in the second half of 2020 calendar year.

Our plan is to then commence our study preparation process with the contract

research organization, analytical lab and trial site(s) selection and to begin our clinical trial application for PRP (“CTA”)

compilation in the third calendar quarter of 2020 and complete the CTA compilation and submit the CTA in the first calendar quarter

In first or second quarter of 2021, we plan to begin the preparation of logistics and trial site initiation visits.

Subject to raising additional sufficient capital, we subsequently plan to commence a First-In-Human (FIH), Phase Ib study in patients

with advanced solid tumors, evaluating the safety, pharmacokinetics and anti-tumor efficacy of PRP in the first half of 2021 calendar

year, which study we hope to complete within twelve months thereafter.

We intend to develop our PRP to treat early-stage cancer

and pre-cancerous diseases and as a preventative measure for patients at risk of developing cancer based on genetic screening.

date, we have generated no revenue, have no cancer treatment products available to market and have no products which have reached

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We require substantial additional financing to continue to test and commercialize PRP.

of our Chief Financial Officer - In July 2019, we appointed Mr.

Carlo Campiciano as Chief Financial Officer.

Campiciano brings

significant experience to the Company across a broad range of financial disciplines in the healthcare sector, including taxation,

finance, operations, planning and financial strategy.

Campiciano will assist with the transformational stage into a clinical

development company, along with the goal of up-listing to a U.S.

national stock exchange.

for Advance Overseas Finding –

In January 2020, we announced that a Certificate for Advance Overseas Finding was received

from the Board of Innovation and Science Australia to receive up to a 43.5% “cash back”

benefit from overseas R&D

The finding relates to the planned Phase 1 clinical trial –

Multiple Ascending Dose Studies of proteolytic proenzymes

for the treatment of pancreatic cancer, for 2018/19 and the two following financial years.

Overseas activities to be undertaken

include the development of an analytical assay for the quantification of active pharmaceutical ingredients in the Company’s

lead product candidate, PRP, and its manufacture of the finished product for the Phase 1 clinical trial.

The finding from the

Board agreed there is a significant link between the two supporting activities and the planned Phase 1 clinical trial, and the

two activities cannot be conducted solely in Australia.

The Phase 1 clinical trial is planned to be conducted at the Peter Mac

Center, one of the world’s leading cancer research, education and treatment centers, globally and is Australia’s only

public hospital solely dedicated to caring for people affected by cancer.

of Development of a Bio-Analytical Assay ― In March 2019, we announced that we have initiated development of a bio-analytical

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of a pharmaceutical composition for treating cancer via a combination of trypsinogen and/or chymotrypsinogen pancreatic proenzymes.

As of June 30, 2019, the foundation patent has been granted in the USA, Europe (including Belgium, Czech Republic, Denmark, France,

Germany, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden, Switzerland/Liechtenstein, Turkey and the United Kingdom),

As of June 30, 2020, the foundation patent has been granted in the USA, Europe (including Belgium, Czech Republic, Denmark,

France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden, Switzerland/Liechtenstein, Turkey and the United Kingdom),

China, Japan, Indonesia, Malaysia, Israel, Australia, New Zealand, Singapore, South Africa, Mexico, Republic of Korea, Hong Kong

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use the net proceeds ($130,000) from this financing for general working capital purposes.

April 3, 2020, the Company closed on a transaction related to a Securities Purchase Agreement (the “Securities Purchase

Agreement”) entered into on March 30, 2020, whereby an investor (the “Investor”) purchased from the Company,

7,500,000 units (the “Units”), each consisting of (i) 1.5 shares of the Company’s common stock (the “Common

Stock”), or pre-funded warrants (the “Prefunded Warrants”) upon Investor’s election due to the 4.99% blocker

provision as discussed below and (ii) 1.5 warrants to purchase one share of Common Stock (“Series A Warrants”), along

with such purchaser’s pro-rata portion of the Series B Warrants and Series C Warrants (“the Units”).

the Investor was issued 63,750,000 warrants to purchase one share of Common Stock (the “Series B Warrants”) and an

additional 63,750,000 warrants to purchase one share of Common Stock, subject to a vesting schedule based on the Investors exercise

of the Series B Warrants (the “Series C Warrants”

and, together with the Prefunded Warrants, the Series A Warrants,

and the Series B Warrants referred to herein as, the “Warrants”).

See discussion of warrant terms under “Warrants”

aggregate purchase price for the Units, the Series A Warrants with exercise price of $0.20 per share, the Series B Warrants with

exercise price of $0.04 per share and the Series C Warrants with exercise price of $0.20 per share, of $450,000 was paid at closing

(the “Purchase Price”) or $0.06 per unit purchase price.

Securities Purchase Agreement contains a blocker provision whereby the Investor or any of its affiliates would not beneficially

own in excess of 4.99% of the outstanding number of shares of Common Stock (“Beneficial Ownership Limitation”).

such, the Investor may elect to purchase Prefunded Warrants equal to the same number of shares of Common Stock that the Company

would have been issued.

to the Beneficial Ownership Limitation, the 11,250,000 shares of Common Stock underlying the Units issuable at closing of the

Securities Purchase Agreement are comprised of 804,518 shares of restricted Common Stock and 10,445,482 Prefunded Warrants with

exercise price of $0.0001 (but can be less than par value).

The Prefunded Warrants shall be exercisable immediately and

shall expire when exercised in full.

Securities Purchase Agreement contains such representations, warranties and covenants as are typical for a transaction of this

to the Securities Purchase Agreement, the Investor purchased Series A Warrants to purchase up to 11,250,000 shares of Common Stock,

subject to adjustment as provided therein.

The Series A Warrants have a cash exercise price of $0.20 per share and are immediately

exercisable and expire in 3 years.

The Series A Warrants contain a provision for cashless exercise in the event there is no effective

registration statement registering the shares underlying the Series A Warrants calculated based on the difference between the

exercise price of the Series A Warrant and the trading price of the stock (the “Cashless Exercise”).Additionally,

the Series A Warrants contain a provision for a cashless conversion at the Holder’s option should the trading price of the

Common Stock fall below $0.20 per share calculated based on the difference between the exercise price of the Series A Warrant

and 70% of the Market Price, as defined therein (the”

Alternate Cashless Exercise”).

to the Securities Purchase Agreement, the Investor purchased Series B Warrants to purchase up to 63,750,000 shares of Common Stock,

subject to adjustment as provided therein;

provided, however, commencing on the 90th day following the effective date, the Company

may reduce the number of Warrant Shares issuable upon exercise thereof by 37,500,000 upon 10 Trading Days’

prior written

notice to the Holder provided that the Company issues to the Holder 3,750,000 shares of Common Stock (or, at the election of the

Holder, an equivalent number of pre-funded warrants) and Series A Warrants to purchase up to 3,750,000 shares of Common Stock,

which shares shall be issued pursuant to a registration statement without restrictions on resale.

The Series B Warrants have a

cash exercise price of $0.04 per share and expire in 3 years.

The Series B Warrants contain a provision for Cashless Exercise.

to the Securities Purchase Agreement, the Investor purchased Series C Warrants to purchase up to 63,750,000 shares of Common Stock,

subject to adjustment as provided therein and expire in 3 years.

The Series C Warrants have a cash exercise price of $0.20 per

share, subject to a vesting schedule, which is based on such Holder’s exercise of all the Series C Warrants.

C Warrants contain provisions for Cashless Exercise and Alternate Cashless Exercise.

Accounting Estimates

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Currency Translation and Comprehensive Income (Loss) :

Our functional currency is the AUD.

For financial reporting purposes,

the Australian Dollar (“AUD”) has been translated into 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.

The Company’s wholly owned subsidiary’s functional

currency is the AUD.

For financial reporting purposes, the Australian Dollar (“AUD”) has been translated into USD

as the Company’s 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.

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).

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).

for Income Taxes:

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We have 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.

We treat these convertible notes as stock settled debt under

ASC 480 and measure the fair value of the notes at the time of issuance, which is the result of the share price discount at the

time of conversion, and records the put premium as accretion to interest expense to the date of first conversion.

options, whereby the outstanding principal and accrued interest may be converted, by the holder, into common shares at or around

a fixed discount to the price of the common stock at the time of conversion.

We treat these convertible notes as stock settled

debt under ASC 480 and measure the fair value of the notes at the time of issuance, which is the result of the share price discount

at the time of conversion, and record the put premium as accretion to interest expense.

and Development Tax Credits :

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Accounting Pronouncements

a discussion of recently issued and adopted accounting pronouncements, please see section captioned “Recent Accounting Pronouncements”

in Note 1 to our condensed consolidated financial statements included in this Annual Report.

For a discussion of recently issued and adopted accounting pronouncements,

please see section captioned “Recent Accounting Pronouncements”

in Note 1 to our consolidated financial statements

included in this Annual Report.

Stock Split Presentation

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expense increased to $3,281,464 for the year ended June 30, 2020 as compared to $2,326,350 for the year ended June 30, 2019.

increase is primarily attributable to an increase of $260,000 in investor relations expense, an increase of $189,000 in general

and intellectual property legal fees, an increase of $284,000 in costs related to employee salaries and on costs, an increase

of $61,000 related to new insurance policies;

along with a decrease of $306,000 primarily related to a decrease in stock based

consulting fees, a decrease of $103,000 in capital raising costs, a decrease of $182,000 in consulting fees.

expense decreased by approximately $2,500 to $28,062 for the year ended June 30, 2019.

The decrease relates to the fluctuation

in foreign currency exchange rates in the year ended June 30, 2019.

increase of approximately $955,000 is primarily attributable to an increase of approximately $1,154,000 in stock-based expenses

for services, an increase of approximately $119,000 in capital raising costs, an increase in general consulting and accountancy

fee of approximately $64,000, an increase in insurance expense of approximately $17,000, an increase of approximately $139,000

in marketing and market research expense, increase of approximately $3,000 of other general and administrative expenses and, offset

by decrease of approximately $122,000 in employee remuneration expense as a result of a one off adjustment in employee leave liability

of approximately $157,000 in the year ended June 30, 2019, decreases in in investor relations based expense of approximately $80,000,

a decrease of approximately $69,000 in general legal and intellectual property legal expense, a decrease of approximately $42,000

in public company filing fees, a decrease of $45,000 in travel expense and a decrease of approximately $183,000 in employee leave

accruals which is a result of an adjustment of approximately $176,000 to employee leave accruals during the year ended June 30,

2019 in order to comply with Australian leave entitlements.

expense increased by approximately $4,700 to $32,809 for the year ended June 30, 2020.

The increase primarily relates to rent

adjustment on under paid rent of $4,800 during the year ended June 30, 2020.

and Development Expenses

and development expenses were $179,987 for the year ended June 30, 2020, as compared to $260,335 for the year ended June 30, 2019.

The decrease in in research and development expenditure is primarily attributable to a decrease in process development activities

as the progresses its lead product, PRP, to clinical trials, The company plans to raise sufficient capital to complete the engineering

run and planned full scale GMP manufacture of PRP which will be used for the Phase I trial if the drug product meets the required

specifications.

The decrease in research and development expenses is primarily attributable to completion of process development activities and

preparation for commencement of the engineering run and subsequent full scale GMP manufacture of PRP for clinical trials, with

the process, preparation and small scale manufacture having been completed in the period ended December 31, 2017, which the clinical

trials we hope to commence in 2021 calendar year, if we raise sufficient proceeds by raising additional capital.

Completed activities

include raw material purification and stabilization process development, development of analytical quality assurance and control

methods, reproduction runs for raw materials, and preparation of raw materials and finished product specifications for future

full scale GMP manufacture of PRP.

Expense/Income

expense decreased to $1,314,539 for the year ended June 30, 2019, as compared to $2,789,196 for the year ended June 30, 2018.

expense increased to $1,748,381 for the year ended June 30, 2020, as compared to $1,314,539 for the year ended June 30, 2019.

Interest expense is primarily comprised of approximately $734,130 of debt discount amortization and approximately $836,724 accretion

of debt premium.

This decrease is primarily attributable to a decrease in the issuance of derivative debt resulting in lower amortization

of debt discount offset by higher accretion amounts of convertible notes with discounted debt features during the year ended June

This increase is primarily attributable to an increase in the issuance of debt containing embedded derivatives

resulting in an increase amortization of debt discount, along with the increase in issuance of convertible notes with discounted

debt features during the year ended June 30, 2020.

in Fair Value of Derivative Liabilities

in fair value of derivative liabilities increased by $2,464,534 to a loss of $2,472,146 for the year ended June 30, 2019, as compared

to a loss of $(7,612) for the year ended June 30, 2018.

This increase is primarily attributable to an increase in the volatility

of the Company’s stock along with a decrease in stock price during the year ended June 30, 2019, which resulted in the recognition

of such loss.

in fair value of derivative liabilities changed by $2,857,439, to a gain of $385,293 for the year ended June 30, 2020,

as compared to a loss of $(2,472,146) for the year ended June 30, 2019.

This change is primarily attributable

to an increase in the volatility of the prices of our shares of common stock along with a decrease in stock price during the year

ended June 30, 2020, which resulted in the recognition of a smaller loss from change in fair value.

on Debt Settlements, Net

on settlement of debt decreased by $32,686 to a gain of $14,101 for the year ended June 30, 2019, as compared with a loss of $(18,585)

for the year ended June 30, 2018.

The decrease in loss on debt settlements is primarily attributable to fewer fair market value

price adjustments in the year ended June 30, 2019.

were no debt settlements during the year ended June 30, 2020 and as a result there were no gains or (losses) on settlement of

debt during that period, as compared with a gain of $14,101 for the year ended June 30, 2019.

(loss) on Extinguishment of Debt, net

During the year ended June 30, 2020, notes

with principal amounts totaling $254,500 and accrued interest of $15,408 contained bifurcated embedded conversion option

Accordingly, the fair market value of the shares issued was $565,746 resulting in a loss on extinguishment at

the time of conversion of $295,838 and $362,961 of derivative fair value was recorded as a gain on extinguishment at the time

of conversion.

During the year ended June 30, 2019, the Company repaid three convertible notes which were treated as derivative

instruments, incurred penalties of $92,133 and recorded a gain on the removal of the derivatives of $936,650.

Additionally, the

Company issued shares of common stock with a value of $1,335,047 which resulted in a gain on extinguishment of $359,725 as the

note and derivative fair value exceeded the fair value of shares converted.

Currency Transaction Gain (Loss)

currency transaction decreased to a loss of $(690,748) for the year ended June 30, 2019 as compared with a loss a of $(694,614)

currency transaction decreased to a loss of $(143,808) for the year ended June 30, 2020 as compared with a loss of $(690,748)

for the year ended June 30, 2019.

The decrease in foreign currency transaction loss is primarily attributable to fluctuation in

exchange rates during the year ended June 30, 2020, as compared to during the year ended June 30, 2019, and 2020 having less

intercompany loans.

the years ended June 30, 2020 and 2019, the Company applied for and received from the Australian Taxation Office a research and

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loss decreased to $(4,740,723) for the year ended June 30, 2020 as compared to a net loss of $(5,758,369) for the year ended June

The decrease is primarily attributable to decreases in research and development expenditures and interest expense.

The change relates to the factors discussed above.

and Capital Resources

Financial Condition

of June 30, 2019, we had total assets of $101,652, comprised primarily of cash of $2,394, GST tax receivable of $5,439, prepaid

expenses and other current assets of $83,299 and property and equipment, net, of $8,417.

This compares with total assets of $71,387

as of June 30, 2018, comprised primarily of cash of $19,921, GST tax receivable of $6,257, prepaid expenses and other current

assets of $34,712 and property and equipment, net, of $8,277.

had current liabilities of $4,402,888, primarily comprised of net convertible debt of $1,657,377, accounts payable and accrued

expenses of $1,640,379 and embedded conversion option liabilities of $698,264, as of June 30, 2019.

This compares with current

liabilities of $6,823,307, primarily comprised of net convertible debt of $4,699,299, account payable and accrued expenses of

$1,521,773 and embedded conversion option liabilities of $371,532, as of June 30, 2018.

As of June 30, 2020, we had total assets of

$98,518, comprised primarily of cash of $67,007, GST tax receivable of $2,015, property and equipment, net, of $5,747 and

operating lease right of use asset, net, $21,682.

This compares with total assets of $101,652 as of June 30, 2019, comprised primarily

of cash of $2,394, GST tax receivable of $5,439, prepaid expenses and other current assets of $83,299 and property and equipment,

net, of $8,417.

We had current liabilities of $3,739,943,

primarily comprised of net convertible debt of $1,557,734, accounts payable and accrued expenses of $1,544,387 and

embedded conversion option liabilities of $354,109, as of June 30, 2020.

This compares with current liabilities of $4,402,888,

primarily comprised of net convertible debt of $1,657,377, accounts payable and accrued expenses of $1,640,379 and embedded conversion

option liabilities of $698,264, as of June 30, 2019.

have funded our operations primarily through the issuance of equity and/or convertible securities for cash.

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primarily for payments for research and development, administration expenses, occupancy expenses, professional fees, consultants

the quarter ended June 30, 2019 and as of the date of this Annual Report, we borrowed $133,000 on May 23, 2019 from Redstart Holdings

Corp via a convertible promissory note that matures on May 22, 2020, $78,000 on July 3, 2019 from Power Up Lending Group Ltd via

a convertible promissory note that matures on July 2, 2020, $320,000 from Odyssey Capital Funding, LLC on July 30, 2019 via a

convertible promissory note that matures on July 29, 2020, $550,000 from Auctus Fund, LLC on August 30, 2019 via a convertible

promissory note that matures on August 29, 2020, $131,000 from GW Holdings Group, LLC on October 1, 2019 via a convertible promissory

note that matures on October 1, 2020, $103,000 from Crown Bridge Partners, LLC on October 3, 2019 via a convertible promissory

note that matures on October 3, 2020.

During the year ended June 30, 2020, we borrowed

amounts of approximately $1,591,250 from the sale of convertible promissory notes during such period with various maturity

dates ranging from July 3, 2020 to March 12, 2021.

have substantial capital resource requirements and have incurred significant losses since inception.

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cash used in operating activities

$ (2,060,037 )

$ (2,177,645 )

cash used in investing activities

1 unchanged sentence

of exchange rate changes on cash

cash used in operating activities was $2,060,037 for the fiscal year ended June 30, 2019 compared to $2,177,645 for the fiscal

year ended June 30, 2018.

This fluctuation is related to the changes in valuation of new derivative liabilities and the revaluation

of existing derivative liabilities in the year ended June 30, 2019.

Net cash used in operating activities was

$1,849,589 for the fiscal year ended June 30, 2020 compared to $2,060,037 for the fiscal year ended June 30, 2019.

This decrease

is primarily due to a decrease in change in fair value of derivative liabilities of approximately $2,857,000, decrease in accrued

expenses of approximately $21,000, decrease in employment related liabilities of approximately $153,000, changes in foreign

currency transaction loss of approximately $547,000 offset by increases primarily due to increase in stock-based compensation

of $1,154,000, amortization of debt discount of $344,000, accretion of put premium of $131,000, increase in gain on extinguishment

of debt of approximately $1,229,000, increase in prepaid expenses and other assets of $166,000 and accounts payable of

flows provided by financing activities for the fiscal year ended June 30, 2020 were $1,890,240 as compared to $2,118,560 for the

fiscal year ended June 30, 2019.

During the year ended June 30, 2019, we received proceeds from the sale of convertible promissory

notes of $1,369,000.

During the year ended June 30, 2018, we received proceeds from convertible promissory notes of $2,890,080.

effect of the exchange rate on cash resulted in a $73,175 negative adjustment to cash flows in the year ended June 30,

2019 as compared to a negative adjustment of $267,965 to cash flows in the year ended June 30, 2018.

The reason for the fluctuation

is due to the application of currency translation rates throughout the cash flow statement, the volume of transactions within

each period and the daily fluctuation in exchange rates.

During the year ended June 30, 2020, we received net proceeds from the issuance of convertible

promissory notes of $1,465,250 and net proceeds from sale of common stock of $424,990.

During the year ended June 30, 2019,

we received net proceeds from the issuance of convertible promissory notes of $1,305,150 and sale of common stock of $1,085,380

net, offset by repayments of convertible notes of $272,000.

effect of the exchange rate on cash resulted in a $23,962 positive adjustment to cash flows in the year ended June 30, 2020 as

compared to a negative adjustment of $73,176 to cash flows in the year ended June 30, 2019.

The reason for the fluctuation is

due to the application of currency translation rates throughout the cash flow statement, the volume of transactions within each

period and the daily fluctuation in exchange rates.

Concern Qualification

did not generate any revenue for the fiscal years ended June 30, 2019 and 2018 and have incurred significant losses and cash used

in operations, and such losses and use of cash are expected to continue.

Our independent registered public accounting firm has

included a “Going Concern Qualification”

We did not generate

any revenue for the fiscal years ended June 30, 2020 and 2019 and have incurred significant losses and cash used in operations,

and such losses and use of cash are expected to continue.

Our independent registered public accounting firm has included a “Going

Concern Qualification”

in their audit report for each of the fiscal years ended June 30, 2020 and 2019.

In addition, we have negative working capital and convertible debt that is past maturity that we are currently negotiating

with lenders in order to amend the maturity dates.

The foregoing raises substantial doubt about our ability to continue as a going

Our ability to continue as a going concern is dependent on our ability to execute our strategy and on our ability to

raise additional funds and/or to consummate a public offering.

Management is currently seeking additional funds, primarily through

the issuance of equity and/or debt securities for cash to operate our business.

No assurance can be given that any future financing

will be available or, if available, that it will be on terms that are satisfactory to us.

Even if we are able to obtain additional

financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for

our stockholders, in case of equity and/or convertible debt financing.

The consolidated financial statements do not include any

adjustments that might result from the outcome of this uncertainty.

The “Going Concern Qualification”

might make it

substantially more difficult to raise capital.

In addition, we

have negative working capital and convertible debt that is past maturity that we are currently negotiating with lenders in order

to amend the maturity dates.

The foregoing raises substantial doubt about our ability to continue as a going concern for a

period of 12 months from the issue date of this report.

Our ability to continue as a going concern is dependent on our ability

to execute our strategy and on our ability to raise additional funds and/or to consummate a public offering.

Management is currently

seeking additional funds, primarily through the issuance of equity and/or debt securities for cash to operate our business.

assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory

Even if we are able to obtain additional financing, it may contain undue restrictions on our operations, in the case of

debt financing or cause substantial dilution for our stockholders, in case of equity and/or convertible debt financing.

The consolidated

financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The “Going Concern

Qualification”

might make it substantially more difficult to raise capital.

Sheet Arrangements

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity