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Going Concern
6 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

Note 3 – Going Concern

 

The accompanying consolidated financial statements for the three and six months ended December 31, 2023 and 2022 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As at December 31, 2023 and June 30, 2023, the Company has shown losses for the last two years and has an accumulated deficit of ($41,667,716) and ($41,811,849), respectively.

 

During the six months ended December 31, 2023, the Company has net cash used in operating activities of $184,951 as well as stock compensation non-cash expense of $1,854 and net income of $144,133. The Company had net cash flow of $49,210 from financing activities in the six months ended December 31, 2023, which resulted in a working capital deficit of $3,139,175 as of December 31, 2023. If the Company is unable to raise additional adequate capital, it could be forced to cease operations.

 

Management believes that the Company’s capital requirements will depend on many factors including the success of the Company’s development efforts and its efforts to raise capital. Management also believes the Company needs to raise additional capital for working capital purposes. There can be no assurance that the Company will be able to obtain the additional capital resources necessary to implement its business plan or that any assumptions relating to its business plan will prove accurate.

 

These factors raise substantial doubt about our ability to continue as a going concern for a period of 12 months from the issue date of this report. The consolidated financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.