CASH AND CASH EQUIVALENTS

12 Months Ended

Jun. 30, 2018

CASH AND CASH EQUIVALENTS [Abstract]

CASH AND CASH EQUIVALENTS

5. CASH AND CASH EQUIVALENTS

	2018			2017			2016
	US$			US$			US$
Cash at bank and on hand		2,714,776			844,118			3,323
Short term deposits		4,523,713			2,692,200			1,377,035
		7,238,489			3,536,318			1,380,358
Reconciliation of loss before income tax to net cash flows from operations
Loss for the year		(9,957,817	)		(2,639,428	)		(279,633	)
Adjustment for non-cash income and expense items
Depreciation and impairment		1,259			40,384			5,426
Share-based payments expense		1,172,164			861,973			(72,471	)
Net foreign exchange (gain)/loss		(52,538	)		619			—
Net gain on available-for-sale investments		—			—			(69,701	)
Change in assets and liabilities
(Increase)/decrease in trade and other receivables		(1,516	)		(22,907	)		8,250
Increase in trade and other payables		1,505,657			433,536			16,035
Decrease in provisions		—			—			(10,891	)
Exchange differences arising on translation of foreign operations		(249,205	)		(5,772	)		—
Net cash outflow from operating activities		(7,581,996	)		(1,331,595	)		(402,985	)