Lithium Exploration Group, Inc.

CIK:0001375576|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Revenue	$ 0	$ 0	$ 0	$ 0
Operating Expenses:
Mining expenses	0	50,160	25,000	87,792
Selling, general and administrative	153,517	311,970	604,810	754,436
Total operating expenses	153,517	362,130	629,810	842,228
Loss from operations	(153,517)	(362,130)	(629,810)	(842,228)
Other income (expenses)
Interest expense	(241,628)	(2,067,330)	(913,427)	(2,463,008)
Gain (loss) on change in the fair value of derivative liability	1,057,775	(90,017)	1,746,809	68,275
Amortization of debt discount	(537,659)	(597,871)	(2,022,488)	(1,144,229)
Loss on settlement of warrants	0	(42,944)	0	(42,944)
Other income	0	0	70,472	0
Gain (loss) on extinguishment of liability	0	12,400	(108,860)	(1,527,301)
Total Other income (expenses)	278,488	(2,785,762)	(1,227,494)	(5,109,207)
Income (loss) before income taxes	124,971	(3,147,892)	(1,857,304)	(5,951,435)
Provision for income taxes	0	0	0	0
Net income (loss) from continuing operations	124,971	(3,147,892)	(1,857,304)	(5,951,435)
Loss from discontinued operations	(79)	(61)	(174)	(141)
Net income (loss)	124,892	(3,147,953)	(1,857,478)	(5,951,576)
Less: Net loss attributable to the non-controlling interest	(38)	(30)	(85)	(69)
Net income (loss) attributable to Lithium Exploration Group, Inc. common shareholder	$ 124,930	$ (3,147,923)	$ (1,857,393)	$ (5,951,507)
Basic Loss per Common Share from continuing operations	$ 0.01	$ (0.70)	$ (0.06)	$ (2.75)
Diluted Net Income per Common Share from continuing operations	0.00	(0.70)	(0.06)	(2.75)
Basic and Diluted Loss per Common Share from discontinued operations	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Basic Weighted Average Number of Common Shares Outstanding	22,791,792	4,491,068	32,257,687	2,163,073
Diluted Weighted Average Number of Common Shares Outstanding	172,946,091	4,491,068	32,257,687	2,163,073
Comprehensive loss:
Net income (loss)	$ 124,892	$ (3,147,953)	$ (1,857,478)	$ (5,951,576)
Foreign currency translation adjustment	(438)	196	133	(253)
Comprehensive income (loss):	124,454	(3,147,757)	(1,857,345)	(5,951,829)
Comprehensive loss attributable to non-controlling interest	(38)	(30)	(85)	(69)
Comprehensive income (loss) attributable to Lithium Exploration Group, Inc. common shareholders	$ 124,492	$ (3,147,727)	$ (1,857,260)	$ (5,951,760)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities
Net loss from continuing operations	$ (1,857,304)	$ (5,951,435)
Loss from discontinued operations	(174)	(141)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash Interest expense	525,665	2,229,270
Common shares issued for interest	0	75,633
Loss on settlement of debt	0	42,944
(Gain) on change in the fair value of derivative liability	(1,746,809)	(68,275)
Amortization of debt discount	2,022,488	1,144,229
Loss on extinguishment of debt and derivative liabilities	108,860	1,527,301
Expenses incurred by convertible note holder	11,000	0
Changes in operating assets and liabilities:
Prepaid expenses	0	1,688
Accrued interest	295,752	148,741
Accounts payable and accrued liabilities	22,391	(52,164)
Net cash used in operating activities from continuing operations	(618,131)	(902,209)
Net cash provided by (used in) operating activities from discontinued operations	64	375
Net cash used in operating activities	(618,067)	(901,834)
Cash Flows from Investing Activities
Investment in PetroChase, Inc.	0	(250,000)
Advances to WhiteTop	(96,000)	0
Net cash used in investing activities	(96,000)	(250,000)
Cash Flows from Financing Activities
Proceed from issuance of convertible promissory notes, net	753,000	1,323,100
Repayment of convertible promissory notes	(35,954)	0
Proceed from issuance of short-term notes payable	105,000	0
Repayment of short-term notes payable	(90,000)	0
Net cash provided by financing activities	732,046	1,323,100
Effect of foreign currency exchange	133	(253)
Increase (decrease) in cash and cash equivalents	18,112	171,013
Cash and cash equivalents - beginning of period	33,136	25,208
Cash and cash equivalents - end of period	51,248	196,221
Cash paid during the period for:
Interest	0	0
Income taxes	0	0
Non-cash investing and financing activities:
Common stock issued for debt conversion and accrued interest	1,053,622	688,996
Common stock issued for accounts payable	8,166	0
Preferred stock issued for debt settlement	757,347	0
Derivative liability re-classed to additional paid in capital	1,113,903	1,471,967
Debt discount on issuance of convertible note and warrants	656,785	2,218,019
Initial derivative liability on note and warrant issuance	1,148,235	4,447,289
Interest reclassed to convertible note	$ 0	$ 158,778

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Current
Cash and cash equivalents	$ 51,248	$ 33,136
Prepaid expenses	1,100	1,100
Current assets held for sale	19,840	19,852
Total current assets	72,188	54,088
Advances to WhiteTop	879,620	783,620
Total Assets	951,808	837,708
Current
Accounts payable and accrued liabilities	104,929	90,864
Derivative liability - convertible promissory notes	1,741,933	3,386,251
Derivative liability - warrants	270,885	338,873
Due to related party	115,000	115,000
Short-term notes payable	15,000	0
Convertible promissory notes - net of unamortized debt discount	3,329,219	2,841,109
Accrued interest - convertible promissory notes	397,605	210,202
Current liabilities held for sale	6,481	6,429
Total Current Liabilities	5,981,052	6,988,728
Long-term convertible promissory notes	46,083	0
DEFICIT
Capital stock Authorized: 500,000 preferred shares, $0.001 par value 50,000,000 common shares, $0.001 par value Issued and outstanding: 350,000 Series C Preferred shares (June 30, 2017 - Nill)	350	0
39,378,325 common shares (June 30, 2017 - 13,245,760)	39,378	13,246
Additional paid-in capital	54,811,810	51,905,254
Accumulated other comprehensive loss	(33,757)	(33,890)
Accumulated deficit	(59,540,956)	(57,683,563)
Total Lithium Exploration Group, Inc. Stockholders' Deficit	(4,723,175)	(5,798,953)
Non-Controlling Interest	(352,152)	(352,067)
Total Deficit	(5,075,327)	(6,151,020)
Total Liabilities and Deficit	$ 951,808	$ 837,708