v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (12,956,000) $ (9,073,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 412,000 176,000
Stock-based compensation 601,000 650,000
PPP Loan principal and accrued interest forgiveness (1,307,000)
Fair value of warrant issued as debt issuance cost 174,000
Noncash interest expense 426,000
Noncash rent expense 324,000 297,000
Allowance for inventory reserve 109,000 (217,000)
Amortization of prepaid offering costs 547,000
Changes in operating assets and liabilities:    
Accounts receivable (3,411,000) (1,795,000)
Inventories (10,530,000) (3,138,000)
Other current assets (118,000) (498,000)
Accounts payable 6,186,000 1,402,000
Accrued expenses (441,000) 350,000
Due to Factor (469,000)
Accrued interest (37,000)
Office lease payable (322,000) (191,000)
Deferred revenue 289,000 111,000
Customer deposits 519,000 (1,408,000)
Net cash used in operating activities (19,338,000) (14,000,000)
Cash flows from investing activities    
Purchases of equipment (644,000) (692,000)
Net cash used in investing activities (644,000) (692,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock in private placement 3,200,000
Proceeds from issuance of common stock in registered direct offering, net of offering costs 13,971,000
Proceeds from issuance of common stock in public offering, net of offering costs 1,602,000 15,806,000
Proceeds from revolving line of credit 3,500,000
Payment of short-term loan – related party (1,178,000)
Payment of line of credit – related party (1,402,000)
Principal payments on financing lease payable (28,000)
Net cash provided by financing activities 19,073,000 16,398,000
Net change in cash (909,000) 1,706,000
Cash, beginning of period 4,713,000 726,000
Cash, end of period 3,804,000 2,432,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Common stock issued for conversion of related party debt 5,193,000
Accrued interest converted into principal 358,000
Common stock issued for vested RSUs 9,700
Supplemental cash flow information:    
Interest paid $ 86,000 $ 55,000

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