Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (11,086,000) $ (9,139,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 94,000 54,000
Stock-based compensation 1,356,000 1,492,000
Stock issuance for services 30,000 259,000
Noncash interest expense 675,000
Noncash lease expense 219,000
Changes in operating assets and liabilities:    
Accounts receivable (294,000) (51,000)
Inventories (1,327,000) (2,106,000)
Other current assets (397,000) (49,000)
Accounts payable 1,658,000 1,197,000
Accrued expenses 348,000 321,000
Due to factor 399,000
Deferred revenue 11,000
Accrued interest 434,000 980,000
Office lease payable (75,000)
Customer deposits 2,211,000 (13,000)
Net cash used in operating activities (5,744,000) (7,055,000)
Cash flows from investing activities    
Purchases of equipment (145,000) (144,000)
Net cash used in investing activities (145,000) (144,000)
Cash flows from financing activities:    
Proceeds from the sale of common stock 4,000 4,393,000
Proceeds from common stock subscription 105,000
Repayment of line of credit - related party debt (2,500,000)
Borrowings from short-term loan - related party debt 1,750,000
Borrowings from line of credit - related party debt 4,055,000 3,500,000
Principal payments of financing lease payable (21,000)
Net cash provided by financing activities 5,893,000 5,393,000
Net change in cash 4,000 (1,806,000)
Cash, beginning of period 102,000 2,706,000
Cash, end of period 106,000 900,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Initial recognition of right-of-use asset 2,706,000
Accrued interest converted into principal 1,246,000
Interest paid 113,000
Common stock issued for conversion of related party debt 8,475,000
Common stock issued for conversion of accrued interest 1,610,000
Stock issuance for services 30,000 259,000
Equipment purchase through capital lease $ 65,000