Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (14,336,000) $ (12,414,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 141,000 81,000
Stock-based compensation 1,803,000 1,944,000
Stock issuance for services 30,000 261,000
Interest expense on conversion 699,000
Noncash interest expense 1,599,000
Noncash rent expense 323,000
Allowance for inventory reserve 317,000
Changes in operating assets and liabilities:    
Accounts receivable (653,000) (1,470,000)
Inventories (1,760,000) (2,301,000)
Other current assets (432,000) (411,000)
Accounts payable 2,165,000 2,065,000
Accrued expenses 542,000 385,000
Due to factor 469,000
Deferred revenue 4,000
Accrued interest 50,000 551,000
Office lease payable (169,000)
Customer deposits 1,563,000 (102,000)
Net cash used in operating activities (8,344,000) (10,712,000)
Cash flows from investing activities    
Purchases of equipment (323,000) (275,000)
Net cash used in investing activities (323,000) (275,000)
Cash flows from financing activities:    
Proceeds from the sale of common stock 1,369,000 4,390,000
Proceeds from Payment Protection Program 1,297,000
Repayment of line of credit - related party debt (2,500,000)
Borrowings from short-term loan - related party debt 2,400,000
Borrowings from line of credit - related party debt 4,255,000 6,500,000
Principal payments of financing lease payable (30,000) (7,000)
Net cash provided by financing activities 9,291,000 8,383,000
Net change in cash 624,000 (2,604,000)
Cash, beginning of period 102,000 2,706,000
Cash, end of period 726,000 102,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Initial recognition of right-of-use lease asset and lease liability 2,706,000
Accrued interest converted into principal 2,170,000
Interest paid 137,000
Common stock issued for conversion of related party debt 7,883,000 8,475,000
Common stock issued for conversion of accrued interest 1,610,000
Stock issuance for services 30,000 261,000
Equipment purchase through capital lease $ 65,000