Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (3,984,000) $ (3,814,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 54,000 33,000
Stock-based compensation 225,000 451,000
Fair value of warrant issued as debt issuance cost 174,000
Noncash interest expense 29,000
Noncash rent expense 98,000 88,000
Allowance for inventory reserve (219,000)
Amortization of prepaid offering costs 547,000
Changes in operating assets and liabilities:    
Accounts receivable (93,000) 1,390,000
Inventories (574,000) (311,000)
Other current assets (206,000) (132,000)
Accounts payable (857,000) 309,000
Accrued expenses 53,000 (103,000)
Due to Factor (469,000) 382,000
Accrued interest 198,000 282,000
Office lease payable (47,000) 2,000
Deferred revenue 44,000
Customer deposits (643,000)
Net cash used in operating activities (5,670,000) (1,423,000)
Cash flows from investing activities    
Purchases of equipment (214,000) (104,000)
Net cash used in investing activities (214,000) (104,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock in private placement 3,200,000
Proceeds from issuance of common stock in public offering, net of offering costs 10,698,000
Borrowings from line of credit - related party debt 1,595,000
Payment of short-term loan - related party (178,000)
Payment of line of credit - related party (1,402,000)
Principal payments on financing lease payable (10,000) (7,000)
Net cash provided by financing activities 11,308,000 1,588,000
Net change in cash 5,424,000 61,000
Cash, beginning of period 726,000 102,000
Cash, end of period 6,150,000 163,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Initial recognition of right-of-use lease asset and lease liability 2,706,000
Common stock issued for conversion of related party debt 400,000
Accrued interest converted into principal 29,000
Supplemental schedule of cash flow information:    
Interest paid $ 29,000 $ 46,000