Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (7,348,000) $ (7,121,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 127,000 62,000
Stock-based compensation 422,000 900,000
Stock issuance for services 30,000
Fair value of warrant issued as debt issuance cost 174,000
Noncash interest expense 197,000 634,000
Noncash rent expense 197,000 153,000
Allowance for inventory reserve (242,000)
Amortization of prepaid offering costs 547,000
Changes in operating assets and liabilities:    
Accounts receivable (1,393,000) (824,000)
Inventories (1,090,000) (393,000)
Other current assets (414,000) (261,000)
Accounts payable 67,000 1,001,000
Accrued expenses 395,000 (47,000)
Due to Factor (469,000) 1,655,000
Accrued interest 152,000
Office lease payable (96,000) (14,000)
Deferred revenue 34,000 26,000
Customer deposits (1,550,000) 212,000
Net cash used in operating activities (10,290,000) (3,987,000)
Cash flows from investing activities    
Purchases of equipment (417,000) (122,000)
Net cash used in investing activities (417,000) (122,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock in private placement 3,200,000
Proceeds from issuance of common stock, net of costs 14,034,000
Borrowings from short-term loan - related party debt 1,000,000
Borrowings from line of credit - related party debt 3,155,000
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 (20,000) (12,000)
Net cash provided by financing activities 14,634,000 4,143,000
Net change in cash 3,927,000 34,000
Cash, beginning of period 726,000 102,000
Cash, end of period 4,653,000 136,000
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 2,561,000
Accrued interest converted into principal 197,000 1,205,000
Stock issuance for services 30,000
Supplemental schedule of cash flow information:    
Interest paid $ 31,000 $ 92,000