Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (9,073,000) $ (11,086,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 176,000 94,000
Stock-based compensation 650,000 1,356,000
Stock issuance for services 30,000
PPP Loan principal and accrued interest forgiveness (1,307,000)
Fair value of warrant issued as debt issuance cost 174,000
Noncash interest expense 426,000 675,000
Noncash rent expense 297,000 219,000
Allowance for inventory reserve (217,000)
Amortization of prepaid offering costs 547,000
Changes in operating assets and liabilities:    
Accounts receivable (1,795,000) (294,000)
Inventories (3,138,000) (1,327,000)
Other current assets (498,000) (397,000)
Accounts payable 1,402,000 1,658,000
Accrued expenses 350,000 348,000
Due to Factor (469,000) 399,000
Accrued interest (37,000) 434,000
Office lease payable (191,000) (75,000)
Deferred revenue 111,000 11,000
Customer deposits (1,408,000) 2,211,000
Net cash used in operating activities (14,000,000) (5,744,000)
Cash flows from investing activities    
Purchases of equipment (692,000) (145,000)
Net cash used in investing activities (692,000) (145,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock in private placement 3,200,000
Proceeds from common stock subscription 105,000
Proceeds from issuance of common stock, net of costs 15,806,000 4,000
Borrowings from short-term loan - related party debt 1,750,000
Borrowings from line of credit - related party debt 4,055,000
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) (21,000)
Net cash provided by financing activities 16,398,000 5,893,000
Net change in cash 1,706,000 4,000
Cash, beginning of period 726,000 102,000
Cash, end of period 2,432,000 106,000
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 5,193,000
Accrued interest converted into principal 358,000 1,246,000
Stock issuance for services 30,000
Supplemental schedule of cash flow information:    
Interest paid $ 55,000 $ 113,000